We examine whether the communication of combined assurance is effective in increasing favourable investment decisions towards a company with negative financial performance. We find that the communication of combined assurance, compared to when only corporate social responsibility (CSR) assurance is communicated, results in a more significant impact on investors’ decisions to invest when the company has negative performance, but this effect is less significant when the company has positive performance. When the company has positive performance, perceived reliability and willingness to invest do not change regardless of whether combined assurance is included or not.

中文翻译：

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积极的企业社会责任是否会提高基于绩效的公司投资意愿？联合担保的增量作用

我们检查联合担保的沟通是否有效地增加了对财务业绩为负的公司的有利投资决策。我们发现，与仅传达公司社会责任（CSR）保证相比，合并保证的沟通对公司做出负绩效的投资者的投资决策产生更大的影响，但当公司业绩为负时，这种影响就不那么明显了。公司业绩良好。当公司表现良好时，无论是否包括联合担保，感知的可靠性和投资意愿都不会改变。