The impact of corporate social disclosure on investment behavior: A cross-national study |
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| Authors: | Joyce van der Laan Smith Ajay Adhikari Rasoul H Tondkar Robert L Andrews |
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| Institution: | 1. E.C. Robins School of Business, University of Richmond, Richmond, VA 23173, United States;2. Kogod School of Business, American University, Washington, DC 20016-8044, United States;3. Virginia Commonwealth University, Richmond, VA 23284-4000, United States |
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| Abstract: | We examine the impact of corporate social disclosure (CSD) on investment behavior in the US, Japan, France, and Sweden using stakeholder theory as the underlying framework for our analysis. We find that there is a significant difference in investors’ reactions to CSD across countries. Using a unique stakeholder scale we also find that these reactions are related to the investors’ stakeholder orientation. These findings provide insight into cross-national differences in the perceived relevance of CSD to investors. |
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| Keywords: | Corporate social disclosure Stakeholder theory Investment behavior Cross-cultural experiments |
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