We investigate the relationship between the CSR disclosure of peer firms and the analyst forecast accuracy of the focal firm. We find a negative association between peer CSR disclosure and analyst forecast error of the focal firm, indicating that peer CSR disclosure is informative. This negative association is more pronounced when the information environment of the focal firm is worse, when the correlation in fundamentals between the focal firm and its peers is higher, when the business of the focal firm is less complex, when the focal firm has more expert analyst coverage, when the focal firm's financial performance is more sensitive to CSR engagement, or when the quality of peer CSR disclosure is higher. Overall, we show that peer CSR disclosure conveys value-relevant information about the focal firm. Our study enriches the literature on both analyst forecasts and peer information, and we also provide important implications for practitioners in understanding the role of CSR disclosure in capital markets.

我们调查了同行公司的 CSR 披露与焦点公司的分析师预测准确性之间的关系。我们发现同行 CSR 披露与焦点公司的分析师预测错误之间存在负相关，表明同行 CSR 披露具有信息量。当焦点公司的信息环境较差、焦点公司与其同行之间的基本面相关性较高、焦点公司的业务不那么复杂、焦点公司拥有更多专家时，这种负相关性会更加明显分析师报道，当焦点公司的财务业绩对 CSR 参与度更敏感时，或者当同行 CSR 披露的质量更高时。总的来说，我们表明，同行 CSR 披露传达了关于焦点公司的价值相关信息。