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The impact of voluntary sustainability reporting on firm value: Insights from signaling theory

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Abstract

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.

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Notes

  1. The results of the random effects probit model are available upon request from the corresponding author.

  2. The full table of results from the post hoc analysis is available upon request.

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  1. College of Business, Missouri State University, 258 Glass Hall, 901 South National Avenue, Springfield, MO, 65897, USA

    Wesley Friske

  2. College of Business, Missouri State University, 310 Glass Hall, 901 South National Avenue, Springfield, MO, 65897, USA

    Seth A. Hoelscher

  3. Walker College of Business, Appalachian State University, 4111 Peacock Hall, ASU Box 32090, Boone, NC, 28608, USA

    Atanas Nik Nikolov

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Friske, W., Hoelscher, S.A. & Nikolov, A.N. The impact of voluntary sustainability reporting on firm value: Insights from signaling theory. J. of the Acad. Mark. Sci. 51, 372–392 (2023). https://doi.org/10.1007/s11747-022-00879-2

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