| Titre | Is the Relation between CSR and Stock Market Valuation Subject to an Institutionalization Process? An International Perspective | |
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| Auteur | Denis Cormier, Michel Magnan | |
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Revue | Comptabilité - Contrôle - Audit |
| Numéro | Tome 25, no 2, septembre 2019 | |
| Page | 87-122 | |
| Résumé anglais |
In this paper, we analyse how similarity in Corporate Social Responsibility (CSR) disclosure mediates the relation between CSR performance and a firm's stock market valuation. For our purpose, CSR disclosure encompasses environmental and social dimensions. CSR disclosure similarity reflects an institutionalization process that favors conformity within a firm's own national industry rather than distinctiveness. We focus on three distinct institutional contexts: Canada, France and Germany. Our results show that CSR disclosure similarity has a mediating effect on the relation between CSR performance and stock market valuation, albeit higher for environmental disclosure similarity than for social disclosure similarity. Our results suggest also that it is value relevant for a firm to imitate its reference group. Finally, the imitation process appears stronger in Canada than in Germany and France, most likely an outcome of lower coercive and normative pressures in Canada. Source : Éditeur (via Cairn.info) |
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| Article en ligne | http://www.cairn.info/article.php?ID_ARTICLE=CCA_252_0087 |
