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Do shareholders reward or punish risky firms due to CSR reporting and assurance?

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  • Ali Uyar
  • Simone Pizzi
  • Fabio Caputo
  • Cemil Kuzey
  • Abdullah S. Karaman

Abstract

Whether shareholders reward/punish risky firms for undertaking corporate social responsibility (CSR) reporting practices represents a gap. The analysis yielded diverging results for different financial distress proxies. In the model in which volatility in return on assets was the proxy of firm risk, the findings indicated that shareholders punish risky firms due to CSR reporting. Interestingly, they reward CSR reporters with higher firm value due to the attainment of assurance for CSR reports and following the Global Reporting Initiative (GRI) framework in CSR reporting. Hence, they advocate CSR reporting if it is accompanied by an assurance and prepared following the GRI.

Suggested Citation

  • Ali Uyar & Simone Pizzi & Fabio Caputo & Cemil Kuzey & Abdullah S. Karaman, 2022. "Do shareholders reward or punish risky firms due to CSR reporting and assurance?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(5), pages 1596-1620, July.
    • Handle: RePEc:wly:mgtdec:v:43:y:2022:i:5:p:1596-1620
    DOI: 10.1002/mde.3476
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    1. Al-Shaer, Habiba & Uyar, Ali & Kuzey, Cemil & Karaman, Abdullah S., 2023. "Do shareholders punish or reward excessive CSR engagement? Moderating effect of cash flow and firm growth," International Review of Financial Analysis, Elsevier, vol. 88(C).
    2. Elbardan, Hany & Uyar, Ali & Kuzey, Cemil & Karaman, Abdullah S., 2023. "CSR reporting, assurance, and firm value and risk: The moderating effects of CSR committees and executive compensation," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 53(C).
    3. Michal Šindelář, 2024. "Corporate social responsibility in annual reports of Czech and Slovak companies [Společenská odpovědnost firem ve výročních zprávách českých a slovenských společností]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2024(2), pages 4-22.
    4. Cemil Kuzey & Habiba Al-Shaer & Ali Uyar & Abdullah S. Karaman, 2024. "Do board monitoring and audit committee quality help risky firms reduce CSR controversies?," Review of Quantitative Finance and Accounting, Springer, vol. 63(3), pages 1007-1045, October.

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