The effect of CSR reporting on stock prices in European markets

• Autor(a) principal: Muchacho, Giorgio
• Data de Publicação: 2017
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10400.14/23245
• topic: Domínio/Área Científica::Ciências Sociais::Economia e Gestão

CSR economic implications have been studied from various points of view. However, we think literature so far has failed to address some issues we aim to study in this research. We focus on the effects of disclosure of sustainability information, which is meant to increase the firm’s level of transparency with stakeholders, reduce information asymmetry and signal the company’s social accountability. There are two issues this thesis strives to understand; the first one is the empirical effect of the initiation of voluntary CSR disclosure on a firm’s market value, as measured by the stock price. The second issue is the hypothesis that CSR information can be used as a tool to greenwash financial information. Our findings suggest that CSR disclosure per se is not sufficient to raise a firm’s stock price, and that companies do not intentionally use CSR for greenwashing.