What Drives Investor Response to CSR Performance Reports?

• 成果类型: Article
• 署名作者: Guiral, Andres; Moon, Doocheol; Tan, Hun-Tong; Yu, Yao
• 署名单位: Yonsei University; Nanyang Technological University; University of Massachusetts System; University of Massachusetts Amherst
• 刊物名称: CONTEMPORARY ACCOUNTING RESEARCH
• ISSN/ISSBN: 0823-9150
• DOI: 10.1111/1911-3846.12521
• 发表日期: 2020
• 页码: 101-130
• 关键词: corporate social-responsibility; mood; INFORMATION; persuasion; emotions; aversion; people

摘要

Recent research finds that investors' assessments of a stock's fundamental value are influenced by corporate social responsibility (CSR) performance through the affect-as-information heuristic. We extend prior research by examining two boundary conditions for the use of this heuristic: (i) whether the CSR performance relates to activities that are integrated in a firm's core business practices (material CSR issues) or not (immaterial CSR issues), and (ii) whether the CSR performance is positive or negative. Employing an experimental method, we find that the affect-as-information heuristic applies only to immaterial CSR issues but not to material CSR issues, and only to positive but not negative CSR performance. Our findings suggest that investors likely use a heuristic approach to process immaterial and positive CSR issues, and a more deliberate and systematic approach to process material or negative CSR issues. Our study has both practical and theoretical implications.