Mandatory CSR and sustainability reporting: economic analysis and literature review

• 成果类型: Review
• 署名作者: Christensen, Hans B.; Hail, Luzi; Leuz, Christian
• 署名单位: University of Chicago; University of Pennsylvania; National Bureau of Economic Research
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653
• DOI: 10.1007/s11142-021-09609-5
• 发表日期: 2021
• 页码: 1176-1248
• 关键词: corporate social-responsibility; global accounting convergence; CAPITAL-MARKET EQUILIBRIUM; Sarbanes-Oxley Act; financial performance; environmental disclosures; information asymmetry; earnings management; SHAREHOLDER VALUE; firm performance

摘要

This study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and sustainability topics. We first outline key features of CSR reporting. Next, we draw on relevant academic literatures in accounting, finance, economics, and management to discuss and evaluate the potential economic consequences of a requirement for CSR and sustainability reporting for U.S. firms, including effects in capital markets, on stakeholders other than investors, and on firm behavior. We also discuss issues related to the implementation and enforcement of CSR and sustainability reporting standards as well as two approaches to sustainability reporting that differ in their overarching goals and materiality standards. Our analysis yields a number of insights that are relevant for the current debate on mandatory CSR and sustainability reporting. It also points scholars to avenues for future research.