Does the disclosure tone matter? An analysis of the CSR disclosure tone effects on firm performance
DOI:
https://doi.org/10.5007/2175-8069.2022.e84552Keywords:
social responsibility, firm performance, corporate finance, environment and development, sustainabilityAbstract
The aim of this paper is to examine the effects of CSR disclosure tone, in the environmental, social and economic dimensions, on the performance of Brazilian listed companies. The final sample included financial data from 219 different Brazilian listed companies and 1,797 corporate reports from 2010 to 2019. The data were analyzed by using descriptive statistics and regression models with panel data. The results of this research demonstrated that the prevalence of optimistic CSR information, presented in the reports, implies better market value index, as well as a reduction in the cost of capital. Thus, there is the need to consider the disclosure tone and CSR topics when assessing the CSR disclosure and its effect on performance, therefore advancing in relation to studies that are based on a simple observation of whether a report or subject should be published in the documents.
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