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The impact of corporate social disclosure on investment behavior: A cross-national study


  • van der Laan Smith, Joyce
  • Adhikari, Ajay
  • Tondkar, Rasoul H.
  • Andrews, Robert L.


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.

Suggested Citation

  • van der Laan Smith, Joyce & Adhikari, Ajay & Tondkar, Rasoul H. & Andrews, Robert L., 2010. "The impact of corporate social disclosure on investment behavior: A cross-national study," Journal of Accounting and Public Policy, Elsevier, vol. 29(2), pages 177-192, March.
  • Handle: RePEc:eee:jappol:v:29:y::i:2:p:177-192

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    Cited by:

    1. Mahfuja Malik, 2015. "Value-Enhancing Capabilities of CSR: A Brief Review of Contemporary Literature," Journal of Business Ethics, Springer, vol. 127(2), pages 419-438, March.
    2. repec:eee:advacc:v:31:y:2015:i:1:p:100-106 is not listed on IDEAS
    3. repec:eee:pacfin:v:54:y:2019:i:c:p:159-182 is not listed on IDEAS
    4. Claire Gillet-Monjarret & Isabelle Martinez & Géraldine Rivière-Giordano, 2015. "La perception des commissaires aux comptes français sur la vérification sociétale : une expérimentation," Post-Print hal-01188799, HAL.
    5. repec:pra:mprapa:40679 is not listed on IDEAS
    6. repec:eee:advacc:v:30:y:2014:i:2:p:402-412 is not listed on IDEAS
    7. repec:gam:jsusta:v:10:y:2018:i:5:p:1455-:d:144956 is not listed on IDEAS
    8. Francesco Gangi & Ida Camminatiello & Nicola Varrone, 2016. "Analysis of Private Socially Responsible Investment: The Impact of Personal Concern with Corporate Social Responsibility," Review of Economics & Finance, Better Advances Press, Canada, vol. 6, pages 47-62, November.
    9. Gallego-Álvarez, Prof. Isabel & Ortas, Prof. Eduardo, 2017. "Corporate environmental sustainability reporting in the context of national cultures: A quantile regression approach," International Business Review, Elsevier, vol. 26(2), pages 337-353.


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