Shaping Corporate Actions Through Targeted Transparency Regulation: A Framework and Review of Extant Evidence

Katharina Hombach () and Thorsten Sellhorn ()
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Katharina Hombach: Frankfurt School of Finance and Management

Schmalenbach Business Review, 2019, vol. 71, issue 2, No 2, 137-168

Abstract: Abstract This paper discusses targeted transparency regulation by securities regulators: corporate disclosure regulation aimed at nudging firms towards changing their business activities in socially desirable ways. Using Corporate Social Responsibility disclosures and other prominent examples, we first document disclosure regulators’ public policy objectives. Based on a framework that develops the causal chain linking a disclosure mandate to the desired corporate action, we review empirical evidence on the effectiveness of targeted transparency implemented via securities regulation. The paper concludes with a discussion of opportunities and challenges for future research in this area.

Keywords: Disclosure; Transparency; Public policy; CSR; Real effects (search for similar items in EconPapers)
JEL-codes: M14 M48 Q38 Q56 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (13)

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DOI: 10.1007/s41464-018-0065-z

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