文章基本信息

标题：Corporate Responsibility Disclosure, Information Environment and Analysts’ Recommendations: Evidence from Malaysia
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作者：Wan Nordin Wan-Hussin ; Ameen Qasem ; Norhani Aripin 等
期刊名称：Sustainability
印刷版ISSN：2071-1050
出版年度：2021
卷号：13
期号：6
页码：3568
DOI：10.3390/su13063568
语种：English
出版社：MDPI, Open Access Journal
摘要：The purpose of this study was to extend our understanding of how corporate social responsibility (CSR) disclosures impact capital market participants, specifically sell-side analysts. The sample of this study was based on a dataset from a panel of 285 Malaysian firms for the period of 2008–2013 (738 firm-year observations). This study employed ordinary least square regression. This study found that firms with better CSR disclosures are more likely to receive optimistic investment recommendations. Subsample analyses revealed that the CSR-recommendation nexus is more pronounced under a transparent information environment (i) when there is less family control and (ii) when a firm is audited by a prominent Big Four auditor. The results implied that analysts tend to give favorable stock recommendations to high CSR companies operating in a more transparent information environment. To gain analysts’ confidence and make them more appreciative of the CSR disclosures, family firms with proactive CSR engagement are encouraged to switch to Big Four auditors or to seek assurance on their CSR reports. This study broadens our understanding of the factors influencing analysts’ recommendations and the preferences of analysts towards CSR engagement in an emerging market. This paper expands the literature on how corporate responsibility disclosures impact analysts’ final output, as reflected in the recommendation opinion, an area that has so far received little attention, particularly in emerging markets. Furthermore, this study also provides fresh evidence that analyst behavior towards CSR disclosures varies based on the strength of the firm’s information environment.
关键词：corporate responsibility; analysts’ recommendations; family firm; auditor choice; sustainability