Do Investors Value Sustainability Reports? A Canadian Study

作者：Berthelot Sylvie^*; Coulmont Michel; Serret Vanessa

来源：Corporate Social Responsibility and Environmental Management, 2012, 19(6): 355-363.

DOI：10.1002/csr.285

• corporate social responsibility
• sustainability reporting
• value relevance
• firm's market value
• reporting

The publication of sustainability reports has increased significantly in most western countries in recent years. The fact that this type of reporting is on a voluntary basis in a number of countries raises questions about whether capital markets take these reports into account. This study attempts to address this question, drawing on a sample of Canadian companies listed on the Toronto Stock Exchange. The results suggest that investors positively value this type of reporting. These findings support the relevance of initiatives like the Global Reporting Initiative, the UN Global Compact, and that launched by the International Organization for Standardization (ISO), which focus on the development of recognized guidelines for sustainability reporting. Our findings can also serve as arguments to facilitate a firm's voluntary commitment to such types of disclosures.

• 出版日期2012-12