publication . Conference object . 2017

Firm-value effects of CSR disclosure and CSR performance

Gutsche, Robert; Schulz, Jan-Frederic; Gratwοhl, Μichael;
  • Published: 30 Jun 2017
  • Publisher: EFMA
  • Country: Switzerland
We examine in this paper the effects of corporate social responsibility (CSR) disclosure and CSR performance on firm value for S&P 500 firms from 2011 to 2014. We find that CSR disclosure is positively associated with firm value and that the effect of CSR disclosure on firm value is larger than the effect of CSR performance. On average, the overall firm value increase for one index point of Bloomberg's environmental, social, and governance (ESG) Disclosure Score is $260 million, whereas the increase for one index point of the Asset4 ESG Performance Score is below $90 million. Moreover, we find that CSR performance scores related to the environment and governance...
free text keywords: business studies
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