金融市场透明度与绩效：CSR沟通的作用
Transparency versus Performance in Financial Markets: The Role of CSR Communications
摘要：
虽然公司被告诫要向金融界提供更多的信息，但很明显，他们根据自己的战略重点和竞争环境选择不同的道路。我们的调查探讨了经验的边界条件下，企业选择披露与隐瞒信息，从投资者的基础上，他们的战略重点。我们发现，在自愿性信息披露方面的显着差异的公司，一贯提供积极的盈利惊喜与那些提供负面的盈利惊喜。我们调查了这种影响，在一个更细粒度的方式，分别研究在环境，社会和治理披露的两个池的公司之间的差异。我们发现，从本质上讲，差异保持一致，正盈利公司比同行更有可能披露有关其ESG活动的信息。有趣的是，没有一项财务业绩指标有助于区分这两类公司。然而，我们对负面新闻报道数量的衡量为我们的发现提供了可信度。从基金经理的角度来看，这一发现应该立即引起注意，那些可能表现不佳的公司可能比表现出色的公司透明度更低。
英文摘要：
Although companies are exhorted to provide more information to the financial community, it is evident that they choose different paths based upon their strategic emphasis and competitive environments. Our investigation explores the empirical boundary conditions under which firms choose to disclose versus withhold information from investors based upon their strategic emphasis. We found significant differences in terms of voluntary information disclosures between firms that consistently delivered positive earnings surprises versus those that delivered negative earnings surprises. We investigated this effect in a more granular fashion by separately examining differences in environmental, social, and governance disclosures between the two pools of firms. We found that in essence, the differences remained consistent and positive earnings firms were significantly more likely to disclose information about their ESG activities than their counterparts. Interestingly, none of the measures of financial performance were instrumental in distinguishing between the two pools of firms. However, our measures of reach -- as measured by the number of -- negative news stories lends credence to our findings. From a fund manager-s perspective, this finding should raise an immediate red flag firms that are likely to underperform are likely to be less transparent than overperformers.
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