Corporate reputation in the spanish context: An interaction between reporting to stakeholders and industry.

ABSTRACT: The authors describe the intensity and orientation of the corporate social responsibility (CSR) reporting in four Spanish industries and explore the relationship that exists between both concepts and an independent measurement of reputation for CSR (CSRR). The results demonstrate that the CSR reporting is especially relevant and useful in the finance industry. Finance companies report significantly more CSR information than most industries in Spain, and this reporting is more closely linked to their CSRR than the CSR reporting of basic, consumer goods and services industries. Borra

Are narrative CSR disclosures relevant for investors? Empirical evidence from Germany

CSR disclosures relate to the provision of information on companies’ environmental and social performance to external stakeholders. Although such disclosures can be directed at several stakeholders other than the (potential) firm shareholders, they may be relevant for valuation purposes. Based on the global reporting initiative (GRI) guidelines, we use content analysis to assess the value relevance of CSR disclosures of 130 German companies over 4 years. Germany is an interesting setting as CSR disclosures are mostly voluntarily, even though the institutional environment appears sensitive to CSR disclosures. Our results show that CSR information is value-relevant, but the value relevance of CSR information differs amongst CSR categories. Specifically, the disclosure of social (i.e. employee-related) information is positively associated with firm value yet environmental disclosures are not. Our results confirm that management should be aware of the potential capital market effects of voluntary CSR disclosures, even though they are not directed at shareholders as such

Are CSR disclosures relevant for investors? Empirical evidence from Germany

Purpose – The purpose of this paper is to examine whether narrative corporate social responsibility (CSR) disclosures (the provision of textual information on companies’ environmental and social performance to external stakeholders) are associated with firm value in Germany. Design/methodology/approach – Based on the global reporting initiative guidelines, the paper uses content analysis to assess the value relevance of CSR disclosures of 130 German companies over four years. Findings – The results show that CSR information is value-relevant, but the value relevance of CSR information differs among CSR categories. Specifically, the disclosure of social information is positively associated with firm value yet environmental disclosures are not. Practical implications – The results confirm that management should be aware of the potential capital market effects of voluntary CSR disclosures, even though such disclosures may be directed at other stakeholders. Originality/value – Germany is an interesting setting as CSR disclosures are voluntarily, even though the institutional environment appears sensitive to CSR disclosures. Despite this, little research has focussed upon the value-relevance of CSR-disclosures in Germany. In addition, the results confirm that management should be aware of the potential capital market effects of voluntary CSR disclosures, even though they are not directed at shareholders as such

Extremes are typical: a game theoretical derivation

In this paper we argue that a typical member of a class, or category, is an extreme, rather than a central, member of this category. Making use of a formal notion of representativeness, we can say that a typical member of a category is a stereotype of this category. In the second part of the paper we show that this account of typicality can be given a rational motivation by providing a game-theoretical derivation

Organizing corporate social responsibility in small and large firms: Size matters

Based on the findings of a qualitative empirical study of corporate social responsibility (CSR) in Swiss MNCs and SMEs, we suggest that smaller firms are not necessarily less advanced in organizing CSR than large firms. Results according to theoretically derived assessment frameworks illustrate the actual implementation status of CSR in organizational practices. We propose that small firms possess several organizational characteristics that are favorable for promoting the internal implementation of CSR-related practices in core business functions, but constrain external communication and reporting about CSR. In contrast, large firms possess several characteristics that are favorable for promoting external communication and reporting about CSR, but at the same time constrain internal implementation. We sketch a theoretical explanation of these differences in organizing CSR in MNCs and SMEs based on the relationship between firm size and relative organizational costs