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Research Article
Do Investors Value Sustainability Reports? A Canadian Study
Article first published online: 5 FEB 2012
DOI: 10.1002/csr.285
Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment
Issue
Corporate Social Responsibility and Environmental Management
Early View (Online Version of Record published before inclusion in an issue)
Additional Information
How to Cite
Berthelot, S., Coulmont, M. and Serret, V. (2012), Do Investors Value Sustainability Reports? A Canadian Study. Corp. Soc. Responsib. Environ. Mgmt. doi: 10.1002/csr.285
Publication History
- Article first published online: 5 FEB 2012
- Manuscript Accepted: 19 OCT 2011
- Manuscript Revised: 3 OCT 2011
- Manuscript Received: 22 FEB 2011
- Abstract
- Article
- References
- Cited By
Keywords:
- corporate social responsibility;
- sustainability reporting;
- value relevance;
- firm's market value;
- reporting
ABSTRACT
The publication of sustainability reports has increased significantly in most western countries in recent years. The fact that this type of reporting is on a voluntary basis in a number of countries raises questions about whether capital markets take these reports into account. This study attempts to address this question, drawing on a sample of Canadian companies listed on the Toronto Stock Exchange. The results suggest that investors positively value this type of reporting. These findings support the relevance of initiatives like the Global Reporting Initiative, the UN Global Compact, and that launched by the International Organization for Standardization (ISO), which focus on the development of recognized guidelines for sustainability reporting. Our findings can also serve as arguments to facilitate a firm's voluntary commitment to such types of disclosures. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment