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

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+00:00 January 29th, 2018|CSR, ESG, Indicators, International|0 Comments

Wolrd Bank Policy Research: How Do Multinationals Report Their Economic, Social, and Environmental Impacts?

This paper examines the role of multinational enterprises in sustainability reporting. The study assesses how multinational enterprise status correlates with a company's average disclosure rate and probability of reporting on economic, labor and social, environmental, and governance indicators. It uses a unique data set that offers company-level information on sustainability reporting from the Global Reporting [...]

By | 2017-12-19T14:00:41+00:00 December 19th, 2017|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+00:00 November 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+00:00 November 18th, 2017|CSR, International|0 Comments

Nasdaq Nordic and Baltic exchanges launch ESG Reporting Guide

The 23.03.2017 Nasdaq announced that its Nordic and Baltic exchanges in Stockholm, Helsinki, Copenhagen, Iceland, Tallinn, Riga and Vilnius have issued a voluntary support program on environmental, social and governance (ESG) disclosure to support their listed companies. “Many of the companies listed on the Nasdaq Nordic and Baltic exchanges are already global leaders in sustainability [...]

By | 2017-03-29T11:26:38+00:00 March 29th, 2017|ESG, Indicators, International, Investors|0 Comments

International Evidence on the Relationship between Insider and Bank Ownership and CSR Performance

Manuscript Type. Empirical. Research Question/Issue. This study examines the relationship between blockholder and bank ownership and a firm's corporate social responsibility (CSR) performance. We analyze a multinational panel data sample for the period 2003–2012. Research Findings/Insights. We find that the degree of blockholder ownership is negatively related to CSR performance, whereas the degree of bank [...]

By | 2017-01-31T12:21:45+00:00 January 31st, 2017|CSR, Environmental, International, Investors, Social|0 Comments

The Effect of Passive Investors on Activism

We analyze whether the growing importance of passive investors has influenced the campaigns, tactics, and successes of activists. We find activists are more likely to pursue changes to corporate control or influence (e.g., via board representation) and to forego more incremental changes to corporate policies when a larger share of the target company’s stock is [...]

By | 2017-01-26T20:33:14+00:00 January 26th, 2017|ESG, Firm Value, Governance, International, Investors|0 Comments

Integrated Reporting and Assurance of Sustainability Information: An Experimental Study on Professional Investors’ Information Processing

Sustainability-related non-financial information is increasingly deemed value relevant. Against this background, two recent trends in non-financial reporting are frequently discussed: integrated reporting and assurance of sustainability information. Using an established framework of information acquisition, evaluation, and weighting, this experimental study investigated how the choice of reporting format interacts with the voluntary assurance of sustainability information. [...]

Does Greater Disclosure of Information on CSR Performance Improve Analysts’ Forecast Accuracy?

We analyze the effects of CSR disclosure on the accuracy of analysts’ share price targets. The accuracy of analysts’ price targets is value-relevant as it reduces firms’ capital costs. We assess this relationship for S&P 500 firms from 2009 to 2014, applying panel regressions. We find that the accuracy of analysts’ share price targets – [...]

By | 2017-01-13T13:06:25+00:00 January 13th, 2017|CSR, ESG, Firm Value, Indicators, International, Investors, Risk|0 Comments

The Stock Market Demand for Environmental and Social Disclosures

Given current EU and UK regulatory interest in environmental and social disclosures, we analyse the relationships between the levels of environmental and social disclosures in the UK and analyst following. We do so to investigate the general value relevance of such disclosures. In our preferred modelling specification, we find that analyst following is cross-sectionally, but [...]

By | 2017-01-13T13:02:09+00:00 January 13th, 2017|Environmental, ESG, Firm Value, International, Investors, Social|0 Comments