The impact of corporate social disclosure on investment behavior: A cross-national study
Joyce van der Laan Smith,
Rasoul H. Tondkar and
Robert L. Andrews
Journal of Accounting and Public Policy, 2010, vol. 29, issue 2, 177-192
We examine the impact of corporate social disclosure (CSD) on investment behavior in the US, Japan, France, and Sweden using stakeholder theory as the underlying framework for our analysis. We find that there is a significant difference in investors' reactions to CSD across countries. Using a unique stakeholder scale we also find that these reactions are related to the investors' stakeholder orientation. These findings provide insight into cross-national differences in the perceived relevance of CSD to investors.
Keywords: Corporate; social; disclosure; Stakeholder; theory; Investment; behavior; Cross-cultural; experiments (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jappol:v:29:y::i:2:p:177-192
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