The impact of Corporate Social Responsibility Disclosure Decision, Disclosure Quality, Disclosure Quantity, Disclosure Index on Financial Analyst Coverage: Evidence from Financial Times Global 500 Companies
Keywords:
Corporate Social Responsibility, Financial Analysts, Disclosure QualityAbstract
Purpose:
For informational perspective, this study intends to examine how informativeness of corporate non-financial disclosures, as a good surrogate for financial analysts, on financial analysts’ properties and behavior that evidenced from standalone corporate sustainability report, released by the top 500 multinational corporations in terms of market capitalization, yearly turnover and profitability, testifying how financial analysts’ data drilling and information-producing procedures being influenced by the latest on-rising publication trend, namely corporation social responsibility information.
Methodology:
This study uses OLS regression to examine the impact of CSR disclosures decision, disclosures quantity and disclosures quality on financial analyst coverage. Furthermore, this study will run GMM to robustness of the results. For the disclosure quality, this study will use self-developed research instrument to capture corporate CSR disclosure quality.
Findings:
The results show that firms issue stand-alone CSR reports can attract more financial analysts following the firms. When firms with thirty party assuring their CSR reports also attract more financial analysts following themselves. When firms with higher CSR disclosure quantity proxied by number of pages of CSR reports, they will have higher financial analyst coverage. Finally, firms with better social and environmental disclosure quality will attract more financial analysts following the firms.
Unique Contribution to Theory, Policy and Practice: This paper is the first examination of the impact of CSR disclosure on financial analyst behavior, to my knowledge. Unlike Dhaliwal et al. (2012), my research is to investigate the impact of CSR disclosures on financial analyst following. The results on this paper can help regulators to decide whether mandate firms issue stand-alone CSR reports or audit their CSR reports to help financial analysts using those reports. What is more, the results shows better disclosure index on social and environment in CSR reports will attract more financial analysts following provide more accuracy of their forecasts. So, regulators can decide whether to mandate firms to disclose more social and environmental issues to financial analysts and investors.
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