CSP disclosure & Seasoned equity offerings:The effects of CSP disclosure & disclosure credibility on SEO announcement returns
| dc.contributor.advisor | Braam, G.J.M. | |
| dc.contributor.author | Edelenbos, Stijn | |
| dc.date.issued | 2020-08-12 | |
| dc.description.abstract | Previous research has resulted in contradictory literature on the effects of corporate social performance (CSP) disclosure on shareholder value. This study researched if the previously mixed results can be explained through CSP disclosure credibility through analysing seasoned equity offering (SEO) announcement returns. SEO announcements are largely unexpected which negates the reverse causality issues of prior studies researching CSP disclosure and shareholder value. Using a unique international dataset of SEOs, it is found that firms with higher CSP scores are faced with more adverse SEO announcements returns. Results also indicate that voluntary actions taken by firms to increase CSP disclosure credibility through compliance with GRI reporting standards or via obtaining external assurance do not influence SEO announcement returns. Overall, the results of this study provide evidence for the CSP expense view indicating CSP disclosure does not benefit shareholder wealth. These results have implications for firms considering CSP disclosure and for firms contemplating the costs and benefits of GRI compliant CSP disclosure and of CSP assurance. | en_US |
| dc.identifier.uri | https://theses.ubn.ru.nl/handle/123456789/9776 | |
| dc.language.iso | en | en_US |
| dc.thesis.faculty | Faculteit der Managementwetenschappen | en_US |
| dc.thesis.specialisation | Corporate Finance & Control | en_US |
| dc.thesis.studyprogramme | Master Economics | en_US |
| dc.thesis.type | Master | en_US |
| dc.title | CSP disclosure & Seasoned equity offerings:The effects of CSP disclosure & disclosure credibility on SEO announcement returns | en_US |