The price of environmental, social and governance practice disclosure: An experiment with professional private equity investors
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Market reactions to CSR news are asymmetric, with investors putting more weight on negative news.
“Several studies suggest that the market reactions to CSR news are asymmetric, with investors putting more weight on negative news (e.g., Flammer 2013; Crifo et al. 2015).”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as Crifo et al. 2015
Cites
The Framing of Decisions and the Psychology of Choice
Tversky, A., & Kahneman, D. (1981) · Science · doi:10.1126/science.7455683 · Cited by 17,604 · see citing works
Kahneman, D., & Tversky, A. (1984) · American Psychologist · doi:10.1037/0003-066x.39.4.341 · Cited by 6,544 · see citing works
Corporate responsibility and financial performance: The role of intangible resources
Surroca, J., Tribó, J. A., & Waddock, S. (2010) · Strategic Management Journal · doi:10.1002/smj.820 · Cited by 2,252 · see citing works
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Mandatory CSR and sustainability reporting: economic analysis and literature review
Christensen, H. B., Hail, L., & Leuz, C. (2021) · Review of Accounting Studies · doi:10.1007/s11142-021-09609-5 · Cited by 1,923 · see citing works
Doing well by doing good: a systematic review and research agenda for sustainable investment
Talan, G., & Sharma, G. D. (2019) · Sustainability · doi:10.3390/su11020353 · Cited by 192 · see citing works
- Authors
- Crifo, P., Forget, V. D., & Teyssier, S.
- Affiliations
- École Polytechnique (FR)
- Corresponding author
- Crifo, Patricia
- Venue
- Journal of Corporate Finance
- Publisher
- Elsevier BV
- Published
- 2015-02
- Volume
- 30
- Pages
- 168-194
- ISSN
- 0929-1199 (ISSN-L)
- OpenAlex
- W2070384429
- Cited by
- 218
- References
- 3
- Citations by year
- 2026: 15 · 2025: 36 · 2024: 46 · 2023: 34 · 2022: 23 · 2021: 14 · 2020: 14 · 2019: 13 · 2018: 12 · 2017: 3 · 2016: 3 · 2015: 5
- FWCI
- 11.26
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Corporate Finance (publishedVersion)
- HAL (submittedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- Sustainable Finance and Responsible Investment
- Research program Investissements d'Avenir (ANR-11-IDEX-0003, ANR-11-LABX-0047)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
- Social Sciences › Business, Management and Accounting › Accounting › Private Equity and Venture Capital
- Keywords
- ESG disclosure, environmental, social and governance practices, private equity, business valuation, equity financing, investor behavior, asymmetric effects, corporate disclosure
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
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