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Mandatory CSR and sustainability reporting: economic analysis and literature review

Author

Listed:
  • Hans B. Christensen

    (University of Chicago)

  • Luzi Hail

    (University of Pennsylvania)

  • Christian Leuz

    (University of Chicago & NBER)

Abstract

This study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and sustainability topics. We first outline key features of CSR reporting. Next, we draw on relevant academic literatures in accounting, finance, economics, and management to discuss and evaluate the potential economic consequences of a requirement for CSR and sustainability reporting for U.S. firms, including effects in capital markets, on stakeholders other than investors, and on firm behavior. We also discuss issues related to the implementation and enforcement of CSR and sustainability reporting standards as well as two approaches to sustainability reporting that differ in their overarching goals and materiality standards. Our analysis yields a number of insights that are relevant for the current debate on mandatory CSR and sustainability reporting. It also points scholars to avenues for future research.

Suggested Citation

  • Hans B. Christensen & Luzi Hail & Christian Leuz, 2021. "Mandatory CSR and sustainability reporting: economic analysis and literature review," Review of Accounting Studies, Springer, vol. 26(3), pages 1176-1248, September.
    • Handle: RePEc:spr:reaccs:v:26:y:2021:i:3:d:10.1007_s11142-021-09609-5
    DOI: 10.1007/s11142-021-09609-5
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    More about this item

    Keywords

    Transparency; Regulation; SASB; GRI; Standard setting; Accounting standards; Mandatory disclosure; Environmental; social and governance issues (ESG);
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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