自愿性非财务披露透明度的不均匀回报

IF 4.2 4区 管理学 Q1 ENVIRONMENTAL STUDIES Organization & Environment Pub Date : 2023-03-01 DOI:10.1177/10860266221083338
J. Andrus, Patrick J. Callery, Jake B. Grandy
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引用次数: 1

摘要

自愿非财务披露是企业可持续发展战略中一个越来越重要的因素。尽管它们很重要,但关于此类披露的透明度如何影响市场和非市场结果的研究存在冲突。一个可能的原因是,透明度由多个维度组成,市场和非市场参与者对每个维度的评价可能不同。基于归因理论,我们探讨了自愿披露的不同信息特征对市场和非市场参与者的影响。我们认为,自愿非财务披露的完整性、清晰度和准确性会影响市场(即市场估值)和非市场(即声誉风险)反应。使用碳披露项目的数据,我们发现这些参与者对透明度的三个不同维度的反应不同:完整性、清晰度和准确性。我们的研究结果强调了透明度与市场和非市场参与者反应之间微妙关系的重要性,这对更广泛的可持续性相关结果有影响。
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The Uneven Returns of Transparency in Voluntary Nonfinancial Disclosures
Voluntary nonfinancial disclosures are an increasingly relevant element of corporate sustainability strategies. Despite their importance, research is conflicted on how the transparency of such disclosures affects market and nonmarket outcomes. A possible reason is that transparency consists of multiple dimensions, each of which may be valued differently by market and nonmarket actors. Drawing on insights from attribution theory, we explore the effects that different information traits of voluntary disclosures have on market and nonmarket actors. We suggest that the completeness, clarity, and accuracy of voluntary nonfinancial disclosures affect both market (i.e., market valuation) and nonmarket (i.e., reputation risk) reactions. Using data from the Carbon Disclosure Project, we find that these actors react differently to three distinct dimensions of transparency: completeness, clarity, and accuracy. Our findings highlight the importance of the nuanced relationship between transparency and market and nonmarket actor reactions, which has implications for broader, sustainability-related outcomes.
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来源期刊
CiteScore
11.20
自引率
5.70%
发文量
19
期刊介绍: Organization & Environment encourages informed discussion about the social roots and consequences of environmental problems and stimulates deeper reflection on the meaning and significance of the natural world. By critically examining the impact of human production and consumption systems on the natural environment, Organization & Environment develops new perspectives on organizations that encourage environmentally sensitive reflection, inquiry, and practice.
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