Governmental and scientific news and insights on investor oriented environmental, social, and governance (ESG) data.

Assessing the Value Relevance of Mandatory Business Model Disclosures

Purpose – Extra-financial information and narrative reporting has long been portrayed as a way of enhancing the informativeness and usefulness of traditional financial reporting. Numerous more or less regulated reporting initiatives have seen the light in the last 25 years, and the latest examples are offered by the Strategic Report of the UK Companies Act [...]

By |2018-11-06T14:15:39+00:00November 6th, 2018|CSR, Firm Value, Governance, Law|0 Comments

Analysis of the 50 largest Danish companies’ CSR reporting

FSR – Danish Auditors hired Center for ESG Research to investigate the usability of the CSR reports of the 50 largest Danish companies – listed as well as unlisted. The analysis covers both the robustness of the reports, the connotation between the business and the sustainability activities, and not the least the use of the [...]

By |2018-10-12T11:47:17+00:00October 12th, 2018|CSR|0 Comments

Does Corporate Social Responsibility Impact Risk?

We investigate the relationship between corporate social responsibility (CSR) and risk, using measures that capture systematic, idiosyncratic, downside and extreme risks. We analyze the aggregate CSR score as well as its subdimensions. We base our analysis on a large panel of listed firms from 52 countries in the period 2002-2015 and use GMM estimators that [...]

By |2018-06-28T12:50:41+00:00June 28th, 2018|CSR, ESG, Risk|0 Comments

Which CSR Activities Are More Consequential? Evidence from the Great Recession

We exploit the Great Recession of 2008 to study how firms view corporate social responsibility (CSR). When confronted with an adverse exogenous shock, firms are forced to prioritize. Our results show that, during the Great Recession, firms do not lessen their overall CSR investments, suggesting that they recognize the importance of CSR. However, further analysis [...]

By |2018-03-30T13:42:31+00:00March 30th, 2018|CSR, ESG, Governance, Indicators, Investors|0 Comments

Insights from the Reporting Exchange: ESG reporting provisions trends

The research conducted as part of the Reporting Exchange project supports the existing argument that the variety and overlap of corporate reporting provisions make this field complicated and confusing 1,2. The research has allowed us to draw the conclusions outlined in this paper: • There are currently over 1000 reporting requirements for sustainability information, representing [...]

By |2018-03-02T11:30:24+00:00March 2nd, 2018|CSR, ESG, Governments, Law|0 Comments

Comparing the Implementation of the EU Non-Financial Reporting Directive

The paper analyses the implementation of the EU Non-Financial Reporting Directive in four European Member States: UK, Germany, France and Italy. The first part reviews the main trends, key differences and potential difficulties or unexpected consequences of the Directive. The paper then explores in more detail key substantive elements of the Directive, and how these [...]

By |2018-01-29T20:54:01+00:00January 29th, 2018|CSR, ESG, Indicators, International|0 Comments

Member State Implementation of Directive 2014/95/EU

A comprehensive overview of how Member States are implementing the EU Directive on Non-financial and Diversity Information The last two years have been a defining time for corporate non-financial reporting in Europe. The introduction of the EU Directive on the disclosure of non-financial and diversity information (Directive 2014/95/EU) has set a clear course towards greater [...]

By |2017-11-25T13:29:21+00:00November 25th, 2017|CSR, Governments, International, Law|0 Comments

How global is international CSR research?

While studies on international corporate social responsibility (CSR) have expanded significantly, their true global nature can be questioned. We systematically review 494 articles in 31 journals over a 31-year period. We assess the embeddedness of CSR in international management/business (IB); analyze the coverage of developing, emerging, and developed countries; map the literature thematically; summarize key [...]

By |2017-11-18T12:59:00+00:00November 18th, 2017|CSR, International|0 Comments

Investment Professionals’ Use of Corporate Social Responsibility Disclosures

We conduct an experiment to examine investment professionals’ use of corporate social responsibility (CSR) disclosures when making personal investment decisions or investment recommendations to clients. We predict and find that investment professionals are more willing to personally invest and recommend investment to a client when a firm discloses positive CSR performance than when it makes [...]

By |2017-09-01T09:07:36+00:00September 1st, 2017|CSR, ESG, Firm Value, Indicators, Investors|0 Comments

EU Commission releases its Non-Financial Reporting guideline

Article 2 of the Directive refers to ‘guidance on reporting’ and sets out that ‘the Commission shall prepare non-binding guidelines on methodology for reporting non-financial information, including non-financial KPIs, general and sectoral, with a view to facilitating relevant, useful and comparable disclosure of non-financial information by undertakings. […]’ Recital 17 of the Directive states that, [...]

By |2017-06-28T21:12:20+00:00June 28th, 2017|CSR, ESG, Integrated Reporting|0 Comments