Is the medium the message? Social disclosure channels and firm risk
媒体はメッセージか？社会的開示チャネルと企業リスク (AI 翻訳)
Andreas G. F. Hoepner, Blerita Korca, Frank Schiemann, Fabiola I. Schneider
🤖 gxceed AI 要約
日本語
本論文は、SEC提出書類、サステナビリティ報告書、財務報告書という3つの開示チャネルを通じた社会的開示が企業の特異的リスクに与える影響を分析。S&P 1500構成企業を対象に、初回開示と継続開示を区別し、SEC提出書類での初回開示はリスク増加、サステナビリティ・財務報告書での継続開示はリスク低下と関連することを発見。情報の新規性とチャネルがリスク影響を左右することを示唆。
English
This paper examines how social disclosures via SEC filings, sustainability reports, and financial reports relate to idiosyncratic risk for S&P 1500 firms. First-time disclosure via SEC filings increases risk, while continuous disclosure via sustainability and financial reports lowers risk, highlighting the role of information newness and channel.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJ開示基準の適用が進む中、開示チャネルと情報の新規性が投資家のリスク評価に与える影響は、今後の開示実務に示唆を与える。特に、有価証券報告書での初回開示がリスクを高める可能性は、企業の開示戦略に重要な考慮点となる。
In the global GX context
This study contributes to global disclosure scholarship by showing that the channel and novelty of social disclosure affect firm risk, relevant for ISSB and SEC rulemaking. It underscores that investors react differently to information in mandated filings versus voluntary reports, informing how companies should sequence disclosures.
👥 読者別の含意
🔬研究者:Provides empirical evidence on how disclosure channels and information novelty affect idiosyncratic risk, extending ESG disclosure literature.
🏢実務担当者:Highlights that first-time social disclosures in SEC filings may increase risk, suggesting careful planning of disclosure timing and channel.
🏛政策担当者:Suggests that regulatory requirements for social disclosure in filings may have unintended risk effects, informing policy design.
📄 Abstract（原文）
Investors interpret social disclosures from a risk perspective, yet relevant information can reach them through channels that differ sharply in regulatory enforcement and materiality: SEC filings, sustainability reports, or financial reports. We analyse how social disclosure via each channel relates to idiosyncratic risk. Studying S&P 1,500 constituents, we distinguish between initiated and continued disclosure along the three disclosure channels. We find first-time disclosure of social issues via SEC filings is related to increased idiosyncratic firm risk, highlighting that unexpected information is published. Continuous disclosure of social issues is related to lower idiosyncratic risk for sustainability and financial reports, which is in line with the literature. The SEC filing effect is robust for downside idiosyncratic risk measures, the separation of social disclosure into human capital, product liabilities, and stakeholder engagement, and for propensity score matching. Our findings suggest that the risk impacts of sustainability disclosure depend on the newness of information and disclosure channels.
🔗 Provenance — このレコードを発見したソース
- arXiv https://arxiv.org/abs/2608.15212first seen 2026-08-18 04:10:32
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