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The Public Effect of Private Sustainability Reporting: Evidence from Incident-Based Engagement Strategy
Linnaeus University, School of Business and Economics, Department of Management (MAN).ORCID iD: 0000-0001-9670-5942
2023 (English)In: Journal of Business Ethics, ISSN 0167-4544, E-ISSN 1573-0697, Vol. 182, p. 559-572Article in journal (Refereed) Published
Sustainable development
SDG 12: Ensure sustainable consumption and production patterns
Abstract [en]

This study examines whether private information exchange between institutional investors and public companies in engagement dialogs on sustainability issues improves the publicly disclosed measurements of the target company’s financial and non-financial performance and transparency. It uses a unique dataset containing 326 private reports related to environmental, social, and anti-corruption recommendations to address material incidents among publicly traded MSCI World Index portfolio companies of Nordic institutional investors. The results indicate that target companies appear to have similar values with matched companies on sustainability performance and transparency ratings in the 3 years following the initiation of private reporting. Unexpected sustainability incidents are subsequently reflected in the next year’s fall in the market value of target companies relative to MSCI World Index. This paper provides empirical evidence for the legitimacy-based provision of private sustainability information used in a larger disclosure system of public companies.

Place, publisher, year, edition, pages
Springer, 2023. Vol. 182, p. 559-572
Keywords [en]
Risk management, Private engagement, Institutional investors, Sustainability risks, Sustainability reporting, Financial performance
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
URN: urn:nbn:se:lnu:diva-108361DOI: 10.1007/s10551-021-05007-8ISI: 000725388000001Scopus ID: 2-s2.0-85120556800OAI: oai:DiVA.org:lnu-108361DiVA, id: diva2:1616533
Available from: 2021-12-03 Created: 2021-12-03 Last updated: 2024-04-08Bibliographically approved

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Berg, Natalia

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