Journalartikel

Jahr der Veröffentlichung: 2023

Seiten: 903-933

Zeitschrift: European Accounting Review

Bandnummer: 32

Heftnummer: 4

ISSN: 0963-8180

eISSN: 1468-4497

DOI Link: https://doi.org/10.1080/09638180.2022.2042349

Verlag: Taylor and Francis Group

Abstract: 
We compare the effects of corporate social responsibility (CSR) on firms' equity risk under two different (non-)financial reporting regimes: the risk-based U.S. and the content-based EU system. We observe a strongly negative CSR-risk relation in the EU, but a much weaker general impact in the U.S. In correspondence with goal-framing theory, we find several moderating effects on this association, depending on the reporting regime: (i) A highly volatile market environment unfolds the risk-reducing effect of CSR in the U.S. system, but has no moderating effect in the EU; (ii) Rising CSR awareness buttresses the risk-reducing effect of CSR in the EU, but has an opposing effect in the U.S.; (iii) Risk reductions are most strongly associated with social and governance rather than environmental activity in the EU regime, while there are no such individual effects in the U.S.

Harvard-Zitierstil: Bannier, C., Bofinger, Y. and Rock, B. (2023) Doing Safe by Doing Good: Non-Financial Reporting and the Risk Effects of Corporate Social Responsibility, European Accounting Review, 32(4), pp. 903-933. https://doi.org/10.1080/09638180.2022.2042349

APA-Zitierstil: Bannier, C., Bofinger, Y., & Rock, B. (2023). Doing Safe by Doing Good: Non-Financial Reporting and the Risk Effects of Corporate Social Responsibility. European Accounting Review. 32(4), 903-933. https://doi.org/10.1080/09638180.2022.2042349