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The impact of voluntary sustainability reporting on firm value: Insights from signaling theory
Journal of the Academy of Marketing Science ( IF 18.2 ) Pub Date : 2022-06-16 , DOI: 10.1007/s11747-022-00879-2
Wesley Friske, Seth A. Hoelscher, Atanas Nik Nikolov

The purpose of this study is to examine the relationship between voluntary sustainability reporting and firm value, as measured by Tobin’s q. We test three main hypotheses developed from signaling theory and the sustainability reporting literature on a large panel of reporting and non-reporting organizations for the period 2011–2020. The results of a fixed effects panel model suggest that, in general, sustainability reporting is negatively related to Tobin’s q. However, the results also indicate that the relationship between sustainability reporting and Tobin’s q becomes increasingly positive over time. Our conclusion is that sustainability reporting is initially a costly signal, but that it eventually enhances firm value as companies learn how to better communicate sustainability initiatives to stakeholders and investors learn how to properly evaluate reports. Finally, in an analysis of sustainability reporting organizations, we find that external assurance is positively associated with Tobin’s q. External audits appear to increase the credibility of reports. Implications for marketing theory and practice are discussed.



中文翻译:

自愿性可持续发展报告对公司价值的影响:信号理论的见解

本研究的目的是检查自愿可持续性报告与公司价值之间的关系,如托宾 q 所衡量的那样。我们在 2011 年至 2020 年期间,针对大型报告和非报告组织小组测试了从信号理论和可持续性报告文献中得出的三个主要假设。固定效应面板模型的结果表明,一般而言,可持续性报告与托宾 q 呈负相关。然而,结果还表明,随着时间的推移,可持续发展报告与托宾 q 之间的关系变得越来越积极。我们的结论是,可持续发展报告最初是一个代价高昂的信号,但随着公司学习如何更好地向利益相关者传达可持续发展倡议,投资者学习如何正确评估报告,它最终会提高公司价值。最后,在对可持续发展报告组织的分析中,我们发现外部保证与托宾 q 正相关。外部审计似乎提高了报告的可信度。讨论了对营销理论和实践的影响。

更新日期:2022-06-17
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