Sell recommendations by analysts in response to business communication strategies concerning the Sustainable Development Goals and the SDG compass

JOURNAL OF CLEANER PRODUCTION

卷:255

Article

Garcia-Sanchez, Isabel-Maria¹  Aibar-Guzman, Beatriz²  Aibar-Guzman, Cristina³  Rodriguez-Ariza, Lazaro³ 

[1] Inst Multidisciplinar Empresa, Campus Miguel de Unamuno,Edificio FES, Salamanca 37006, Spain

[2] Univ Santiago Compostela, Fac Ciencias Econ & Empresariales, Av Burgo S-N, Santiago de Compostela 15782, Spain

[3] Fac Ciencias Econ & Empresariales, Campus Cartuja S-N, Granada 18071, Spain

关键词: Sustainable development goals;    SDG compass;    Corporate social responsibility;    Sustainability reporting;    Analysts' recommendations;    Institutional logic;   

DOI  :  10.1016/j.jclepro.2020.120194

来源: Elsevier

【 摘 要 】

This paper has two main aims: firstly, to examine the effect of pessimistic (sell) recommendations made by analysts to investors on the implementation of business communication strategies in accordance with the Sustainable Development Goals (SDGs), through the adoption of the SDG Compass. Secondly, it considers the possible corrective effect produced by these strategies on analysts' recommendations, i.e. modifying their perception of corporate social responsibility (CSR) as an agency cost. Based on a sample of 989 international companies which disclose CSR information, obtained by merging the Global Reporting Initiative (GRI) and Thomson Reuters databases, our analysis of the results obtained shows that the companies receiving most sell recommendations were among the first to adopt the SDG Compass in a given year or in the year immediately following it. Nevertheless, this effect is limited, because the long-term implementation of CSR strategies has a relatively trivial impact on analysts' recommendations, since there is little likelihood of change in these strategies. (C) 2020 Elsevier Ltd. All rights reserved.

【 授权许可】

Free