In this paper, we examine whether stock market imperfection plays a role in a firm's decision to release non-financial information and if so, what the underlying channels are. To address our questions, we web-scraped corporate social responsibility (CSR) news to form a sample of publicly traded non-financial US firms from CSRwire and explored exogeneous variation in stock valuation driven by institutional price pressure. Our empirical results show that firms facing stock market undervaluation are more likely than others to release CSR news. This effect is concentrated among firms exhibiting low levels of CSR commitment and low stock price informativeness. Finally, we provide evidence that the stock market reacts positively to CSR news released by undervalued firms and more so for undervalued firms with high information asymmetry.

中文翻译：

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低估与非财务信息：来自企业社会责任新闻自愿披露的证据

在本文中，我们研究了股票市场的不完善性是否在公司发布非财务信息的决定中发挥了作用，如果是，那么潜在的渠道是什么。为了解决我们的问题，我们从网络上抓取了企业社会责任 (CSR) 新闻，以形成来自CSRwire的公开交易的非金融美国公司的样本并探讨了机构价格压力驱动的股票估值的外生变化。我们的实证结果表明，面临股市低估的公司比其他公司更有可能发布企业社会责任新闻。这种影响集中在企业社会责任承诺水平低和股票价格信息含量低的公司中。最后，我们提供的证据表明，股票市场对被低估公司发布的企业社会责任新闻做出积极反应，对信息不对称程度高的被低估公司更是如此。