Do Investors Value Sustainability Reports? A Canadian Study

Corporate Social Responsibility and Environmental Management

Volumn 19, Issue 6, 2012, Pages 355-363

  Berthelot, Sylvie ^a   Coulmont, Michel ^a   Serret, Vanessa ^b  

^a UNIVERSITÉ DE SHERBROOKE   (Canada)

^b UNIVERSITÉ DE BRETAGNE SUD   (France)

Author keywords

Corporate social responsibility; Firm's market value; Reporting; Sustainability reporting; Value relevance

Indexed keywords

EID: 84870250605     PISSN: 15353958     EISSN: 15353966     Source Type: Journal    
DOI: 10.1002/csr.285     Document Type: Article

References (46)

1. AccountAbility (AA1000). 2008. AA1000 AccountAbility principles standard 2008. AccountAbility: United Kingdom.
2. Adams C, Narayanan V. 2007. The standardization of sustainability reporting. In Sustainability Accounting and Accountability, Unerman J, Bebbington J, O'Dwyer B (eds). Routledge: Abingdon, United Kingdom, 70-85.
3. Al Jifri K, Citron D. 2009. The value-relevance of financial statement recognition versus note disclosure: Evidence from Goodwill Accounting. The European Accounting Review 18(1): 123-140. DOI: 10.1080/09638180802324351
4. Barth M, Kallapur S. 1996. The effects of cross-sectional scale differences on regression results in empirical accounting research. Contemporary Accounting Research 13(2): 177-199.
5. Beatty R, Riffe S, Thompson R. 1999. The method of comparables and tax court valuations of private firms: An empirical investigation. Accounting Horizons 13(3): 177-199.
6. Brown DL, Guidry RP, Patten DM. 2010. Sustainability reporting and perceptions of corporate reputation: an analysis using Fortune most admired scores. Advances in Environmental Accounting and Management 4: 83-104. DOI: 10.1108/s1479-3598(2010)
7. Buhr N. 2007. Histories of and rationales for sustainability reporting. In Sustainability Accounting and Accountability, Unerman J, Bebbington J, O'Dwyer B (eds). Routledge: Abingdon, United Kingdom, 57-69.
8. Canadian Financial Executives Research Foundation. 2009. Corporate Sustainability Reporting in Canada. Canadian Financial Executives Research Foundation: Toronto, Canada.
9. Canadian Institute of Chartered Accountants. 2011. http://www.cica.ca/research-and-guidance/sustainability/index.aspx [7 September 2011].
10. Cazavan-Jeny A, Jeanjean T. 2006. The negative impact of R&D capitalization: A value relevance approach. The European Accounting Review 15(1): 37-61. DOI: 10.1080/09638180500510384
11. Clarkson PM, Li Y, Richardson GD, Vasvari FP. 2008. Revisiting the relationship between environmental performance and environmental disclosures: An empirical analysis. Accounting, Organizations and Society 33: 303-327. DOI: 10.1016/j.aos.2007.05.003
12. Cormier D, Magnan M. 2007. The revisited contribution of environmental reporting to investors' valuation of a firm's earnings: An international perspective. Ecological Economics 62: 613-626.
13. Danastas L, Gadenne D. 2006. Australian social and environmental NGOs. The Journal of Corporate Citizenship 23: 53-66.
14. Deegan C. 2007. Organizational legitimacy as a motive for sustainability reporting. In Sustainability Accounting and Accountability, Unerman J, Bebbington J, O'Dwyer B (eds). Routledge: Abingdon, United Kingdom, 127-149.
15. Dye RA. 1985. Disclosure of Nonproprietary Information. Journal of Accounting Research 23(1): 123-145.
16. Easton PD, Sommers GA. 2003. Scale and scale effect in market-based accounting research. Journal of Business Finance & Accounting 30(1): 25-55. DOI: 10.1111/1468-5957.00482
17. Fonseca A. 2010. How credible are mining corporations' sustainability reports? A critical analysis of external assurance under the requirements of the International Council on Mining and Metals. Corporate Social Responsibility and Environmental Management 17: 355-370. DOI: 10.1002/csr.230
18. Global Reporting Initiative. 2011. Sustainability Reporting Guidelines. GRI, Amsterdam, the Netherlands.
19. Guidry RP, Patten DM. 2010. Market reactions to the first-time issuance of corporate sustainability reports: Evidence that quality matters. Sustainability Accounting Management and Policy Journal 1(1): 33-50. DOI: 10.1108/20408021011059214
20. Hair JF, Black WC, Babin BJ, Anderson RE. 2010. Multivariate Data Analysis, 7th ed. Prentice Hall: Upper Saddle River, NJ, United States.
21. Ho LJ, Taylor ME. 2007. An empirical analysis of triple bottom-line reporting and its determinants: Evidence from the United States and Japan. Journal of International Financial Management and Accounting 18(2): 123-150. DOI: 10.1111/j.1467-646X.2007.01010.x
22. Kolk A. 2008. Sustainability, Accountability and corporate governance: exploring multinationals' reporting practices. Business Strategy and the Environment 18: 1-15.
23. Kolk A, Perego P. 2010. Determinants of the adoption of sustainability assurance statements: an international investigation. Business Strategy and the Environment 19: 182-198.
24. KPMG. 2008. KPMG International Survey of Corporate Responsibility Reporting 2008. KPMG International: London, United kingdom.
25. Larrinaga-Gonzalez C. 2007. Sustainability reporting insights from neoinstitutional theory. In Sustainability Accounting and Accountability, Unerman J, Bebbington J, O'Dwyer B (eds). Routledge: Abingdon, United Kingdom, 150-167.
26. Livesey SM, Kearins K. 2002. Transparent and caring corporations? Organizations & Environment 15(3): 233-258.
27. Magness V. 2010. Environmental Disclosure in the mining industry: A signaling paradox? Advances in Environmental Accounting and Management 4: 55-81. DOI: 10.1108/S1479-3598(2010)0000004006
28. Manetti G. 2011. The quality of stakeholder engagement in sustainability reporting: empirical evidence and critical points. Corporate Social Responsibility and Environmental Management 18: 110-122. DOI: 10.1002/csr.255
29. Moneva JM, Cuellar B. 2009. The value relevance of financial and non-financial environmental reporting. Environmental and Resource Economics 44(3): 441-456.
30. Morhardt JE, Baird S, Freeman K. 2002. Scoring corporate environmental and sustainability reports using GRI 2000, ISO 14031 and other criteria. Corporate Social Responsibility and Environmental Management 9: 215-233. DOI: 10.1002/csr.26
31. Murray A, Sinclair D, Power D, Gray R. 2006. Do financial markets care about social and environmental disclosure? Further evidence and exploration from the UK. Accounting, Auditing & Accountability Journal 19(2): 228-255.
32. O'Dwyer B. 2002. Managerial perceptions of corporate social disclosure: An Irish story. Accounting, Auditing & Accountability Journal 15(3): 406-436.
33. Ohlson JA. 1995. Earnings book values, and dividends in equity valuation. Contemporary Accounting Research 1: 661-687.
34. Perez F, Sanchez LE. 2009. Assessing the evolution of sustainability reporting in the mining sector. Environmental Management 43: 949-961.
35. Perrini F. 2005. Building a European portrait of corporate social responsibility reporting. European Management Journal 23(6): 611-627. DOI: 10.1016/j.emj.2005.10.008
36. Reverte C. 2009. Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics 88: 351-366. DOI: 10.1007/s10551-008-9968-9
37. Schadewitz H, Niskala M. 2010. Communication via responsibility reporting and its effect on firm value in Finland. Corporate Social Responsibility and Environmental Management 17: 96-106. DOI: 10.1002/crs.234
38. Scott WR. 2011. Financial Accounting Theory, 6th ed. Pearson Canada: Toronto, Canada.
39. Sinclair P, Walton J. 2003. Environmental reporting within the forest and paper industry. Business Strategy and the Environment 12(5): 326-337. DOI: 10.1002/bse.376
40. Solomon JF, Solomon A. 2006. Private social, ethical and environmental disclosure. Accounting, Auditing & Accountability Journal 19(4): 564-591.
41. Tilt CA. 2007. External stakeholders' perspectives on sustainability reporting. In Sustainability Accounting and Accountability, Unerman J, Bebbington J, O'Dwyer B (eds). Routledge: Abingdon, United Kingdom, 104-126.
42. Tsang S, Welford R, Brown M. 2009. Reporting on community investment. Corporate Social Responsibility and Environmental Management 16: 123-136. DOI: 10.1002/csr.178
43. Verrecchia RE. 1983. Discretionary Disclosure. Journal of Accounting and Economics 5: 179-194.
44. Vormedal I, Ruud A. 2009. Sustainability reporting in Norway - an assessment of performance in the context of legal demands and socio-political drivers. Business Strategy and the Environment 18: 207-222. DOI: 10.1002/bse.560
45. World Business Council for Sustainable Development. 2002. Sustainable Development Reporting: Striking the Balance. WBCSD, Geneva, Switzerland.
46. Xu B, Magnan ML, André PE. 2007. The stock market valuation of R&D information in biotech firms. Contemporary Accounting Research 24(4): 1291-318.