We examine if, and under what conditions, disclosure of sustainability information identified as investor relevant by market-driven innovations in accounting standard-setting, is associated with stock prices reflecting more firm-specific information and thereby lower synchronicity with market and industry returns. We find that firms voluntarily disclosing more sustainability information, identified as material by the Sustainability Accounting [...]
EY-analysis: Is your non ﬁnancial performance revealing the true value of your business to investors?
EY member ﬁrms are able to conclude from several years of research of ESG reporting that there is a global trend toward increased interest in nonﬁnancial information on the part of investment professionals. But the question we continue to seek to answer is whether ESG information is, ultimately, inﬂuencing investor decisions. In each of the [...]
The International Integrated Reporting (IR) Framework (2013) identified providers of financial capital as its primary users. This research provides evidence from 22 mainstream UK equity market actors regarding the decision usefulness and diffusion of IR, as a reporting innovation, to them. Despite institutional-level support for IR, the interviews reveal that its use and diffusion to [...]
This paper examines whether corporate donations have an impact on a firm’s market value. We analyse 52,199 firm year observations on companies from 42 countries between 1998 and 2014. The regression model used to investigate the value relevance of corporate donations is the Collins, Pincus, & Xie (1999) adaptation of the Ohlson (1995) model. Our [...]
This study examined the influence of the chief executive experience working abroad and ownership independent variables, as well as profitability and firm size as control variables on the disclosure of CSR. This research was based on information provided by industrial manufacturing companies listed on the Indonesia Stock Exchange in 2014. The date analysis and discussions [...]
To gain deeper insights into how investors are implementing ESG in their portfolios and the challenges they face, State Street Global Advisors commissioned a survey of 475 global institutional investors in the United States, Europe and Asia Pacific, including some of the largest pension plans, endowments and foundations. Respondents are directly involved in or influence [...]