The impact of corporate social disclosure on investment behavior: A cross-national study

Authors

Joyce Van Der van der Laan Smith, University of RichmondFollow
Ajay Adhikari
Rasoul H. Tondkar
Robert L. Andrews

DOI

10.1016/j.jaccpubpol.2009.10.009

Abstract

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 dif- ferences in the perceived relevance of CSD to investors.

Document Type

Article

Publication Date

3-2010

Publisher Statement

Copyright © 2010, Elsevier Inc.

DOI: https://doi.org/10.1016/j.jaccpubpol.2009.10.009

Recommended Citation

Joyce van der Laan Smith, Ajay Adhikari, Rasoul H. Tondkar, Robert L. Andrews, The impact of corporate social disclosure on investment behavior: A cross-national study, Journal of Accounting and Public Policy, Volume 29, Issue 2, 2010, Pages 177-192, ISSN 0278-4254, https://doi.org/10.1016/j.jaccpubpol.2009.10.009.