Mandatory CSR and sustainability reporting: economic analysis and literature review

Hans B. Christensen (), Luzi Hail () and Christian Leuz
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Hans B. Christensen: University of Chicago
Luzi Hail: University of Pennsylvania

Review of Accounting Studies, 2021, vol. 26, issue 3, No 10, 1176-1248

Abstract: Abstract This study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and sustainability topics. We first outline key features of CSR reporting. Next, we draw on relevant academic literatures in accounting, finance, economics, and management to discuss and evaluate the potential economic consequences of a requirement for CSR and sustainability reporting for U.S. firms, including effects in capital markets, on stakeholders other than investors, and on firm behavior. We also discuss issues related to the implementation and enforcement of CSR and sustainability reporting standards as well as two approaches to sustainability reporting that differ in their overarching goals and materiality standards. Our analysis yields a number of insights that are relevant for the current debate on mandatory CSR and sustainability reporting. It also points scholars to avenues for future research.

Keywords: Transparency; Regulation; SASB; GRI; Standard setting; Accounting standards; Mandatory disclosure; Environmental; social and governance issues (ESG) (search for similar items in EconPapers)
JEL-codes: F30 G38 K22 L21 M14 M41 M48 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (127)

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Working Paper: Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review (2019)
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DOI: 10.1007/s11142-021-09609-5

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