• 西南财经大学现代会计学术沙龙
    发布时间:2019-06-10 查看次数:

    题:Do firms with strong commitment to corporate social responsibility prefer less frequent financial reporting? Evidence from eliminating mandatory quarterly financial reporting in Europe

    主讲人Yue Li (Associate Professor, University of Toronto)

    主持人:西南财经大学会计学院 陈磊 副教授

    间:20190611日(星期二)下午15:00-16:30

    点:西南财经大学柳林校区通博楼D031会议室

    办:会计学院 科研处

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    主讲人简介:

    Yue Li, Associate Professor, University of Toronto (with tenure, cross-appointed at Rotman School of Management, University of Toronto). He has published in journals such as the Accounting Review, Contemporary Accounting Research, Accounting, Organizations and Society, Journal of Accounting and Public Policy, Journal of Accounting, Auditing, and Finance. He has sit on the editorial board of Contemporary Accounting Research since 2010. His research interests include Environmental accounting, sustainability reporting, corporate environmental strategies, governance and corporate social responsibility, financial reporting and firm valuation, managerial accounting and management control.

    论文简介:

    This study examines whether corporate commitment to CSR and sustainability affects firms choice of financial reporting frequency. Specifically, we examine whether firms with superior CSR performance and commitment to sustainability choose to abandon quarterly financial reporting voluntarily following the reporting regime change in Europe in 2013. We argue that corporate commitment to CSR and sustainability symbolizes a firms orientation towards long-term investments and management disapproval of short-termism. As such, firms with strong commitment to CSR would reduce financial reporting frequency to avoid undesired pressure from short-term oriented investors. Using a sample of the London Stock Exchange (LSE) listed companies, we find that firms with superior CSR commitment are more likely to abandon the quarterly Interim Management Statement (IMS) voluntarily following the change in the U. Ks Disclosure and Transparency Rules in 2014. Further analysis reveals that firms with superior CSR commitment do not experience increased information asymmetry following the abandonment of quarterly reporting. We find limited evidence that such firms are more likely to increase capital spending in later periods. Our results are robust to different specifications and controls for firm characteristics known to affect firms financial reporting decision. Overall, the evidence in this study is consistent with the argument that corporate commitment to CSR symbolizes a firms long-term investment focus and management orientation towards sustainability affects firms choice of financial reporting frequency.