Readability of Corporate Social Responsibility Report and Capital Market Benefits

• Main Authors: Sung-Hui Hsieh, 謝松諱
• Other Authors: Chin-Hsien Liao
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/k6q9at

碩士 === 國立臺灣大學 === 會計學研究所 === 105 === The objective of this research is to investigate whether the readability of corporate social responsibility (CSR) reports has positive capital market benefits, measured by analyst coverage, analyst forecast accuracy, and analyst forecast dispersion. The sample includes S&P 1,500 index firms covered by ASSET4 database and issuing a standalone CSR report from years 2002 to 2013. The empirical results show that higher readability of CSR reports is associated with greater analyst coverage and lower degree of analyst forecast dispersion. However, the empirical results do not support that better readability of CSR reports improve analyst forecast accuracy. In addition, we also find that the effect of CSR report readability on analyst coverage is stronger when the firm has better corporate social performance and better corporate governance quality.