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Do Socially Responsible Firms Disclosure to Signal?

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  • Mari Sakudo

Abstract

An increasing number of investors incorporate companies' CSR information into their financial decisions. This study empirically examines the signaling theory in the context of CSR disclosures using rich information on firms' CSR activities and climate-related costs of large Japanese firms by a machine learning method. According to the results, Japanese firms disclose their sustainability information to signal their superior performance rather than greenwashing. While many investors and policy makers focus more on climate risks following the COVID-19 pandemic, this empirical evidence remains the same before and after the crisis.

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  • Mari Sakudo, 2024. "Do Socially Responsible Firms Disclosure to Signal?," Working Papers e204, Tokyo Center for Economic Research.
    • Handle: RePEc:tcr:wpaper:e204
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