Signaling through corporate accountability reporting

• 成果类型: Article
• 署名作者: Lys, Thomas; Naughton, James P.; Wang, Clare
• 署名单位: Northwestern University
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2015.03.001
• 发表日期: 2015
• 关键词: SOCIAL-RESPONSIBILITY; INFORMATION; governance; Dividends

摘要

We document that corporate social responsibility (CSR) expenditures are not a form of corporate charity nor do they improve future financial performance. Rather, firms undertake CSR expenditures in the current period when they anticipate stronger future financial performance. We show that the causality of the positive association between CSR expenditures and future firm performance differs from what is claimed in the vast majority of the literature and that corporate accountability reporting is another channel through which outsiders may infer insiders' private information about firms' future financial prospects. (C) 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).