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| Tekijä: | Schadewitz, H. Niskala, M. |
| Otsikko: | Communication via responsibility reporting and its effect on firm value in Finland |
| Lehti: | Corporate Social Responsibility and Environmental management
2010 : MAR/APR, VOL. 17:2, p. 96-106 |
| Asiasana: | corporate responsibility social responsibility business ethics company value responsibility reporting business communication listed companies Nordic countries Finland |
| Vapaa asiasana: | models |
| Kieli: | eng |
| Tiivistelmä: | Based on the literature review, developed is a research question: How does communication (hereafter as: commn.) via responsibility reporting (here as: r-r.) affect firm value? The market valuation (as: val-n.) of listed Finnish firms is analysed through a conventional val-n. model combined with r-r. The conventional val-n. is expanded by studying whether commn. through r-r. is related to firm val-n. In addition, it is contributed to the literature aiming to understand the link btw. corporate social responsibility (CSR) and firm performance/share performance. Specifically, it is focused on r-r. according to the Global Reporting Initiative (GRI) and especially on whether the existence of these reports provides a further explanation for firm value. The used sample is a population type covering all listed Finnish firms that have adopted GRI. No other r-r. practice was used by listed firms in their r-r. commn. from 2002 to 2005. For val-n. models, the other necessary information was based on Thomson Financial Services (commercial database). The applied model supported the conclusion that commn. via GRI r-r. is an important explanatory factor for a firm's market value. The result indicates that r-r. is a part of a firm's commn. tools to decrease information asymmetry btw. managers and investors. |
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