Signaling through corporate accountability reporting
研究发现企业社会责任支出并非慈善或改善未来业绩，而是管理者在预期业绩向好时增加支出，责任报告成为外部人推断内部人私有信息的渠道。
We document that corporate social responsibility (“CSR”) expenditures are not a form of corporate charity nor do they improve future financial performance. Rather, firms undertake CSR expenditures in the current period when they anticipate stronger future financial performance. We show that the causality of the positive association between CSR expenditures and future firm performance differs from what is claimed in the vast majority of the literature and that corporate accountability reporting is another channel through which outsiders may infer insiders’ private information about firms’ future financial prospects.