Does Sustainability Assurance Improve Managerial Investment Decisions?
研究了可持续发展鉴证对管理层可持续发展投资效率的影响，发现鉴证通过改善信息集和降低信息不对称提升了投资效率，且审计师提供的鉴证效果更强。
This study analyzes the effect of sustainability assurance (SA) on managerial investment decisions in terms of sustainability investment (SI) efficiency. We hypothesize that SA improves the set of information available for managerial decision making, resulting in higher SI efficiency. Further, we argue that SA reduces information asymmetry between managers and investors, which enables investors to more effectively monitor a firm’s management, thus again leading to higher SI efficiency. Empirical findings for an international sample support these links. Moreover, we find weak evidence that SA provided by an auditor is associated with a stronger effect on SI efficiency. In additional analyses, we find weak evidence that the association of SA and SI efficiency is more pronounced if the SA is provided on a higher scope, on a higher level, and if other governance mechanisms are weak.