论文标题
金融市场中的透明度与绩效：企业社会责任的角色
Transparency versus Performance in Financial Markets: The Role of CSR Communications
论文作者
论文摘要
尽管公司受到敦促为金融界提供更多信息，但很明显，他们根据战略重点和竞争性环境选择不同的途径。我们的调查探讨了企业根据其战略重点从投资者那里披露与预扣信息的经验边界条件。我们发现，公司之间的自愿信息披露方面存在重大差异，这些信息始终带来了积极的收入惊喜，而那些带来了负面收入的惊喜。我们通过分别研究了两个公司之间的环境，社会和治理披露的差异，以更精细的方式研究了这种效果。我们发现，从本质上讲，差异仍然是一致的，积极的收入公司比其同行更有可能披露有关其ESG活动的信息。有趣的是，财务绩效的措施均未有助于区分这两个公司。但是，我们的覆盖范围衡量 - 按照负面新闻的数量来衡量 - 为我们的发现提供了信任。从基金经理-S的角度来看，这一发现应提高可能表现不佳的直接危险信号公司，可能比表现过大的危险公司更不透明。
Although companies are exhorted to provide more information to the financial community, it is evident that they choose different paths based upon their strategic emphasis and competitive environments. Our investigation explores the empirical boundary conditions under which firms choose to disclose versus withhold information from investors based upon their strategic emphasis. We found significant differences in terms of voluntary information disclosures between firms that consistently delivered positive earnings surprises versus those that delivered negative earnings surprises. We investigated this effect in a more granular fashion by separately examining differences in environmental, social, and governance disclosures between the two pools of firms. We found that in essence, the differences remained consistent and positive earnings firms were significantly more likely to disclose information about their ESG activities than their counterparts. Interestingly, none of the measures of financial performance were instrumental in distinguishing between the two pools of firms. However, our measures of reach -- as measured by the number of -- negative news stories lends credence to our findings. From a fund manager-s perspective, this finding should raise an immediate red flag firms that are likely to underperform are likely to be less transparent than overperformers.
