Corporate Social Responsibility Disclosure and the Value of Cash Holdings
This study investigates whether corporate social responsibility (CSR) reports mitigate the value destruction associated with increases in cash holdings. We find that the issuance of a standalone CSR report increases the marginal value of cash holdings and this effect is more pronounced for firms in...
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Veröffentlicht in: | The European accounting review 2017-10, Vol.26 (4), p.729-753 |
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creator | Lu, Louise Yi Shailer, Greg Yu, Yangxin |
description | This study investigates whether corporate social responsibility (CSR) reports mitigate the value destruction associated with increases in cash holdings. We find that the issuance of a standalone CSR report increases the marginal value of cash holdings and this effect is more pronounced for firms in a less transparent information environment and for firms with weaker external monitoring. Our results suggest that information in CSR reports can facilitate monitoring and thus induce more efficient use of cash holdings. |
doi_str_mv | 10.1080/09638180.2016.1187074 |
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ispartof | The European accounting review, 2017-10, Vol.26 (4), p.729-753 |
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language | eng |
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source | Taylor & Francis Current Content Access; EBSCOhost Business Source Complete |
subjects | Cash management Corporate responsibility Disclosure Social responsibility Sustainability reporting |
title | Corporate Social Responsibility Disclosure and the Value of Cash Holdings |
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