The value relevance of social reporting: Evidence from listed Italian companies

Journal of Applied Accounting Research

Volumn 13, Issue 3, 2012, Pages 255-269

  Cardamone, Paola ^a   Carnevale, Concetta ^a   Giunta, Francesco ^b  

^a UNIVERSITY OF CALABRIA   (Italy)

^b UNIVERSITY OF FLORENCE   (Italy)

Author keywords

Accounting; Corporate social responsibility; Italy; Social report; Stock prices; Value relevance

Indexed keywords

EID: 84870265374     PISSN: 09675426     EISSN: None     Source Type: Journal    
DOI: 10.1108/09675421211281326     Document Type: Article

References (63)

1. Associazione Bancaria Italiana (ABI) Modello di redazione del Bilancio Sociale per il settore del credito Bancaria Editrice Rome 2001
2. Aboody, D., Hughes, J., Liu, J. Measuring value relevance in a (possibly) inefficient market Journal of Accounting Research 40 4 2002 965-86
3. Adams, C.A., McNicholas, P. Making a difference. Sustainability reporting, accountability and organizational change Accounting, Auditing & Accountability Journal 20 3 2007 382-402
4. Adhikari, A., Betancourt, L., Tondkar, R.H. Sale, J. The influence of culture and equity market development on financial analysts' perceptions of disclosure items in listing prospectuses Advances in International Accounting 11 1998 1-22
5. Alford, A., Jones, J., Leftwich, R., Zmijewski, M. The relative informativeness of accounting disclosures in different countries Journal of Accounting Research 31 3 1993 183-223
6. Ali, A., Hwang, L.S. Country-specific factors related to financial reporting and the value relevance of accounting data Journal of Accounting Research 38 1 2000 1-21
7. Amir, E., Lev, B. Value-relevance of nonfinancial information: the wireless communications industry Journal of Accounting and Economics 22 1-3 1996 3-30
8. Amir, E., Harris, T.S., Venuti, E.K. A comparison of the value-relevance of US versus non US GAAP accounting measures using form 20-F reconciliations Journal of Accounting Research 31 3 1993 230-64
9. Aupperle, K.E., Carroll, A.B., Hatfield, J.D. An empirical examination of the relationship between corporate social responsibility and profitability Academy of Management Journal 28 2 1985 446-63
10. Barnett, M.L. Stakeholder influence capacity and the variability of financial returns to corporate social responsibility Academy of Management Review 32 3 2007 794-816
11. Barth, M.E., Beaver, W.H., Landsman, W.R. The relevance of the value relevance literature for financial accounting standard setting: another view Journal of Accounting and Economics 31 1-3 2001 77-104
12. Bartov, E., Goldberg, S.R., Kim, M.-S. The valuation-relevance of earnings and cash flows: an international perspective Journal of International Financial Management & Accounting 12 2 2001 103-32
13. Belkaoui, A. The impact of the disclosure of the environmental effects of organizational behaviour on the market Financial Management 5 4 1976 26-31
14. Belkaoui, A.R. Corporate Social Awareness and Financial Outcomes Greenwood Publishing Group Westport, CT 1999
15. Brown, L.D., Sivakumar, K. Comparing the value relevance of two operating income measures Review of Accounting Studies 8 4 2003 561-72
16. Campbell, D.J., Slack, R.E. Narrative reporting: analysts' perceptions of its value and relevance ACCA London 2008 Research Report No. 104
17. Collins, D.W., Maydew, E.L., Weiss, I.S. Changes in the value relevance of earnings and book values over the past forty year Journal of Accounting and Economics 24 1 1997 39-67
18. Cormier, D., Magnan, M. The revisited contribution of environmental reporting to investors' valuation of a firm's earnings: an international perspective Ecological Economics 62 3-4 2007 613-26
19. De Bakker, F.G.A., Groenewegen, P., Den Hond, F. A bibliometric analysis of 30 year of research and theory on corporate social responsibility and corporate social performance Business and Society 44 3 2005 283-317
20. Deegan, C. Introduction: the legitimising effect of social and environmental disclosures - a theoretical foundation Accounting, Auditing & Accountability Journal 15 3 2002 282-311
21. Epstein, M.J., Freedman, M. Social disclosure and individual investor Accounting, Auditing & Accountability Journal 7 4 1994 94-109
22. Feldman, S., Soyka, P., Ameer, P. Does improving a firm's environmental management system and environmental performance result in a higher stock price? Journal of Investing 6 4 1996 87-97
23. Francis, J., Schipper, K. Have financial statements lost their relevance? Journal of Accounting Research 37 2 1996 319-52
24. Freedman, M., Patten, D.M. Evidence on a pernicious effect on financial report environmental disclosure Accounting Forum 28 1 2004 27-41
25. Gao, S.S., Heravi, S., Xiao, J.Z. Determinants of corporate social and environmental reporting in Hong Kong: a research note Accounting Forum 29 2 2005 233-42
26. Gruppo di studio per il bilancio sociale (GBS) Principi di redazione del bilancio sociale - Standard Giuffrè Editore Milan 2001
27. Graham, R., King, R., Bailes, J. The value relevance of accounting information during a financial crisis: Thailand and the 1997 decline in the value of the Baht Journal of International Financial Management and Accounting 11 2 2000 84-107
28. Gray, R., Javad, M., Power, D.M., Sinclair, C.D.A. Social and environmental disclosure and corporate characteristics: a research note and extension Journal of Business Finance & Accounting 28 3-4 2001 327-56
29. Greeves, L., Ladipo, D. Added Values? Measuring the 'Value Relevance' of Sustainability Reporting Lintstock Ltd and Imagination (GIC) Ltd London 2004
30. Global Reporting Iniziative (GRI) Sustainability reporting guidelines 2002 available at: www.gerenciamento.ufba.br/Downloads/gri-2002-guidelines.pdf (accessed 3 June 2008)
31. Griffin, J.J., Mahon, J.F. The corporate social performance and corporate financial performance debate Business and Society 36 1 1997 5-31
32. Hassel, L., Nilsson, H., Nyquist, S. The value relevance of environmental performance European Accounting Review 14 1 2005 41-61
33. Hellstrom, K. The value relevance of financial accounting information in a transition economy: the case of the Czech Republic European Accounting Review 15 3 2006 325-49
34. Hirschey, M., Richardson, V.J., Scholz, S. Value-relevance of nonfinancial information: the case of patent data Review of Quantitative Finance and Accounting 17 3 2001 3-75
35. Hofstede, G. Culture's Consequences: International Differences in Work-Related Values Sage Beverly Hills, CA 1980
36. Holthausen, R.W., Watts, R. The relevance of the value-relevance literature for financial accounting standard setting Journal of Accounting and Economics 31 1-3 2001 223-35
37. Hughes, K.E. The relevance of nonfinancial measures of air pollution in the electric utility industry The Accounting Review 75 2 2000 209-28
38. Lapointe Antunes, P., Cormier, D., Magnan, M., Gay-Angers, S. On the relationship between voluntary disclosure, earnings smoothing and the value relevance of earnings: the case of Switzerland European Accounting Review 15 4 2006 465-505
39. La Porta, R., Lopez-de-Silanes, F., Schleifer, A., Vishny, R. Legal determinants of external finance Journal of Finance 52 3 1997 1131-50
40. Lev, B., Sougiannis, T. The capitalisation, amortization, and value relevance of R&D Journal of Accounting and Economics 21 1 1996 107-38
41. McWilliams, A., Siegel, D. Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal 21 5 2000 603-9
42. Margolis, J.D., Walsh, J.P. People and Profits? The Search for A Link Between a Company's Social and Financial Performance Lawrence Erlbaum Associates Philadelphia, PA 2001
43. Mathews, M.R. Social responsibility accounting disclosure and information content for stakeholders British Accounting Review 19 2 1987 161-8
44. Miller, M.H., Modigliani, F. Some estimates of the cost of capital to the electric utility industry, 1954-57 The American Economic Review 56 3 1966 333-91
45. Milner, M.J., Adler, R.W. Exploring the reliability of social and environmental disclosures content analysis Accounting, Auditing & Accountability Journal 12 2 1999 237-56
46. Moneva, J.M., Cuellar, B. The value relevance of financial and non-financial environmental reporting Environmental and Resource Economics 44 3 2009 441-56
47. Murray, A., Sinclair, D., Power, D., Gray, R. Do financial markets care about social and environmental disclosure. Further evidence and exploration from UK Accounting, Auditing & Accountability Journal 19 2 2006 228-55
48. O'Dwyer, D. Managerial perceptions of corporate social disclosure Accounting, Auditing & Accountability Journal 15 3 2002 406-36
49. Ohlson, J. Earnings, book values, and dividends in equity valuation Contemporary Accounting Research 11 2 1995 661-87
50. Orlitzky, M., Schmidt, F.L., Rynes, S.L. Corporate social and financial performance: a meta-analysis Organization Studies 24 3 2003 403-41
51. Richardson, A.J., Welker, M., Hutchinson, I.R. Managing capital market reactions to corporate social responsibility International Journal of Management Reviews 1 1 1999 17-43
52. Schadewitz, H.J., Niskala, M. Communication via responsibility reporting and its effect on firm value in Finland Corporate Social Responsibility and Environmental Management 17 2 2010 96-106
53. Semenova, N., Hassel, L.G., Nilsson, H. The value relevance of environmental and social performance: evidence from Swedish SIX 300 companies 2009 Working Paper No. 04, Sustainable Investment Research Platform, SICG, available at: http://ideas.repec.org/p/hhb/sicgwp/2009-004.htlm (accessed 15 December 2009)
54. Sinkin, C., Wright, C.J., Burnett, R.D. Layoff announcements and stockholder wealth Journal of Accounting and Public Policy 27 2 2008 167-76
55. Slapničar, S. Prašnikar, J. Reporting on corporate social responsibility Competitiveness, Social Responsibility and Economic Growth Nova Science Publishers Inc Haeppauge, NY 2006 341-55
56. Solomon, J.F., Solomon, A. Private social, ethical and environmental disclosure Accounting, Auditing & Accountability Journal 19 4 2006 564-91
57. Surroca, J., Tribò, J.A. Managerial entrenchment and corporate social performance Journal of Business Finance & Accounting 35 5-6 2008 748-89
58. Ullmann, A.A. Data in search of a theory: a critical examination of the relationship among social performance, social disclosure, and economic performance of US firms The Academy of Management Review 10 3 1985 540-57
59. Waddock, S.A., Graves, S.B. The corporate social performance-financial performance link Strategic Management Journal 18 4 1997 303-19
60. Wooldridge, J.M. Introductory Econometrics. A Modern Approach Thomson South-Western Cincinnati, OH 2006 3rd ed.
61. Xu, B., Magnan, M.L., Andrè, P.E. The stock market valuation of R&D information in biotech firms Contemporary Accounting Research 24 4 2007 1291-318
62. EU COM 2001 366 def. - Green paper. Promoting a European framework for corporate social responsibility 2001 Brussels, 18 July, available at: www.i-csr.org/repository/ECcom2001-0366en01.pdf (accessed 12 June 2008)
63. EU COM 2002 347 def. - Communication form the commission concerning corporate social responsibility: a business contribution to sustainable development 2002 Brussels, 2 July, available at: www.i-csr.org/repository/EC- com2002-0347en01.pdf (accessed 12 June 2008)