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Corporate social responsibility disclosure and market valuation: evidence from Spanish listed firms

机译：企业社会责任披露和市场评估：西班牙上市公司的证据

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Using a sample of listed Spanish companies pertaining to the IBEX35 index for the period 2007-2011, this paper examines whether those firms with higher CSR disclosure ratings are more valued by market participants. This study also complements the literature addressing the value relevance of CSR disclosure by further analyzing not only the direct effects of CSR reporting on stock prices but also its indirect effects through its interaction with main accounting variables (i.e., earnings and book value of equity). CSR reports can also affect stock price indirectly because the sustainability report may be perceived by investors to be a source of further and complementary information regarding the nature, composition and trends of the traditional value-relevant accounting variables. Finally, this study also analyzes whether CSR disclosure by firms operating in environmentally-sensitive industries is assessed differently by market participants than CSR disclosure by companies operating in other industries. By using a modified Ohlson (Contemp Account Res 1:661-687, 1995) model, it is found that CSR disclosure do have both a direct and indirect effect on stock prices by modifying the value-relevance of earnings and book value of equity. Moreover, CSR disclosure by companies operating in environmentally-sensitive industries is associated with higher market valuations than CSR disclosure by companies operating in nonsensitive industries. This may be due to the fact that CSR disclosures provide information that allow investors to make better assessments of the increased risk related to potential litigation and future environmental liabilities, thereby reducing information asymmetries and the risk of adverse selection.
机译：本文使用2007年至2011年期间与IBEX35指数相关的西班牙上市公司样本，研究了具有较高CSR披露评级的那些公司是否被市场参与者更看重。这项研究还通过进一步分析企业社会责任报告对股票价格的直接影响以及通过与主要会计变量（即收益和权益账面价值）之间的相互作用所产生的间接影响，补充了有关企业社会责任披露价值相关性的文献。企业社会责任报告也可能间接影响股价，因为投资者可能会将可持续发展报告视为有关传统价值相关会计变量的性质，构成和趋势的进一步补充信息的来源。最后，本研究还分析了在环境敏感行业中运营的公司的CSR披露是否被市场参与者评估与在其他行业中运营的公司的CSR披露不同。通过使用修改后的Ohlson（Contemp Account Res 1：661-687，1995）模型，发现CSR披露确实通过修改收益的价值相关性和股票的账面价值而对股票价格产生直接和间接的影响。此外，与对环境敏感的行业运营的公司的企业社会责任披露相比，对环境敏感行业的运营公司的企业社会责任披露具有更高的市场估值。这可能是由于以下事实：企业社会责任披露提供的信息使投资者可以更好地评估与潜在诉讼和未来环境责任有关的增加的风险，从而减少信息不对称和不利选择的风险。

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