The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics
研究了企业社会责任评级如何影响卖方分析师对公司未来财务表现的评估，发现早期分析师将CSR视为代理成本而给出悲观推荐，但随时间推移，利益相关者关注兴起使分析师逐渐转为乐观，且高地位分析师率先转变。
We explore the impact of corporate social responsibility ( CSR ) ratings on sell‐side analysts' assessments of firms' future financial performance. We suggest that when analysts perceive CSR as an agency cost they produce pessimistic recommendations for firms with high CSR ratings. Moreover, we theorize that, over time, the emergence of a stakeholder focus shifts the analysts' perceptions of CSR . Using a large sample of publicly traded U.S. firms over 15 years, we confirm that, in the early 1990s, analysts issue more pessimistic recommendations for firms with high CSR ratings. However, analysts progressively assess these firms more optimistically over time. Furthermore, we find that analysts of highest status are the first to shift the relation between CSR ratings and investment recommendation optimism . Copyright © 2014 John Wiley & Sons, Ltd.