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Corporate responsibility and corporate misbehavior: are CSR reporting firms indeed responsible?

Author

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  • Christine Reitmaier

    (University of Augsburg)

  • Wolfgang Schultze

    (University of Augsburg)

  • Julia Vollmer

    (University of Augsburg)

Abstract

We investigate whether firms that proclaim a commitment to corporate social responsibility (CSR) by CSR reporting indeed internalize such a commitment and behave more responsibly. We analyze the association of the issuance and quality of voluntary CSR reports with the occurrence, number, and severity of corporate misbehaviors, both preceding and subsequent to CSR reporting. We find a significantly positive association of CSR reporting with our measures of prior and future misbehavior. The results are corroborated by a quasi-natural experiment around the Rana Plaza disaster where we find that the signatories of an accord for better working conditions have significantly higher prior and future misbehavior relative to non-signatories and firms unaffected by the exogenous shock. Our results are in line with legitimacy theory implying that, on average, the firms’ proclaiming commitment to CSR is not a signal of internalized commitment but more likely serves greenwashing and impression management purposes.

Suggested Citation

  • Christine Reitmaier & Wolfgang Schultze & Julia Vollmer, 2025. "Corporate responsibility and corporate misbehavior: are CSR reporting firms indeed responsible?," Review of Accounting Studies, Springer, vol. 30(2), pages 1804-1872, June.
    • Handle: RePEc:spr:reaccs:v:30:y:2025:i:2:d:10.1007_s11142-024-09850-8
    DOI: 10.1007/s11142-024-09850-8
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    Keywords

    Corporate social responsibility (CSR); Corporate misbehavior; CSR reporting; Real effects; Signaling theory; Legitimacy theory;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K38 - Law and Economics - - Other Substantive Areas of Law - - - Human Rights Law; Gender Law; Animal Rights Law
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • 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
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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