Determinants and Economic Consequences of Non-financial Disclosure Quality
研究了荷兰企业社会责任披露质量的决定因素，发现业绩好、融资需求大、治理强的公司披露质量更高，进而获得更多分析师关注、机构持股、股票流动性和融资优势。
This paper examines the determinants and economic consequences of non-financial disclosure quality, which is measured according to the ratings of corporate social responsibility (CSR) disclosure provided by the Ministry of Economic Affairs in the Netherlands. We find that firms with better CSR performance, greater external financing needs, and stronger corporate governance tend to provide higher quality CSR disclosures. In return, these firms gain greater analyst coverage, higher levels of institutional ownership, greater stock liquidity, higher valuations in SEOs, and lower yields to maturity in bond issuances. These benefits apply largely to firms with strong CSR performance. Collectively, our findings suggest that higher quality CSR disclosures deliver economic benefits.