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<!DOCTYPE html> <html lang="en" class="no-js"> <head> <meta charset="UTF-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="applicable-device" content="pc,mobile"> <meta name="viewport" content="width=device-width, initial-scale=1"> <meta name="robots" content="max-image-preview:large"> <meta name="access" content="Yes"> <meta name="360-site-verification" content="1268d79b5e96aecf3ff2a7dac04ad990" /> <title>Corporate responsibility and corporate misbehavior: are CSR reporting firms indeed responsible? | Review of Accounting Studies</title> <meta name="twitter:site" content="@SpringerLink"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:image:alt" content="Content cover image"/> <meta name="twitter:title" content="Corporate responsibility and corporate misbehavior: are CSR reporting firms indeed responsible?"/> <meta name="twitter:description" content="Review of Accounting Studies - We investigate whether firms that proclaim a commitment to corporate social responsibility (CSR) by CSR reporting indeed internalize such a commitment and behave more..."/> <meta name="twitter:image" content="https://static-content.springer.com/image/art%3A10.1007%2Fs11142-024-09850-8/MediaObjects/11142_2024_9850_Fig1_HTML.png"/> <meta name="journal_id" content="11142"/> <meta name="dc.title" content="Corporate responsibility and corporate misbehavior: are CSR reporting firms indeed responsible?"/> <meta name="dc.source" content="Review of Accounting Studies 2024"/> <meta name="dc.format" content="text/html"/> <meta name="dc.publisher" content="Springer"/> <meta name="dc.date" content="2024-10-28"/> <meta name="dc.type" content="OriginalPaper"/> <meta name="dc.language" content="En"/> <meta name="dc.copyright" content="2024 The Author(s)"/> <meta name="dc.rights" content="2024 The Author(s)"/> <meta name="dc.rightsAgent" content="journalpermissions@springernature.com"/> <meta name="dc.description" content="We investigate whether firms that proclaim a commitment to corporate social responsibility (CSR) by CSR reporting indeed internalize such a commitment and behave more responsibly. We analyze the association of the issuance and quality of voluntary CSR reports with the occurrence, number, and severity of corporate misbehaviors, both preceding and subsequent to CSR reporting. We find a significantly positive association of CSR reporting with our measures of prior and future misbehavior. The results are corroborated by a quasi-natural experiment around the Rana Plaza disaster where we find that the signatories of an accord for better working conditions have significantly higher prior and future misbehavior relative to non-signatories and firms unaffected by the exogenous shock. Our results are in line with legitimacy theory implying that, on average, the firms’ proclaiming commitment to CSR is not a signal of internalized commitment but more likely serves greenwashing and impression management purposes."/> <meta name="prism.issn" content="1573-7136"/> <meta name="prism.publicationName" content="Review of Accounting Studies"/> <meta name="prism.publicationDate" content="2024-10-28"/> <meta name="prism.section" content="OriginalPaper"/> <meta name="prism.startingPage" content="1"/> <meta name="prism.endingPage" content="69"/> <meta name="prism.copyright" content="2024 The Author(s)"/> <meta name="prism.rightsAgent" content="journalpermissions@springernature.com"/> <meta name="prism.url" content="https://link.springer.com/article/10.1007/s11142-024-09850-8"/> <meta name="prism.doi" content="doi:10.1007/s11142-024-09850-8"/> <meta name="citation_pdf_url" content="https://link.springer.com/content/pdf/10.1007/s11142-024-09850-8.pdf"/> <meta name="citation_fulltext_html_url" content="https://link.springer.com/article/10.1007/s11142-024-09850-8"/> <meta name="citation_journal_title" content="Review of Accounting Studies"/> <meta name="citation_journal_abbrev" content="Rev Account Stud"/> <meta name="citation_publisher" content="Springer US"/> <meta name="citation_issn" content="1573-7136"/> <meta name="citation_title" content="Corporate responsibility and corporate misbehavior: are CSR reporting firms indeed responsible?"/> <meta name="citation_online_date" content="2024/10/28"/> <meta name="citation_firstpage" content="1"/> <meta name="citation_lastpage" content="69"/> <meta name="citation_article_type" content="Article"/> <meta name="citation_fulltext_world_readable" content=""/> <meta name="citation_language" content="en"/> <meta name="dc.identifier" content="doi:10.1007/s11142-024-09850-8"/> <meta name="DOI" content="10.1007/s11142-024-09850-8"/> <meta name="size" content="891666"/> <meta name="citation_doi" content="10.1007/s11142-024-09850-8"/> <meta name="citation_springer_api_url" content="http://api.springer.com/xmldata/jats?q=doi:10.1007/s11142-024-09850-8&api_key="/> <meta name="description" content="We investigate whether firms that proclaim a commitment to corporate social responsibility (CSR) by CSR reporting indeed internalize such a commitment and "/> <meta name="dc.creator" content="Reitmaier, Christine"/> <meta name="dc.creator" content="Schultze, Wolfgang"/> <meta name="dc.creator" content="Vollmer, Julia"/> <meta name="dc.subject" content="Accounting/Auditing"/> <meta name="dc.subject" content="Corporate Finance"/> <meta name="dc.subject" content="Public Economics"/> <meta name="citation_reference" content="citation_journal_title=Critical Perspectives on Accounting; citation_title=Connecting the COVID-19 pandemic, environmental, social and governance (ESG) investing and calls for ‘harmonisation’ of sustainability reporting; citation_author=CA Adams, S Abhayawansa; citation_volume=82; citation_publication_date=2022; citation_pages=102309; citation_doi=10.1016/j.cpa.2021.102309; citation_id=CR1"/> <meta name="citation_reference" content="Ahmed, D., E. 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We analyze the association of the issuance and quality of voluntary CSR reports with the occurrence, number, and severity of corporate misbehaviors, both preceding and subsequent to CSR reporting. We find a significantly positive association of CSR reporting with our measures of prior and future misbehavior. The results are corroborated by a quasi-natural experiment around the Rana Plaza disaster where we find that the signatories of an accord for better working conditions have significantly higher prior and future misbehavior relative to non-signatories and firms unaffected by the exogenous shock. Our results are in line with legitimacy theory implying that, on average, the firms’ proclaiming commitment to CSR is not a signal of internalized commitment but more likely serves greenwashing and impression management purposes."/> <meta property="og:image" content="https://static-content.springer.com/image/art%3A10.1007%2Fs11142-024-09850-8/MediaObjects/11142_2024_9850_Fig1_HTML.png"/> <meta name="format-detection" content="telephone=no"> <link rel="apple-touch-icon" sizes="180x180" href=/oscar-static/img/favicons/darwin/apple-touch-icon-92e819bf8a.png> <link rel="icon" type="image/png" sizes="192x192" href=/oscar-static/img/favicons/darwin/android-chrome-192x192-6f081ca7e5.png> <link rel="icon" type="image/png" sizes="32x32" href=/oscar-static/img/favicons/darwin/favicon-32x32-1435da3e82.png> <link rel="icon" type="image/png" sizes="16x16" href=/oscar-static/img/favicons/darwin/favicon-16x16-ed57f42bd2.png> <link rel="shortcut icon" data-test="shortcut-icon" 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We analyze the association of the issuance and quality of voluntary CSR reports with the occurrence, number, and severity of corporate misbehaviors, both preceding and subsequent to CSR reporting. We find a significantly positive association of CSR reporting with our measures of prior and future misbehavior. The results are corroborated by a quasi-natural experiment around the Rana Plaza disaster where we find that the signatories of an accord for better working conditions have significantly higher prior and future misbehavior relative to non-signatories and firms unaffected by the exogenous shock. Our results are in line with legitimacy theory implying that, on average, the firms’ proclaiming commitment to CSR is not a signal of internalized commitment but more likely serves greenwashing and impression management purposes.","datePublished":"2024-10-28T00:00:00Z","dateModified":"2024-10-28T00:00:00Z","pageStart":"1","pageEnd":"69","license":"http://creativecommons.org/licenses/by/4.0/","sameAs":"https://doi.org/10.1007/s11142-024-09850-8","keywords":["Corporate social responsibility (CSR)","Corporate misbehavior","CSR reporting","Real effects","Signaling theory","Legitimacy theory","G18","G32","K38","K42","M41","M48","Q01","Accounting/Auditing","Corporate Finance","Public Economics"],"image":["https://media.springernature.com/lw1200/springer-static/image/art%3A10.1007%2Fs11142-024-09850-8/MediaObjects/11142_2024_9850_Fig1_HTML.png"],"isPartOf":{"name":"Review of Accounting Studies","issn":["1573-7136","1380-6653"],"@type":["Periodical"]},"publisher":{"name":"Springer US","logo":{"url":"https://www.springernature.com/app-sn/public/images/logo-springernature.png","@type":"ImageObject"},"@type":"Organization"},"author":[{"name":"Christine Reitmaier","affiliation":[{"name":"University of Augsburg","address":{"name":"Department of Accounting and Control, University of Augsburg, Augsburg, Germany","@type":"PostalAddress"},"@type":"Organization"}],"@type":"Person"},{"name":"Wolfgang Schultze","url":"http://orcid.org/0000-0001-6216-6514","affiliation":[{"name":"University of Augsburg","address":{"name":"Department of Accounting and Control, University of Augsburg, Augsburg, Germany","@type":"PostalAddress"},"@type":"Organization"}],"email":"Wolfgang.schultze@wiwi.uni-augsburg.de","@type":"Person"},{"name":"Julia Vollmer","affiliation":[{"name":"University of Augsburg","address":{"name":"Department of Accounting and Control, University of Augsburg, Augsburg, 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data-article-body="true" data-track-component="article body" class="c-article-body"> <section aria-labelledby="Abs1" data-title="Abstract " lang="en"><div class="c-article-section" id="Abs1-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Abs1">Abstract </h2><div class="c-article-section__content" id="Abs1-content">We investigate whether firms that proclaim a commitment to corporate social responsibility (CSR) by CSR reporting indeed internalize such a commitment and behave more responsibly. We analyze the association of the issuance and quality of voluntary CSR reports with the occurrence, number, and severity of corporate misbehaviors, both preceding and subsequent to CSR reporting. We find a significantly positive association of CSR reporting with our measures of prior and future misbehavior. The results are corroborated by a quasi-natural experiment around the Rana Plaza disaster where we find that the signatories of an accord for better working conditions have significantly higher prior and future misbehavior relative to non-signatories and firms unaffected by the exogenous shock. Our results are in line with legitimacy theory implying that, on average, the firms’ proclaiming commitment to CSR is not a signal of internalized commitment but more likely serves greenwashing and impression management purposes.</div></div></section> <div data-test="cobranding-download"> </div> <section aria-labelledby="inline-recommendations" data-title="Inline Recommendations" class="c-article-recommendations" data-track-component="inline-recommendations"> <h3 class="c-article-recommendations-title" id="inline-recommendations">Similar content being viewed by others</h3> <div class="c-article-recommendations-list"> <div class="c-article-recommendations-list__item"> <article class="c-article-recommendations-card" itemscope itemtype="http://schema.org/ScholarlyArticle"> <div class="c-article-recommendations-card__img"><img src="https://media.springernature.com/w92h120/springer-static/cover-hires/book/978-3-319-47331-4?as=webp" loading="lazy" alt=""></div> <div class="c-article-recommendations-card__main"> <h3 class="c-article-recommendations-card__heading" itemprop="name headline"> <a class="c-article-recommendations-card__link" itemprop="url" href="https://link.springer.com/10.1007/978-3-319-47331-4_250?fromPaywallRec=false" data-track="select_recommendations_1" data-track-context="inline recommendations" data-track-action="click recommendations inline - 1" data-track-label="10.1007/978-3-319-47331-4_250">Corporate Social Responsibility and Irresponsibility: How Do Consumers React to Ambivalent CSR Information? 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The Disconnect Between CSI Theory and CSI Practice </a> </h3> <div class="c-article-meta-recommendations" data-test="recommendation-info"> Chapter © 2021 </div> </div> </article> </div> </div> </section> <script> window.dataLayer = window.dataLayer || []; window.dataLayer.push({ recommendations: { recommender: 'semantic', model: 'specter', policy_id: 'NA', timestamp: 1732676448, embedded_user: 'null' } }); </script> <div class="app-card-service" data-test="article-checklist-banner"> <div> <a class="app-card-service__link" data-track="click_presubmission_checklist" data-track-context="article page top of reading companion" data-track-category="pre-submission-checklist" data-track-action="clicked article page checklist banner test 2 old version" data-track-label="link" href="https://beta.springernature.com/pre-submission?journalId=11142" data-test="article-checklist-banner-link"> Use our pre-submission checklist <svg class="app-card-service__link-icon" aria-hidden="true" focusable="false"><use xlink:href="#icon-eds-i-arrow-right-small"></use></svg> </a> Avoid common mistakes on your manuscript. </div> <div class="app-card-service__icon-container"> <svg class="app-card-service__icon" aria-hidden="true" focusable="false"> <use xlink:href="#icon-eds-i-clipboard-check-medium"></use> </svg> </div> </div> <div class="main-content"> <section data-title="Introduction"><div class="c-article-section" id="Sec1-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec1">1 Introduction</h2><div class="c-article-section__content" id="Sec1-content">Whether firms that publicly proclaim commitment to corporate social responsibility (CSR) indeed internalize such commitments and act responsibly is an unresolved research question.<a href="#Fn1">Footnote 1</a> Recent initiatives to regulate CSR reporting, such as the European Non-Financial Reporting Directive 2014/95/EU, consider CSR reporting a means to better align managerial decision-making with stakeholders’ interests, that is, to alter firm behavior toward more responsibility (e.g., GRI <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Global Reporting Initiative (GRI). 2011. A new phase: The growth of sustainability reporting. GRI’s Year in Review 2010/11. Retrieved March 4, 2019, from 
 https://www.globalreporting.org/resourcelibrary/GRI-Year-In-Review-2010-2011.pdf
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR75" id="ref-link-section-d66401388e304">2011</a>; Dechow <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023" title="Dechow, P. M. 2023. Understanding the sustainability reporting landscape and research opportunities in accounting. The Accounting Review 98(5): 481–493." href="/article/10.1007/s11142-024-09850-8#ref-CR52" id="ref-link-section-d66401388e307">2023</a>). However, prior empirical evidence on whether CSR reporting is indeed associated with more responsible behavior is inconclusive (see, e.g., Christensen et al. (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Christensen, H. B., L. Hail, and C. Leuz. 2021. Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies 26(3): 1176–1248." href="/article/10.1007/s11142-024-09850-8#ref-CR36" id="ref-link-section-d66401388e310">2021</a>) for a review).While more and more firms voluntarily disclose CSR information, there is no indication that the number of cases of corporate irresponsibility is decreasing. Media reports reveal misbehavior such as human rights abuse or environmental damage daily. Disclosure theory suggests that firms that signal commitment to CSR should “walk their talk” and reduce misbehavior (Hermalin <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Hermalin, B. E. 2013. Leadership and corporate culture. In The handbook of organizational economics, ed. R. Gibbons and J. Roberts, 432–478. Princeton University Press." href="/article/10.1007/s11142-024-09850-8#ref-CR87" id="ref-link-section-d66401388e316">2013</a>; Hoi et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Hoi, C. K., Q. Wu, and H. Zhang. 2013. Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities. The Accounting Review 88(6): 2025–2059." href="/article/10.1007/s11142-024-09850-8#ref-CR88" id="ref-link-section-d66401388e319">2013</a>), in line with stewardship theory and the related principle of “what gets measured gets done” (Donaldson and Davis <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1991" title="Donaldson, L., and J. H. Davis. 1991. Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management 16(1): 49–64." href="/article/10.1007/s11142-024-09850-8#ref-CR57" id="ref-link-section-d66401388e322">1991</a>; Davis et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1997" title="Davis, J. H., F. D. Schoorman, and L. Donaldson. 1997. Toward a stewardship theory of management. The Academy of Management Review 22(1): 20–47." href="/article/10.1007/s11142-024-09850-8#ref-CR51" id="ref-link-section-d66401388e325">1997</a>). Socio-political legitimacy theory (Dowling and Pfeffer <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1975" title="Dowling, J., and J. Pfeffer. 1975. Organizational legitimacy: Social values and organizational behavior. The Pacific Sociological Review 18(1): 122–136." href="/article/10.1007/s11142-024-09850-8#ref-CR61" id="ref-link-section-d66401388e328">1975</a>), in contrast, argues that firms primarily proclaim a commitment to CSR to legitimize misbehavior and enhance their public reputation (Moneva et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Moneva, J. M., P. Archel, and C. Correa. 2006. GRI and the camouflaging of corporate unsustainability. Accounting Forum 30(2): 121–137." href="/article/10.1007/s11142-024-09850-8#ref-CR135" id="ref-link-section-d66401388e332">2006</a>). Which theory more accurately explains firm behavior is largely an empirical question, which we revisit from a novel perspective.Prior studies commonly measure CSR-related activities as an aggregate measure of CSR performance. These measures aggregate responsible and irresponsible behavior and thus capture whether one of the two predominates (Hughes et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2001" title="Hughes, S. B., A. Anderson, and S. Golden. 2001. Corporate environmental disclosures: Are they useful in determining environmental performance? Journal of Accounting and Public Policy 20(3): 217–240." href="/article/10.1007/s11142-024-09850-8#ref-CR93" id="ref-link-section-d66401388e338">2001</a>; Cormier et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2004" title="Cormier, D., I. M. Gordon, and M. Magnan. 2004. Corporate environmental disclosure: Contrasting management’s perceptions with reality. Journal of Business Ethics 49(2): 143–165." href="/article/10.1007/s11142-024-09850-8#ref-CR39" id="ref-link-section-d66401388e341">2004</a>). This measurement and aggregation issue has been found to be one of the main reasons why prior studies find contradictory evidence about the relation between CSR reporting and corporate (mis)behavior (e.g., Patten <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2002" title="Patten, D. M. 2002. The relation between environmental performance and environmental disclosure: A research note. Accounting, Organizations and Society 27(8): 763–773." href="/article/10.1007/s11142-024-09850-8#ref-CR144" id="ref-link-section-d66401388e344">2002</a>; Mattingly and Berman <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Mattingly, J. E., and S. L. Berman. 2006. Measurement of corporate social action – discovering taxonomy in the KLD ratings data. Business & Society 45(1): 20–46." href="/article/10.1007/s11142-024-09850-8#ref-CR129" id="ref-link-section-d66401388e347">2006</a>; Strike et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Strike, V. M., J. Gao, and P. Bansal. 2006. Being good while being bad: Social responsibility and the international diversification of U.S firms. Journal of International Business Studies 37(6): 850–862." href="/article/10.1007/s11142-024-09850-8#ref-CR166" id="ref-link-section-d66401388e350">2006</a>; Semenova and Hassel <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Semenova, N., and L. G. Hassel. 2015. On the validity of environmental performance metrics. Journal of Business Ethics 132(2): 249–258." href="/article/10.1007/s11142-024-09850-8#ref-CR157" id="ref-link-section-d66401388e354">2015</a>; Christensen et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Christensen, H. B., L. Hail, and C. Leuz. 2021. Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies 26(3): 1176–1248." href="/article/10.1007/s11142-024-09850-8#ref-CR36" id="ref-link-section-d66401388e357">2021</a>).When firms do positive things in some areas to compensate for irresponsible behavior in others, aggregate measures of CSR performance may indicate improvements despite increases in misbehavior (Kotchen and Moon <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Kotchen, M., and J. J. Moon, 2012. Corporate social responsibility for irresponsibility. The B.E. Journal of Economic Analysis & Policy, 12(1), Article 55." href="/article/10.1007/s11142-024-09850-8#ref-CR106" id="ref-link-section-d66401388e363">2012</a>; Adams and Abhayawansa <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Adams, C. A., and S. Abhayawansa. 2022. Connecting the COVID-19 pandemic, environmental, social and governance (ESG) investing and calls for ‘harmonisation’ of sustainability reporting. Critical Perspectives on Accounting 82:102309." href="/article/10.1007/s11142-024-09850-8#ref-CR1" id="ref-link-section-d66401388e366">2022</a>). Such aggregation is highly problematic because irresponsible activities such as corruption, fraud, and child labor are associated with high economic and social costs, whereas responsible activities such as CO2 reduction and development aid do not have benefits on the same scale and cannot compensate for the irresponsible behavior (Hail et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2018" title="Hail, L., A. Tahoun, and C. Wang. 2018. Corporate scandals and regulation. Journal of Accounting Research 56(2): 617–671." href="/article/10.1007/s11142-024-09850-8#ref-CR82" id="ref-link-section-d66401388e371">2018</a>). Responsible and irresponsible activities are in fact considered distinct concepts that do not simply describe opposite reflections of CSR but are largely independent of each other and follow different purposes (e.g., McGuire et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2003" title="McGuire, J., S. Dow, and K. Argheyd. 2003. CEO incentives and CSR. Journal of Business Ethics 45(4): 341–359." href="/article/10.1007/s11142-024-09850-8#ref-CR131" id="ref-link-section-d66401388e374">2003</a>; Strike et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Strike, V. M., J. Gao, and P. Bansal. 2006. Being good while being bad: Social responsibility and the international diversification of U.S firms. Journal of International Business Studies 37(6): 850–862." href="/article/10.1007/s11142-024-09850-8#ref-CR166" id="ref-link-section-d66401388e378">2006</a>). We therefore do not examine an aggregate measure of CSR performance, but focus on irresponsible behavior to analyze if firms that proclaim commitment to CSR subsequently avoid misbehavior, in line with Friedman’s (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1970" title="Friedman, M. 1970. The social responsibility of business is to increase its profits. The New York Times Magazine, 119(41): 122–126." href="/article/10.1007/s11142-024-09850-8#ref-CR72" id="ref-link-section-d66401388e381">1970</a>, 126) demand on firms to stay “within the rules of the game” as well as the EU Taxonomy principle to “do no significant harm” (EU <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2019" title="European Union (EU). 2019. Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector. Retrieved January 14, 2022, from 
 https://eur-lex.europa.eu/eli/reg/2019/2088/oj?msclkid=55f05e62b18111ec851a1b441213b6c1&locale=en
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR66" id="ref-link-section-d66401388e384">2019</a>, 4).<a href="#Fn2">Footnote 2</a>To date, to the best of our knowledge, only one study (Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e402">2016</a>) has analyzed the relation of voluntary CSR reporting and a non-aggregated measure of misbehavior. It finds a decline in CSR-related lawsuits subsequent to issuing a CSR report. These results may imply that firms improve their CSR performance subsequent to CSR reporting as they internalize the proclaimed commitments, consistent with the intentions of those who emphasize the stewardship role of disclosure, like the Global Reporting Initiative (GRI) (Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e405">2016</a>). An alternative explanation, however, is that CSR reporting provides a mechanism for successful image improvement, such that legal prosecution decreases while corporate behavior is not improved.Moreover, prosecuted cases of corporate misbehavior are rare (Mark-Ungericht and Weiskopf <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2007" title="Mark-Ungericht, B., and R. Weiskopf. 2007. Filling the empty shell. The public debate on CSR in Austria as a paradigmatic example of a political discourse. Journal of Business Ethics 70(3): 285–297." href="/article/10.1007/s11142-024-09850-8#ref-CR127" id="ref-link-section-d66401388e411">2007</a>), so many cases of misbehavior go unnoticed when using such measures, particularly those that occur in subsidiaries under foreign jurisdiction. In fact, legal prosecution is not the only form of sanctions for corporate irresponsibility, as firms face repercussions from customers and other stakeholders when their public image is harmed. The public media plays a vital role in revealing misbehavior and shaping stakeholders’ perceptions (Einwiller et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2010" title="Einwiller, S. A., C. E. Carroll, and K. Korn. 2010. Under What Conditions Do the News Media Influence Corporate Reputation? The Roles of Media Dependency and Need for Orientation. Corporate Reputation Review 12(4): 299–315." href="/article/10.1007/s11142-024-09850-8#ref-CR64" id="ref-link-section-d66401388e414">2010</a>; Dube and Zhu <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Dube, S., and C. Zhu. 2021. The disciplinary effect of social media: Evidence from firms’ responses to Glassdoor reviews. Journal of Accounting Research 59(5): 1783–1825." href="/article/10.1007/s11142-024-09850-8#ref-CR63" id="ref-link-section-d66401388e417">2021</a>). We thus study a broader measure of misbehavior that captures the firms’ accountability to the public, based on critical media reports. Moreover, prior literature has only studied the dichotomous decision whether to voluntarily issue a CSR report. We extend this by also considering CSR disclosure quality based on Bloomberg’s ESG disclosure score to provide a deeper understanding of the relation between CSR reporting and misbehavior.We use the independent Corporate Critic Research Database (CCRD), which includes a broad range of summaries of public information on (responsible and irresponsible) corporate behavior (CCRD <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2020a" title="Corporate Critic Research Database (CCRD). 2020b. Publications Referenced by Ethical Consumer. Retrieved March 4, 2020, from 
 http://www.corporatecritic.org/info/rr/publications.aspx
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR41" id="ref-link-section-d66401388e423">2020a</a>). The CCRD is part of the British Ethical Consumer Initiative, which provides ethical ratings based on its research database. It collects firm-specific CSR-related news from all over the world. The database covers all firms that sell products or services in Europe. We identify cases and evaluate the severity of misbehavior based on this information. We define misbehavior as violations of the principles of the United Nations Global Compact (UNGC), which may be considered a consensus on global ethical standards (e.g., Rasche and Waddock <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Rasche, A., and S. Waddock. 2014. Global sustainability governance and the UN Global Compact: A rejoinder to critics. Journal of Business Ethics 122 (2): 209–216." href="/article/10.1007/s11142-024-09850-8#ref-CR151" id="ref-link-section-d66401388e426">2014</a>).<a href="#Fn3">Footnote 3</a> Our measures of corporate irresponsibility thus do not focus on only one dimension of CSR, but comprehensively include environmental, social, and governance (ESG) issues. For robustness, we also use the ESG controversy score from Refinitiv as an alternative measure of corporate irresponsibility.Another feature that distinguishes our study from prior research is that we consider lead-lag relations (Granger <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1969" title="Granger, C.W.J. 1969. Investigating causal relations by econometric models and cross-spectral methods. Econometrica 37 (3): 424–438." href="/article/10.1007/s11142-024-09850-8#ref-CR76" id="ref-link-section-d66401388e444">1969</a>), i.e., corporate irresponsibility before and after CSR reporting. One might expect that firms with (more severe) prior misbehavior continue to engage in (more severe) misbehavior in the future (Treviño <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2005" title="Treviño, L. K. 2005. Out of touch – The CEO’s role in corporate misbehavior. Brooklyn Law Review 70(4): 1195–1212." href="/article/10.1007/s11142-024-09850-8#ref-CR171" id="ref-link-section-d66401388e453">2005</a>; Wu <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Wu, J. 2014. The antecedents of corporate social and environmental irresponsibility. Corporate Social Responsibility and Environmental Management 21(5): 286–300." href="/article/10.1007/s11142-024-09850-8#ref-CR186" id="ref-link-section-d66401388e456">2014</a>). However, if CSR reporting is indeed a credible signal of increased commitment to CSR, it should foster change and break a direct relation between past and future misbehavior (e.g., Linnenluecke and Griffiths <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2010" title="Linnenluecke, M. K., and A. Griffiths. 2010. Corporate sustainability and organizational culture. Journal of World Business 45(4): 357–366." href="/article/10.1007/s11142-024-09850-8#ref-CR124" id="ref-link-section-d66401388e460">2010</a>).Our main sample comprises the firms listed in the Fortune Global 500 between 2003 and 2013. For robustness, we also analyze the period until 2018. We focus on voluntary stand-alone CSR reports based on the GRI guidelines, which have become the de facto standard of CSR reporting (DeVilliers and Alexander <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="DeVilliers, C. J., and D. Alexander. 2014. The institutionalisation of corporate social responsibility reporting. The British Accounting Review 46(2): 198–212." href="/article/10.1007/s11142-024-09850-8#ref-CR54" id="ref-link-section-d66401388e466">2014</a>). We also consider CSR reports that do not apply the GRI guidelines in robustness analyses. The year 2003 represents the onset of a period of intense CSR reporting (Freundlieb and Teuteberg <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Freundlieb, M., and F. Teuteberg. 2013. Corporate social responsibility reporting – a transnational analysis of online corporate social responsibility reports by market-listed companies: Contents and their evolution. International Journal of Innovation and Sustainable Development 7(1): 1–26." href="/article/10.1007/s11142-024-09850-8#ref-CR71" id="ref-link-section-d66401388e469">2013</a>). Our main sample period ends in 2013 to avoid potential biases due to (1) early adoption of the EU directive 2014/95/EU, which was issued in 2014 and renders CSR reporting mandatory for large European firms as of January 2017; and (2) adoption of the International Integrated Reporting Council’s framework, published in December 2013, which commonly leads to CSR reports being combined with annual reports and other reports in a single integrated report that is not captured by the GRI measure. We collect data on misbehavior for the time before and after CSR reporting, covering the period 1999–2018. Compared to prior CSR studies, we use a larger dataset that allows for broader conclusions.To corroborate our findings, we analyze a second sample that comprises the firms affected by an exogenous shock to textile-related industries. In a quasi-natural experiment, we investigate a different form of proclaiming commitment to CSR. After the Rana Plaza disaster in Bangladesh in 2013, many firms voluntarily signed an accord for better working conditions. We compare the signatories to non-signatories within textile-related industries and to a control group of firms that were not affected by the disaster for the period 2000–2018.Signaling theory implies that firms that proclaim commitment to CSR are committed to reducing misbehavior. In contrast, legitimacy theory suggests that prior misbehavior increases the likelihood of firms subsequently proclaiming CSR commitment on the surface but not reducing misbehavior. In both samples, we find evidence consistent with legitimacy theory. We find a significantly positive relation between all measures of CSR reporting and prior as well as future misbehavior. Both the number and severity of prior misbehaviors are positively associated with the decision to disclose a CSR report as well as its quality as captured by Bloomberg’s ESG disclosure score. On the other hand, the number and severity of future misbehaviors increase subsequent to CSR reporting. This indicates that firms expend higher effort on CSR reporting when they have a history of past misbehavior and expect future misbehavior. These findings are robust to different methods of addressing endogeneity and to alternative variable measurements, model specifications, and sample compositions. Likewise, the quasi-natural experiment indicates that the signatories have significantly higher misbehavior pre and post 2013, compared to both peer groups. Signatories show an increase in misbehavior after signing the accord, compared to non-signatories of the same industry and a control group of non-textile firms.Our contribution is twofold: First, we contribute to the literature on the consequences of CSR reporting and greenwashing (e.g., Clarkson et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2008" title="Clarkson, P. M., Y. Li, G. D. Richardson, and F. P. Vasvari. 2008. Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society 33(4–5): 303–327." href="/article/10.1007/s11142-024-09850-8#ref-CR38" id="ref-link-section-d66401388e482">2008</a>; Heflin and Wallace <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2017" title="Heflin, F., and D. Wallace. 2017. The BP oil spill: Shareholder wealth effects and environmental disclosures. Journal of Business Finance & Accounting 44(3–4): 337–374." href="/article/10.1007/s11142-024-09850-8#ref-CR86" id="ref-link-section-d66401388e485">2017</a>) by focusing on irresponsible behavior identified by critical media reports to resolve measurement issues in prior research. Our results are consistent with the explanation that the firms’ proclaiming their commitment to CSR by voluntary CSR reporting or signing an accord for better working conditions is not a signal of internalized responsibility but more likely serves greenwashing purposes. These results are important because in many parts of the world there is an ongoing controversial debate about mandating CSR reporting (e.g., Christensen et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Christensen, H. B., L. Hail, and C. Leuz. 2021. Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies 26(3): 1176–1248." href="/article/10.1007/s11142-024-09850-8#ref-CR36" id="ref-link-section-d66401388e488">2021</a>). Our analyses show that voluntary CSR reporting is not sufficient to alter firm behavior towards more responsibility and is linked to an increase in the number and severity of future misbehaviors. However, whether mandatory CSR reporting does better and achieves the goal of indirectly regulating firm behavior through public pressure is up to future research. First supportive evidence is limited to specific contexts like hydraulic fracturing (Bonetti et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023b" title="Bonetti, P., Ch. Leuz, and G. Michelon. 2023b. Internalizing Externalities: Disclosure Regulation for Hydraulic Fracturing, Drilling Activity and Water Quality. European Corporate Governance Institute - Law Working Paper No. 676/2023. (No. w30842). National Bureau of Economic Research. Retrieved February 14, 2023, from 
 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4171246
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR20" id="ref-link-section-d66401388e494">2023b</a>), greenhouse gas emissions (e.g., Downar et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Downar, B., J. Ernstberger, S. Reichelstein, S. Schwenen, and A. Zaklan. 2021. The Impact of carbon disclosure mandates on emissions and financial operating performance. Review of Accounting Studies 26(3): 1137–1175." href="/article/10.1007/s11142-024-09850-8#ref-CR62" id="ref-link-section-d66401388e498">2021</a>; Grewal et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023" title="Grewal, J., G. D. Richardson, and J. Wang. 2023. Effects of Mandatory Carbon Reporting on Unrepresentative Environmental Disclosures. Retrieved August 16, 2023, from 
 https://ssrn.com/abstract=4166184
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR77" id="ref-link-section-d66401388e501">2023</a>; Tomar <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023" title="Tomar, S. 2023. Greenhouse Gas Disclosure and Emissions Benchmarking. Journal of Accounting Research 61(2): 451–492." href="/article/10.1007/s11142-024-09850-8#ref-CR169" id="ref-link-section-d66401388e504">2023</a>), and climate change risk disclosures under the SEC 2010 rule (Kim et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023" title="Kim, J. -B., C. Wang, and F. Wu. 2023. The real effects of risk disclosure: Evidence from climate change reporting in 10-Ks. Review of Accounting Studies 28(4): 2271–2318." href="/article/10.1007/s11142-024-09850-8#ref-CR101" id="ref-link-section-d66401388e507">2023</a>), or to positive CSR activities (Fiechter et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Fiechter, P., J. -M. Hitz, and N. Lehmann. 2022. Real effects of a widespread CSR reporting mandate: Evidence from the European Union’s CSR Directive. Journal of Accounting Research 60(4): 1499–1549." href="/article/10.1007/s11142-024-09850-8#ref-CR69" id="ref-link-section-d66401388e510">2022</a>).Second, we contribute to the literature on the determinants of CSR reporting (e.g., Cormier et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2005" title="Cormier, D., M. Magnan, and B. VanVelthoven. 2005. Environmental disclosure quality in large German companies: Economic incentives, public pressures or institutional conditions? European Accounting Review 14(1): 3–39." href="/article/10.1007/s11142-024-09850-8#ref-CR40" id="ref-link-section-d66401388e516">2005</a>; Thorne et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Thorne, L., L. S. Mahoney, and G. Manetti. 2014. Motivations for issuing standalone CSR reports: A survey of Canadian firms. Accounting, Auditing & Accountability Journal 27(4): 686–714." href="/article/10.1007/s11142-024-09850-8#ref-CR168" id="ref-link-section-d66401388e519">2014</a>) by identifying prior misbehavior across the broad range of CSR dimensions as an additional determinant of CSR reporting. Knowledge about what motivates voluntary CSR reporting is increasing but still limited (e.g., Hahn and Luelfs <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Hahn, R., and R. Luelfs. 2014. Legitimizing negative aspects in GRI-oriented sustainability reporting: A qualitative analysis of corporate disclosure strategies. Journal of Business Ethics 123(3): 401–420." href="/article/10.1007/s11142-024-09850-8#ref-CR81" id="ref-link-section-d66401388e522">2014</a>; Huang and Watson <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Huang, X., and L. Watson. 2015. Corporate social responsibility research in accounting. Journal of Accounting Literature 34:1–16." href="/article/10.1007/s11142-024-09850-8#ref-CR91" id="ref-link-section-d66401388e525">2015</a>). Evidence on prior misbehavior as a precedent to CSR reporting is limited to a few case studies (e.g., Bonetti et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023a" title="Bonetti, P., C. H. Cho, and G. Michelon. 2023a. Environmental disclosure and the cost of capital: Evidence from the Fukushima nuclear disaster. European Accounting Review 1–29. 
 https://doi.org/10.1080/09638180.2023.2203410
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR19" id="ref-link-section-d66401388e528">2023a</a>). Other related studies either restrict misbehavior measurement to the environmental dimension or measure performance and reporting at the same point in time (e.g., Neu et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1998" title="Neu, D., H. Warsame, and K. Pedwell. 1998. Managing public impressions: Environmental disclosures in annual reports. Accounting, Organizations and Society 23(3): 265–282." href="/article/10.1007/s11142-024-09850-8#ref-CR139" id="ref-link-section-d66401388e532">1998</a>; Haddock <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2005" title="Haddock, J. 2005. Consumer influence on internet-based corporate communication of environmental activities: The UK food sector. British Food Journal 107(10): 792–805." href="/article/10.1007/s11142-024-09850-8#ref-CR79" id="ref-link-section-d66401388e535">2005</a>).</div></div></section><section data-title="Related research and hypotheses development"><div class="c-article-section" id="Sec2-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec2">2 Related research and hypotheses development</h2><div class="c-article-section__content" id="Sec2-content">There is a large literature on the consequences of voluntary CSR reporting, including capital market effects and real effects on firm behavior (e.g., Dhaliwal et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Dhaliwal, D. S., O. Z. Li, A. Tsang, and Y. G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(1): 59–100." href="/article/10.1007/s11142-024-09850-8#ref-CR55" id="ref-link-section-d66401388e546">2011</a>; Matsumura et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Matsumura, E. M., R. Prakash, and S. C. Vera-Munoz. 2014. Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review 89(2): 695–724." href="/article/10.1007/s11142-024-09850-8#ref-CR128" id="ref-link-section-d66401388e549">2014</a>; see Christensen et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Christensen, H. B., L. Hail, and C. Leuz. 2021. Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies 26(3): 1176–1248." href="/article/10.1007/s11142-024-09850-8#ref-CR36" id="ref-link-section-d66401388e552">2021</a> for a review). These prior studies largely rely on signaling theory or legitimacy theory.<a href="#Fn4">Footnote 4</a> According to signaling theory, responsible firms will signal their quality to the market to differentiate themselves from competitors (Akerlof <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1970" title="Akerlof, G. A. 1970. The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics 84(3): 488–500." href="/article/10.1007/s11142-024-09850-8#ref-CR4" id="ref-link-section-d66401388e564">1970</a>; Spence <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1973" title="Spence, M. 1973. Job market signaling. The Quarterly Journal of Economics 87(3): 355–374." href="/article/10.1007/s11142-024-09850-8#ref-CR163" id="ref-link-section-d66401388e568">1973</a>; Morris <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1987" title="Morris, R. D. 1987. Signalling, agency theory and accounting policy choice. Accounting and Business Research 18(69): 47–56." href="/article/10.1007/s11142-024-09850-8#ref-CR136" id="ref-link-section-d66401388e571">1987</a>). By providing additional information that is hard to mimic, firms with superior CSR performance can signal their concern about and compliance with stakeholders’ expectations (Clarkson et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2008" title="Clarkson, P. M., Y. Li, G. D. Richardson, and F. P. Vasvari. 2008. Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society 33(4–5): 303–327." href="/article/10.1007/s11142-024-09850-8#ref-CR38" id="ref-link-section-d66401388e574">2008</a>; Plumlee et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Plumlee, M., D. Brown, R. M. Hayes, and R. S. Marshall. 2015. Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy 34(4): 336–361." href="/article/10.1007/s11142-024-09850-8#ref-CR145" id="ref-link-section-d66401388e577">2015</a>). In line with the stewardship theory of disclosure, additional information improves stakeholders’ monitoring and hence the alignment of managerial decisions with stakeholders’ interests (Lambert et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2007" title="Lambert, R., C. Leuz, and R. E. Verrecchia. 2007. Accounting information, disclosure, and the cost of capital. Journal of Accounting Research 45(2): 385–420." href="/article/10.1007/s11142-024-09850-8#ref-CR114" id="ref-link-section-d66401388e580">2007</a>). The use of measurement and control systems for CSR reporting increases firms’ awareness of misbehavior and promotes internal self-regulation and responsible corporate governance (Topping <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Topping, N. 2012. How does sustainability disclosure drive behavior change? Journal of Applied Corporate Finance 24(2): 45–48." href="/article/10.1007/s11142-024-09850-8#ref-CR170" id="ref-link-section-d66401388e583">2012</a>; Wu <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Wu, J. 2014. The antecedents of corporate social and environmental irresponsibility. Corporate Social Responsibility and Environmental Management 21(5): 286–300." href="/article/10.1007/s11142-024-09850-8#ref-CR186" id="ref-link-section-d66401388e587">2014</a>; Adams and Abhayawansa <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Adams, C. A., and S. Abhayawansa. 2022. Connecting the COVID-19 pandemic, environmental, social and governance (ESG) investing and calls for ‘harmonisation’ of sustainability reporting. Critical Perspectives on Accounting 82:102309." href="/article/10.1007/s11142-024-09850-8#ref-CR1" id="ref-link-section-d66401388e590">2022</a>).Standard setters consider disciplining mechanisms the main reason for mandating CSR reporting (e.g., EC <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="European Commission (EC). 2021. Corporate sustainability reporting. Retrieved May 31, 2021, from 
 https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/company-reporting/non-financial-reporting_en
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR65" id="ref-link-section-d66401388e596">2021</a>). Yet, it is unclear whether reporting can indeed achieve the aspired real effects. First supportive evidence on mandatory reporting is limited to specific cases of CSR. However, it is unclear whether voluntary CSR reporting would not also be sufficient to achieve the desired real effects (Christensen et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Christensen, H. B., L. Hail, and C. Leuz. 2021. Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies 26(3): 1176–1248." href="/article/10.1007/s11142-024-09850-8#ref-CR36" id="ref-link-section-d66401388e599">2021</a>; Fiechter et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Fiechter, P., J. -M. Hitz, and N. Lehmann. 2022. Real effects of a widespread CSR reporting mandate: Evidence from the European Union’s CSR Directive. Journal of Accounting Research 60(4): 1499–1549." href="/article/10.1007/s11142-024-09850-8#ref-CR69" id="ref-link-section-d66401388e602">2022</a>).Legitimacy theory, in contrast, argues that firms use voluntary disclosures to legitimize corporate activities (Patten <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1991" title="Patten, D. M. 1991. Exposure, legitimacy, and social disclosure. Journal of Accounting and Public Policy 10(4): 297–308." href="/article/10.1007/s11142-024-09850-8#ref-CR142" id="ref-link-section-d66401388e608">1991</a>; Cho and Patten <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2007" title="Cho, C. H., and D. M. Patten. 2007. The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society 32(7–8): 639–647." href="/article/10.1007/s11142-024-09850-8#ref-CR33" id="ref-link-section-d66401388e611">2007</a>). In particular, firms with poor prior CSR performance might face strong public pressure and, hence, report on CSR efforts to prevent or reduce reputational and legitimacy damages (Lindblom <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1994" title="Lindblom, C. K. 1994. The implications of organizational legitimacy for corporate social performance and disclosure. Conference Paper, Critical Perspectives on Accounting Conference, New York, NY." href="/article/10.1007/s11142-024-09850-8#ref-CR123" id="ref-link-section-d66401388e614">1994</a>). Managers may use CSR reporting opportunistically for impression management and greenwashing purposes despite the potential costs of getting caught (Merkl-Davies and Brennan <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2007" title="Merkl-Davies, D. M., and N. M. Brennan. 2007. Discretionary disclosure strategies in corporate narratives: Incremental information or impression management? Journal of Accounting Literature 26:116–194." href="/article/10.1007/s11142-024-09850-8#ref-CR133" id="ref-link-section-d66401388e617">2007</a>; Mishina et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2010" title="Mishina, Y., B. J. Dykes, E. S. Block, and T. G. Pollock. 2010. Why “good” firms do bad things: The effect of high aspiration, high expectations, and prominence on the incident of corporate illegality. The Academy of Management Journal 53(4): 701–722." href="/article/10.1007/s11142-024-09850-8#ref-CR134" id="ref-link-section-d66401388e620">2010</a>). Numerous studies have shown that CSR reporting is often unbalanced and self-laudatory and neglects negative incidents (Wiseman <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1982" title="Wiseman, J. 1982. An evaluation of environmental disclosures made in corporate annual reports. Accounting, Organizations and Society 7(1): 53–63." href="/article/10.1007/s11142-024-09850-8#ref-CR183" id="ref-link-section-d66401388e624">1982</a>; Holder-Webb et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2009" title="Holder-Webb, L., J. R. Cohen, L. Nath, and D. Wood. 2009. The supply of corporate social responsibility disclosures among U.S. firms. Journal of Business Ethics 84(4): 497–527." href="/article/10.1007/s11142-024-09850-8#ref-CR89" id="ref-link-section-d66401388e627">2009</a>).Prior empirical studies are inconclusive about the relation between voluntary CSR reporting and CSR performance (Christensen et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Christensen, H. B., L. Hail, and C. Leuz. 2021. Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies 26(3): 1176–1248." href="/article/10.1007/s11142-024-09850-8#ref-CR36" id="ref-link-section-d66401388e633">2021</a>). To measure CSR performance, prior studies focus on environmental aspects (e.g., Neu et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1998" title="Neu, D., H. Warsame, and K. Pedwell. 1998. Managing public impressions: Environmental disclosures in annual reports. Accounting, Organizations and Society 23(3): 265–282." href="/article/10.1007/s11142-024-09850-8#ref-CR139" id="ref-link-section-d66401388e636">1998</a>; Kim and Lyon <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Kim, E. -H., and T. P. Lyon. 2011. Strategic environmental disclosure: Evidence from the DOE’s voluntary greenhouse gas registry. Journal of Environmental Economics and Management 61(3): 311–326." href="/article/10.1007/s11142-024-09850-8#ref-CR100" id="ref-link-section-d66401388e639">2011</a>), aggregate responsible and irresponsible behavior (e.g., Schultze and Trommer <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Schultze, W., and R. Trommer. 2012. The concept of environmental performance and its measurement in empirical studies. Journal of Management Control 22:375–412." href="/article/10.1007/s11142-024-09850-8#ref-CR156" id="ref-link-section-d66401388e642">2012</a>; Mahoney et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Mahoney, L. S., L. Thorne, L. Cecil, and W. LaGore. 2013. A research note on standalone corporate social responsibility reports: Signaling or greenwashing? Critical Perspectives on Accounting 24(4–5): 350–359." href="/article/10.1007/s11142-024-09850-8#ref-CR125" id="ref-link-section-d66401388e645">2013</a>; Lee and Maxfield <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Lee, J., and S. Maxfield. 2015. Doing Well by Reporting Good: Reporting Corporate Responsibility and Corporate Performance. Business and Society Review 120(4): 577–606." href="/article/10.1007/s11142-024-09850-8#ref-CR118" id="ref-link-section-d66401388e649">2015</a>), and measure variables of interest at the same point in time without considering lead-lag relations. The literature on the consequences of CSR reporting on misbehavior has focused on the issuance of a CSR report to capture CSR reporting, without considering the quality of the reporting (e.g., Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e652">2016</a>). Other studies, however, have shown that the quality of CSR disclosures is informative in establishing a relation between CSR reporting and, for instance, firm value (Plumlee et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Plumlee, M., D. Brown, R. M. Hayes, and R. S. Marshall. 2015. Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy 34(4): 336–361." href="/article/10.1007/s11142-024-09850-8#ref-CR145" id="ref-link-section-d66401388e655">2015</a>). To signal their CSR commitment or, alternatively, to legitimize their behavior, firms may not only decide to issue a voluntary CSR report but also expend higher effort for better CSR disclosure quality. We hence also consider CSR disclosure quality in our analyses.Some studies find support for signaling theory (e.g., Al-Tuwaijri et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2004" title="Al-Tuwaijri, S. A., T. E. Christensen, and K. E. Hughes. 2004. The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equations approach. Accounting, Organizations, and Society 26(5–6): 447–471." href="/article/10.1007/s11142-024-09850-8#ref-CR7" id="ref-link-section-d66401388e662">2004</a>; Mahoney et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Mahoney, L. S., L. Thorne, L. Cecil, and W. LaGore. 2013. A research note on standalone corporate social responsibility reports: Signaling or greenwashing? Critical Perspectives on Accounting 24(4–5): 350–359." href="/article/10.1007/s11142-024-09850-8#ref-CR125" id="ref-link-section-d66401388e665">2013</a>); others support legitimacy theory (e.g., Kim and Lyon <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Kim, E. -H., and T. P. Lyon. 2011. Strategic environmental disclosure: Evidence from the DOE’s voluntary greenhouse gas registry. Journal of Environmental Economics and Management 61(3): 311–326." href="/article/10.1007/s11142-024-09850-8#ref-CR100" id="ref-link-section-d66401388e668">2011</a>; Cho et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Cho, C. H., R. P. Guidry, A. M. Hageman, and D. M. Patten. 2012. Do actions speak louder than words? An empirical investigation of corporate environmental reputation. Accounting, Organizations, and Society 37(1): 14–25." href="/article/10.1007/s11142-024-09850-8#ref-CR34" id="ref-link-section-d66401388e671">2012</a>). Even within single studies, the results are not conclusive. For instance, Clarkson et al. (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2008" title="Clarkson, P. M., Y. Li, G. D. Richardson, and F. P. Vasvari. 2008. Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society 33(4–5): 303–327." href="/article/10.1007/s11142-024-09850-8#ref-CR38" id="ref-link-section-d66401388e674">2008</a>) find a positive relation between CSR disclosures and CSR performance, which supports signaling theory, but they also find that legitimacy theory explains patterns in these disclosures. Explanations for the inconclusive results include inadequate sample selection, omitted or confounding variables measuring CSR performance (Patten <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2002" title="Patten, D. M. 2002. The relation between environmental performance and environmental disclosure: A research note. Accounting, Organizations and Society 27(8): 763–773." href="/article/10.1007/s11142-024-09850-8#ref-CR144" id="ref-link-section-d66401388e678">2002</a>; Christensen et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Christensen, H. B., L. Hail, and C. Leuz. 2021. Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies 26(3): 1176–1248." href="/article/10.1007/s11142-024-09850-8#ref-CR36" id="ref-link-section-d66401388e681">2021</a>), and, in particular, aggregating responsible and irresponsible behaviors (Mattingly and Berman <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Mattingly, J. E., and S. L. Berman. 2006. Measurement of corporate social action – discovering taxonomy in the KLD ratings data. Business & Society 45(1): 20–46." href="/article/10.1007/s11142-024-09850-8#ref-CR129" id="ref-link-section-d66401388e684">2006</a>; Strike et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Strike, V. M., J. Gao, and P. Bansal. 2006. Being good while being bad: Social responsibility and the international diversification of U.S firms. Journal of International Business Studies 37(6): 850–862." href="/article/10.1007/s11142-024-09850-8#ref-CR166" id="ref-link-section-d66401388e687">2006</a>; Semenova and Hassel <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Semenova, N., and L. G. Hassel. 2015. On the validity of environmental performance metrics. Journal of Business Ethics 132(2): 249–258." href="/article/10.1007/s11142-024-09850-8#ref-CR157" id="ref-link-section-d66401388e690">2015</a>). To measure responsibility in the sense of avoiding misbehavior, it is important to distinguish irresponsible from responsible behavior (McGuire et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2003" title="McGuire, J., S. Dow, and K. Argheyd. 2003. CEO incentives and CSR. Journal of Business Ethics 45(4): 341–359." href="/article/10.1007/s11142-024-09850-8#ref-CR131" id="ref-link-section-d66401388e693">2003</a>; Strike et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Strike, V. M., J. Gao, and P. Bansal. 2006. Being good while being bad: Social responsibility and the international diversification of U.S firms. Journal of International Business Studies 37(6): 850–862." href="/article/10.1007/s11142-024-09850-8#ref-CR166" id="ref-link-section-d66401388e697">2006</a>; Krüger <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Krüger, P. 2015. Corporate goodness and shareholder wealth. Journal of Financial Economics 115(2): 304–329." href="/article/10.1007/s11142-024-09850-8#ref-CR113" id="ref-link-section-d66401388e700">2015</a>).To the best of our knowledge, only Christensen (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e706">2016</a>) does not use an aggregate measure of CSR performance; he instead uses CSR-related lawsuits to capture misbehavior. He finds that voluntarily issuing a CSR report reduces the likelihood of CSR-related lawsuits in the following year, and concludes that after CSR reporting, firms improve their CSR performance due to an internalization of proclaimed commitments. However, the negative association of CSR reporting and CSR-related lawsuits is not an unambiguous indication that CSR reporting indeed improves the firms’ behavior. An alternative explanation, which is not ruled out in his study, is that the voluntary issuance of a CSR report provides a mechanism of successful image improvement, such that legal prosecution decreases without real improvements in corporate behavior.In a similar vein, Raghunandan and Rajgopal (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023" title="Raghunandan, A., and S. Rajgopal, 2023. Do socially responsible firms walk the talk? Journal of Law and Economics, forthcoming." href="/article/10.1007/s11142-024-09850-8#ref-CR149" id="ref-link-section-d66401388e712">2023</a>) study the relation between firms’ signing the Business Roundtable’s “Statement on the Purpose of a Corporation” and violations of US federal laws. As in Christensen (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e715">2016</a>), their dependent variable requires a legal investigation, but such investigations are rare (Mark-Ungericht and Weiskopf <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2007" title="Mark-Ungericht, B., and R. Weiskopf. 2007. Filling the empty shell. The public debate on CSR in Austria as a paradigmatic example of a political discourse. Journal of Business Ethics 70(3): 285–297." href="/article/10.1007/s11142-024-09850-8#ref-CR127" id="ref-link-section-d66401388e718">2007</a>) and may be biased by the firms’ political connections (McCarten et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="McCarten, M., I. Diaz-Rainey, H. Roberts, and E. K. M. Tan. 2022. Political connections, tacit power and corporate misconduct. Journal of Business Finance & Accounting 49(9–10): 1530–1552." href="/article/10.1007/s11142-024-09850-8#ref-CR130" id="ref-link-section-d66401388e721">2022</a>). Most cases of corporate misbehavior will not result in a federally reported violation. In particular, cases of misbehavior that occur in foreign subsidiaries that are not subject to US laws will go unnoticed.In contrast, the public media plays a vital role in revealing corporate misbehavior and shaping stakeholders’ perceptions (Einwiller et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2010" title="Einwiller, S. A., C. E. Carroll, and K. Korn. 2010. Under What Conditions Do the News Media Influence Corporate Reputation? The Roles of Media Dependency and Need for Orientation. Corporate Reputation Review 12(4): 299–315." href="/article/10.1007/s11142-024-09850-8#ref-CR64" id="ref-link-section-d66401388e727">2010</a>; Dube and Zhu <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Dube, S., and C. Zhu. 2021. The disciplinary effect of social media: Evidence from firms’ responses to Glassdoor reviews. Journal of Accounting Research 59(5): 1783–1825." href="/article/10.1007/s11142-024-09850-8#ref-CR63" id="ref-link-section-d66401388e730">2021</a>). In its desire to publish attention-provoking pieces, the media has the incentives, resources, and scrutiny to reveal misbehavior. Therefore, to capture firms’ overall accountability to the public, we measure corporate misbehavior based on critical media reports across the broad range of CSR dimensions. We consider misbehavior before and after CSR reporting to directly address lead-lag relations, which helps to identify causal relations (Granger <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1969" title="Granger, C.W.J. 1969. Investigating causal relations by econometric models and cross-spectral methods. Econometrica 37 (3): 424–438." href="/article/10.1007/s11142-024-09850-8#ref-CR76" id="ref-link-section-d66401388e733">1969</a>).Regarding the relation between CSR reporting and prior misbehavior, signaling theory implies that responsible firms benefit from CSR reporting by signaling that they have learned from past mistakes. Stakeholders are particularly vigilant in observing the activities of previously irresponsible firms, such that strategic costs increase (DeTienne and Lewis <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2005" title="DeTienne, K. B., and L. W. Lewis. 2005. The pragmatic and ethical barriers to corporate social responsibility disclosure. The Nike case. Journal of Business Ethics 60(4): 359–376." href="/article/10.1007/s11142-024-09850-8#ref-CR53" id="ref-link-section-d66401388e742">2005</a>). To reduce such costs, responsible firms have incentives to signal their type. Legitimacy theory argues that firms use CSR reporting after the revelation of misbehavior to respond to increased public pressure. To legitimize themselves, firms may expend higher effort to issue a CSR report or improve the report’s quality as captured by the public’s eye. Evidence of this is limited to a few case studies. Jantadej and Kent (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1999" title="Jantadej, P., and P. Kent. 1999. Corporate environmental disclosures in response to public awareness of the Ok Tedi Copper Mine disaster: A legitimacy theory perspective. Accounting Research Journal 12(1): 72–88." href="/article/10.1007/s11142-024-09850-8#ref-CR96" id="ref-link-section-d66401388e745">1999</a>) show that the mining firm Broken Hill published more environmental information after the disaster at Ok Tedi Mine. Others find similar effects after the Exxon Valdez oil spill (Patten <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1992" title="Patten, D. M. 1992. Intra-industry environmental disclosures in response to the Alaskan oil spill: A note on legitimacy theory. Accounting, Organizations and Society 17(5): 471–475." href="/article/10.1007/s11142-024-09850-8#ref-CR143" id="ref-link-section-d66401388e748">1992</a>), the BP oil spill (Heflin and Wallace <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2017" title="Heflin, F., and D. Wallace. 2017. The BP oil spill: Shareholder wealth effects and environmental disclosures. Journal of Business Finance & Accounting 44(3–4): 337–374." href="/article/10.1007/s11142-024-09850-8#ref-CR86" id="ref-link-section-d66401388e751">2017</a>), and the Fukushima nuclear disaster (Bonetti et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023a" title="Bonetti, P., C. H. Cho, and G. Michelon. 2023a. Environmental disclosure and the cost of capital: Evidence from the Fukushima nuclear disaster. European Accounting Review 1–29. 
 https://doi.org/10.1080/09638180.2023.2203410
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR19" id="ref-link-section-d66401388e755">2023a</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference b" title="Bonetti, P., Ch. Leuz, and G. Michelon. 2023b. Internalizing Externalities: Disclosure Regulation for Hydraulic Fracturing, Drilling Activity and Water Quality. European Corporate Governance Institute - Law Working Paper No. 676/2023. (No. w30842). National Bureau of Economic Research. Retrieved February 14, 2023, from 
 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4171246
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR20" id="ref-link-section-d66401388e758">b</a>).<a href="#Fn5">Footnote 5</a> Both theories imply a positive relation between prior misbehavior and CSR reporting. However, irresponsible firms may not have sufficient favorable CSR information to be willing to issue a CSR report or improve their CSR disclosure quality, implying a negative relation. Based on signaling and legitimacy theory, we hypothesize:H1: Prior corporate misbehavior is positively associated with CSR reporting.Regarding the effects of CSR reporting on subsequent firm behavior, the arguments of signaling and legitimacy theory differ. Signaling theory implies that firms expect capital market benefits from improved CSR disclosure and better CSR information, which, in turn, improves monitoring and hence firm behavior. This is the rationale that standard setters are following (e.g., Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e781">2016</a>; EC <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="European Commission (EC). 2021. Corporate sustainability reporting. Retrieved May 31, 2021, from 
 https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/company-reporting/non-financial-reporting_en
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR65" id="ref-link-section-d66401388e784">2021</a>) and suggests that firms that voluntarily issue CSR reports or spend higher efforts to improve CSR disclosure quality will internalize their CSR commitment and improve their behavior.However, firms have no strong incentives to change their behavior. Sanctions on euphemistic reporting and misbehavior are largely absent (Mark-Ungericht and Weiskopf <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2007" title="Mark-Ungericht, B., and R. Weiskopf. 2007. Filling the empty shell. The public debate on CSR in Austria as a paradigmatic example of a political discourse. Journal of Business Ethics 70(3): 285–297." href="/article/10.1007/s11142-024-09850-8#ref-CR127" id="ref-link-section-d66401388e790">2007</a>). Prior evidence suggests that investors only show very limited reactions to voluntary CSR reports (Yoon and Serafeim <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2020" title="Yoon, A. and Serafeim, G. 2020. Stock price reactions to ESG news: The role of ESG ratings and disagreement. 
 https://scholarspace.manoa.hawaii.edu/server/api/core/bitstreams/b3b44b92-706b-4474-aab2-a20a6e51bd2c/content
 
 . Accessed 1 Jul 2024." href="/article/10.1007/s11142-024-09850-8#ref-CR187" id="ref-link-section-d66401388e793">2020</a>; Burzillo et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023" title="Burzillo, S., M. Shaffer, and R. Sloan. 2023. Do Sustainability Reports Contain Financially Material Information? Retrieved August 16, 2023, from 
 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3976550
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR25" id="ref-link-section-d66401388e796">2023</a>). Firms may hence use CSR reporting to improve their legitimacy and reputation without changing their activities (Lindblom <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1994" title="Lindblom, C. K. 1994. The implications of organizational legitimacy for corporate social performance and disclosure. Conference Paper, Critical Perspectives on Accounting Conference, New York, NY." href="/article/10.1007/s11142-024-09850-8#ref-CR123" id="ref-link-section-d66401388e799">1994</a>). Even higher CSR disclosure quality, as measured by publicly available ESG scores, does not reflect internal improvements in the responsibility of operations but largely represents the fulfilment of information requirements by the rating agencies (Ahmed et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023" title="Ahmed, D., E. Demers, J. Hendriksen, P. Joos, and B. Lev. 2023. Are ESG ratings informative about companies’ socially responsible behaviors abroad? Evidence from the Russian invasion of Ukraine. Accountability in a Sustainable World Quarterly, forthcoming. Retrieved June 4, 2023, from 
 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4151996
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR2" id="ref-link-section-d66401388e802">2023</a>). If CSR reporting helps firms to successfully improve their public image, it may lead to less legal scrutiny and investor activism but not necessarily to less misbehavior. Based on legitimacy theory, we hypothesize:H2: CSR reporting is positively associated with future corporate misbehavior.</div></div></section><section data-title="Measurement of CSR reporting and corporate misbehavior"><div class="c-article-section" id="Sec3-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec3">3 Measurement of CSR reporting and corporate misbehavior</h2><div class="c-article-section__content" id="Sec3-content">We measure CSR reporting (CSRRi,t) in two ways: Firstly, we use an indicator variable for issuing a voluntary stand-alone GRI-based CSR report (CSRR_Ii,t), as in prior research (e.g., Simnett et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2009" title="Simnett, R., A. Vanstraelen, and W. Chua. 2009. Assurance on sustainability reports: An international comparison. The Accounting Review 84(3): 937–967." href="/article/10.1007/s11142-024-09850-8#ref-CR159" id="ref-link-section-d66401388e829">2009</a>; Dhaliwal et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Dhaliwal, D. S., O. Z. Li, A. Tsang, and Y. G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(1): 59–100." href="/article/10.1007/s11142-024-09850-8#ref-CR55" id="ref-link-section-d66401388e832">2011</a>; Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e836">2016</a>).<a href="#Fn6">Footnote 6</a> We collect data from the GRI Database, which covers GRI reports since 1999. We use CorporateRegister, the firms’ websites, and internet searches to verify the data from the database, to complete missing values, and to collect data for an alternative measure that captures all kinds of stand-alone CSR reports (CSRR_I2i,t) (which we use for robustness).<a href="#Fn7">Footnote 7</a> Secondly, to capture CSR disclosure quality (CSRR_Qi,t), we use Bloomberg’s ESG disclosures score (e.g., Ioannou and Serafeim <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2017" title="Ioannou, I., and G. Serafeim. (2017). The consequences of mandatory corporate sustainability reporting. The Oxford Handbook of Corporate Social Responsibility, Vol. 2, Oxford University Press." href="/article/10.1007/s11142-024-09850-8#ref-CR95" id="ref-link-section-d66401388e886">2017</a>; Huang et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Huang, Q., Y. Li, M. Lin, and G. A. McBrayer. 2022. Natural disasters, risk salience, and corporate ESG disclosure. Journal of Corporate Finance 72:102152." href="/article/10.1007/s11142-024-09850-8#ref-CR92" id="ref-link-section-d66401388e889">2022</a>).<a href="#Fn8">Footnote 8</a> This score captures transparency and the perceived quality of the presentation of CSR information from the perspective of investors, not the underlying CSR performance.We identify cases of corporate irresponsibility (CIRi,t) as violations of the UNGC, based on the CCRD database.<a href="#Fn9">Footnote 9</a> The CCRD is “an independent, not-for-profit, multi-stakeholder co-operative with open membership” based in the United Kingdom that collects (positive and negative) CSR-relevant firm information (CCRD <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021a" title="Corporate Critic Research Database (CCRD). 2021a. Ethical Consumer: About Ethical Consumer. Retrieved September 27, 2021, from 
 https://www.ethicalconsumer.org/about-us
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR44" id="ref-link-section-d66401388e919">2021a</a>).<a href="#Fn10">Footnote 10</a> The CCRD covers all firms active in the European market and regularly conducts in-depth analyses of a broad range of primary and secondary publications, from daily news to allegations by NGOs like Greenpeace (CCRD <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2020a" title="Corporate Critic Research Database (CCRD). 2020a. Research & Ratings. How is Corporate Critic compiled? Retrieved March 4, 2020, from 
 http://www.corporatecritic.org/info/rr/compiled.aspx
 
 " href="/article/10.1007/s11142-024-09850-8#ref-CR42" id="ref-link-section-d66401388e938">2020a</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021c" title="Corporate Critic Research Database (CCRD). 2021c. Ethical Consumer Research & Consultancy: Our Ethical Ratings System. Retrieved September 27, 2021, from 
 https://research.ethicalconsumer.org/corporate-research-database/our-ethical-ratings-system
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR46" id="ref-link-section-d66401388e942">2021c</a>). It covers international media sources, uses translation experts or software when information is not available in English, and cooperates with local partners from around the world (CCRD <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2020a" title="Corporate Critic Research Database (CCRD). 2020a. Research & Ratings. How is Corporate Critic compiled? Retrieved March 4, 2020, from 
 http://www.corporatecritic.org/info/rr/compiled.aspx
 
 " href="/article/10.1007/s11142-024-09850-8#ref-CR42" id="ref-link-section-d66401388e945">2020a</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2020b" title="Corporate Critic Research Database (CCRD). 2020b. Publications Referenced by Ethical Consumer. Retrieved March 4, 2020, from 
 http://www.corporatecritic.org/info/rr/publications.aspx
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR41" id="ref-link-section-d66401388e948">2020b</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021d" title="Corporate Critic Research Database (CCRD). 2021d. Ethical Consumer Research & Consultancy: Partnerships. Retrieved September 27, 2021, from 
 https://research.ethicalconsumer.org/research-consultancy/partnerships
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR47" id="ref-link-section-d66401388e951">2021d</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021e" title="Corporate Critic Research Database (CCRD). 2021e. Ethical Consumer Research & Consultancy: Global Directory of Ethical Consumption Organisations. Retrieved September 27, 2021, from 
 https://research.ethicalconsumer.org/research-hub/global-directory-ethical-consumption-organisations
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR48" id="ref-link-section-d66401388e954">2021e</a>).<a href="#Fn11">Footnote 11</a> By investigating critical media reports, we respond to criticism on measures of CSR performance based on CSR reports or ESG ratings (e.g., Chatterji et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2009" title="Chatterji, A. K., D. Levine, and M. W. Toffel. 2009. How well do social ratings actually measure corporate social responsibility? Journal of Economics & Management Strategy 18(1): 125–169." href="/article/10.1007/s11142-024-09850-8#ref-CR29" id="ref-link-section-d66401388e964">2009</a>; Berg et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Berg, F., J. F. Kölbel, and R. Rigobon. 2022. Aggregate confusion: The divergence of ESG ratings. Review of Finance 26(6): 1315–1344." href="/article/10.1007/s11142-024-09850-8#ref-CR16" id="ref-link-section-d66401388e967">2022</a>; Larcker et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Larcker, D. F., L. Pomorski, B. Tayan, and E. M. Watts, 2022. ESG ratings – a compass without direction. Rock Center for Corporate Governance at Stanford University Working Paper Forthcoming. Retrieved August 9, 2024 from 
 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4179647
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR117" id="ref-link-section-d66401388e970">2022</a>).The CCRD collects publicly available information about a firm, be it positive or negative news, and integrates it into “stories” where several sources are matched and combined to obtain a balanced coverage of the underlying event. The CCRD only includes one story per case of (mis)behavior (CCRD <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021a" title="Corporate Critic Research Database (CCRD). 2021a. Ethical Consumer: About Ethical Consumer. Retrieved September 27, 2021, from 
 https://www.ethicalconsumer.org/about-us
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR44" id="ref-link-section-d66401388e976">2021a</a>).<a href="#Fn12">Footnote 12</a> Each story provides a summary of the case, such as “discrimination against minorities,” “human rights abuse,” or “environmental pollution,” and a reference to the primary sources of information. In addition, each story entails an allocation to one or several subcategories of topics that the CCRD investigates (CCRD <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021f" title="Corporate Critic Research Database (CCRD). 2021f. Ethical Consumer: Our Ethical Ratings. Retrieved September 27, 2021, from 
 https://www.ethicalconsumer.org/about-us/our-ethical-ratings
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR49" id="ref-link-section-d66401388e985">2021f</a>). These topics overlap with the UNGC principles but are not identical to them. Appendix 1 tabulates the UNGC principles, the corresponding CCRD (sub-)categories, and examples of misbehavior per CCRD subcategory. For instance, the CCRD includes a story on BP plc in 2010 with a primary reference to the BBC News website on “the 2010 BP Gulf of Mexico oil spill,” and allocates the story to the subcategories “climate change,” “pollution & toxics,” and “habitats & resources” (CCRD <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2020c" title="Corporate Critic Research Database (CCRD). 2020c. Gulf of Mexico oil spill, habitats, pollution and GHG impacts. Retrieved January 5, 2020, from 
 http://www.corporatecritic.org/abstracts.aspx?%20IDs=545454
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR43" id="ref-link-section-d66401388e988">2020c</a>). This story violates the UNGC principles 7, 8, and 9 and thus represents a case of misbehavior in the category “environment.” We exclude CCRD stories from our analysis that refer to subcategories not included in the UNGC categories (e.g., animal rights).<a href="#Fn13">Footnote 13</a>Following prior research (e.g., Brown and Deegan <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1998" title="Brown, N., and C. Deegan. 1998. The public disclosure of environmental performance information – A dual test of media agenda setting theory and legitimacy theory. Accounting and Business Research 29(1): 21–41." href="/article/10.1007/s11142-024-09850-8#ref-CR24" id="ref-link-section-d66401388e1005">1998</a>; Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e1008">2016</a>), we treat all categories of misbehavior as equally important. We employ three ways to measure a firms’ corporate irresponsibility per year (CIRi,t). First, we analyze the occurrence of misbehavior and use a dichotomous variable that indicates whether a firm has committed irresponsible behavior (CIR_Ii,t). CIR_Ii,t equals 1 if firm i commits at least one case of misbehavior in t, 0 otherwise, as in prior literature (Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e1030">2016</a>; Aouadi and Marsat <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2018" title="Aouadi, A., and S. Marsat. 2018. Do ESG Controversies matter for firm value? Evidence from international data. Journal of Business Ethics 151 (4): 1027–1047." href="/article/10.1007/s11142-024-09850-8#ref-CR8" id="ref-link-section-d66401388e1033">2018</a>; Raghunandan and Rajgopal <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Raghunandan, A., and S. Rajgopal. 2022. Do ESG funds make stakeholder-friendly investments? Review of Accounting Studies 27(3): 822–863." href="/article/10.1007/s11142-024-09850-8#ref-CR150" id="ref-link-section-d66401388e1036">2022</a>; <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023" title="Raghunandan, A., and S. Rajgopal, 2023. Do socially responsible firms walk the talk? Journal of Law and Economics, forthcoming." href="/article/10.1007/s11142-024-09850-8#ref-CR149" id="ref-link-section-d66401388e1039">2023</a>). Second, we analyze the number of cases of misbehavior per year by a categorical variable (CIR_Ni,t). Third, we analyze the severity of misbehavior by implementing a self-constructed misbehavior score (CIR_Si,t). For each case of misbehavior, the score measures the effect size by awarding score points. It ranges from one (limited effects) to five points (severe effects) per case. If a firm commits more than one case of misbehavior in a year, we summarize the score points over all cases of misbehavior to capture the overall severity of misbehavior in that year. Appendix 2 provides a detailed description of the scoring scheme.To account for the time between issuing a CSR report and prior or subsequent cases of misbehavior, we introduce time lags and add cases of misbehavior over different time periods. We measure future misbehavior in the year subsequent to CSR reporting t + 1 (FutureCIRi,t+1) based on our three measures of CIRi,t+1 = (CIR_Ii,t+1, CIR_Ni,t+1, and CIR_Si,t+1).<a href="#Fn14">Footnote 14</a> For prior misbehavior, we investigate a longer time lag to account for the time necessary to implement CSR reporting after misbehavior (PriorCIRi,t-3/∑3y). We analyze the occurrence, number, and severity of misbehaviors in the individual year t-3 (CIR_Ii,t-3, CIR_Ni,t-3, and CIR_Si,t-3) and over the last three years (CIR_Ii,∑3y, CIR_Ni,∑3y, and CIR_Si,∑3y) as alternative measures of PriorCIRi,t-3/∑3y.<a href="#Fn15">Footnote 15</a>Moreover, we use Refinitiv’s ESG controversy score as an alternative measure of corporate misbehavior in robustness analyses. Refinitiv calculates a percentile rank score based on the weighted number of ESG controversies per year relative to other firms’ performance.<a href="#Fn16">Footnote 16</a> Since a higher score implies fewer controversies, we use 1 minus the score to measure corporate misbehavior (CIR_Ri,t).<a href="#Fn17">Footnote 17</a> We use the Refinitiv score in t-3 for prior misbehavior (PriorCIRi,t-3 = CIR_Ri,t-3) and in t + 1 for future misbehavior (FutureCIRi,t+1 = CIR_Ri,t+1). We use the CCRD-based measures in our main analyses to avoid measurement problems of ESG scores and for better methodological traceability (e.g., Larcker et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Larcker, D. F., L. Pomorski, B. Tayan, and E. M. Watts, 2022. ESG ratings – a compass without direction. Rock Center for Corporate Governance at Stanford University Working Paper Forthcoming. Retrieved August 9, 2024 from 
 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4179647
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR117" id="ref-link-section-d66401388e1301">2022</a>; Li et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2023" title="Li, X., Y. Lou, and L. Zhang, 2023. Do commercial ties influence ESG ratings? Evidence from Moody’s and S&P. 
 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4190204
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR122" id="ref-link-section-d66401388e1305">2023</a>). Appendix 3 contains all variable definitions.</div></div></section><section data-title="Econometric models"><div class="c-article-section" id="Sec4-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec4">4 Econometric models</h2><div class="c-article-section__content" id="Sec4-content"><h3 class="c-article__sub-heading" id="Sec5">4.1 Prior corporate misbehavior and CSR reporting</h3>To test H1, we include prior misbehavior in a regression of the determinants of CSR reporting.<div id="Equ1" class="c-article-equation"><div class="c-article-equation__content">$${CSRR}_{i,t}= {\beta }_{0}+ {\beta }_{1} {PriorCIR}_{i,t-3/\sum 3y}+ {\beta }_{2} {DJSI}_{i,t}+ {\beta }_{3} {UNGC}_{i,t}+ {\beta }_{4} {AGE}_{i,t}+ {\beta }_{5} {CROSS}_{i,t}+ {\beta }_{6} {BRAND}_{i,t}+ {\beta }_{7} {MSHARE}_{i,t}+ {\beta }_{8} {STATE}_{i,t}+ {\beta }_{9} {LEGAL}_{i}+ {\beta }_{10} {FFLOAT}_{i,t}+ {\beta }_{11} {VOLA}_{i,t}+ {\beta }_{12} {LEV}_{i,t}+ {\beta }_{13} {SIZE}_{i,t}+ {\beta }_{14} {ROE}_{i,t}+ IND + YEAR + {\varepsilon }_{i,t}$$</div><div class="c-article-equation__number"> (1) </div></div>CSRRi,t = (CSRR_Ii,t, CSRR_Qi,t) is either our measure of the voluntary issuance of a GRI-based CSR report in t (CSRR_Ii,t) or of CSR disclosure quality in t (CSRR_Qi,t), as outlined in Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec5">3</a>. PriorCIRi,t-3/∑3y measures misbehavior before the period of CSR reporting, as captured by our six measures of misbehavior explained in Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec5">3</a> (CIR_Ii,t-3, CIR_Ii,∑3y, CIR_Ni,t-3, CIR_Ni,∑3y, CIR_Si,t-3, CIR_Si,∑3y). Based on H1, we expect a positive relation between prior misbehavior and CSR reporting. We include all determinants of CSR reporting identified in prior literature. DJSIi,t is a dichotomous variable that indicates listing in the Dow Jones Sustainability Index (DJSI). Per industry, this index includes the most responsible 10 percent of firms listed in the Dow Jones Global Index. Disclosure of CSR information is required by listed firms, which implies a positive relation (Cho et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Cho, C. H., R. P. Guidry, A. M. Hageman, and D. M. Patten. 2012. Do actions speak louder than words? An empirical investigation of corporate environmental reputation. Accounting, Organizations, and Society 37(1): 14–25." href="/article/10.1007/s11142-024-09850-8#ref-CR34" id="ref-link-section-d66401388e1890">2012</a>). UNGCi,t is a dichotomous variable that indicates UNGC membership. The UNGC requires a yearly “Communication on Progress” in internalizing the UNGC principles (Williams <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Williams, O. F. 2014. The United Nations Global Compact: What did it promise? Journal of Business Ethics 122(2): 241–251." href="/article/10.1007/s11142-024-09850-8#ref-CR182" id="ref-link-section-d66401388e1899">2014</a>). Members regularly issue CSR reports (Skouloudis et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Skouloudis, A., N. Jones, C. Malesios, and K. Evangelinos. 2014. Trends and determinants of corporate non-financial disclosure in Greece. Journal of Cleaner Production 68:174–188." href="/article/10.1007/s11142-024-09850-8#ref-CR162" id="ref-link-section-d66401388e1902">2014</a>). Since the GRI is a partner of the UNGC (UNGC <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2020c" title="United Nations Global Compact (UNGC). 2020c. Reporting on the SDGs. Retrieved October 21, 2020, from 
 https://www.unglobalcompact.org/take-action/action/sdg-reporting
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR175" id="ref-link-section-d66401388e1905">2020c</a>), we expect a positive sign. AGEi,t is a firm’s age, measured in years since IPO. The older the firm is, the more its reputation depends on social aspects and the more likely it is to use CSR reporting (Roberts <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1992" title="Roberts, R. W. 1992. Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting, Organizations and Society 17(6): 595–612." href="/article/10.1007/s11142-024-09850-8#ref-CR155" id="ref-link-section-d66401388e1915">1992</a>; Muttakin and Khan <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Muttakin, M. B., and A. Khan. 2014. Determinants of corporate social disclosure: Empirical evidence from Bangladesh. Advances in Accounting 30(1): 168–175." href="/article/10.1007/s11142-024-09850-8#ref-CR138" id="ref-link-section-d66401388e1918">2014</a>). CROSSi,t is a dichotomous variable that indicates that a firm is cross-listed on three or more stock exchanges. Such firms voluntarily disclose more information to meet the regulation requirements of all stock exchanges and additional informational needs of foreign investors (Hahn and Kuehnen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Hahn, R., and M. Kuehnen. 2013. Determinants of sustainability reporting: A review of results, trends, theory, and opportunities in an expanding field of research. Journal of Cleaner Production 59:5–21." href="/article/10.1007/s11142-024-09850-8#ref-CR80" id="ref-link-section-d66401388e1927">2013</a>). BRANDi,t proxies for a firm’s visibility and is a dichotomous variable that indicates that the Interbrand Best Global Brands ranking records at least one of the firm’s brands in that year (Interbrand <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2017" title="Interbrand. 2017. Best Global Brands. Retrieved May 30, 2017, from 
 http://interbrand.com/best-brands/best-global-brands/methodology/
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR94" id="ref-link-section-d66401388e1937">2017</a>). More visible firms use voluntary CSR reporting to appease stakeholder concerns, which increase with media exposure (Kotchen and Moon <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Kotchen, M., and J. J. Moon, 2012. Corporate social responsibility for irresponsibility. The B.E. Journal of Economic Analysis & Policy, 12(1), Article 55." href="/article/10.1007/s11142-024-09850-8#ref-CR106" id="ref-link-section-d66401388e1940">2012</a>). MSHAREi,t measures proprietary costs proxied by market share, i.e., a firm’s sales divided by the sum of sales of all Fortune Global 500 firms from the same Industry Classification Benchmark (ICB) sector.<a href="#Fn18">Footnote 18</a> Higher market shares come with better competitive positions and lower proprietary costs. We multiply market shares by -1 for ease of interpretation (Dhaliwal et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Dhaliwal, D. S., O. Z. Li, A. Tsang, and Y. G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(1): 59–100." href="/article/10.1007/s11142-024-09850-8#ref-CR55" id="ref-link-section-d66401388e1965">2011</a>). Firms with high proprietary costs use improved reporting to gain competitive advantages, which implies a positive sign. STATEi,t is the percentage of state ownership, which proxies for corporate governance structures. The close relations to the government of (partly) state-owned firms reduce the perceived need to use CSR reporting for legitimization purposes (Zhao <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Zhao, M. 2012. CSR-based political legitimacy strategy: Managing the state by doing good in China and Russia. Journal of Business Ethics 111(4): 439–460." href="/article/10.1007/s11142-024-09850-8#ref-CR189" id="ref-link-section-d66401388e1974">2012</a>). LEGALi is a binary variable that indicates whether firm i is headquartered in a civil law country, which implies a positive sign since these countries are considered more stakeholder oriented (Kolk and Perego <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2010" title="Kolk, A., and P. Perego. 2010. Determinants of the adoption of sustainability assurance statements: An international investigation. Business Strategy and the Environment 19(3): 182–198." href="/article/10.1007/s11142-024-09850-8#ref-CR103" id="ref-link-section-d66401388e1983">2010</a>). FFLOATi,t measures free float (Gamerschlag et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Gamerschlag, R., K. Moeller, and F. Verbeeten. 2011. Determinants of voluntary CSR disclosure: Empirical evidence from Germany. Review of Managerial Science 5(2–3): 233–262." href="/article/10.1007/s11142-024-09850-8#ref-CR74" id="ref-link-section-d66401388e1993">2011</a>). Widely held firms face higher information asymmetry and proclaim compliance with outside interests by doing additional reporting, which implies a positive sign (Chau and Gray <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2002" title="Chau, G. K., and S. J. Gray. 2002. Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The International Journal of Accounting 37(2): 247–265." href="/article/10.1007/s11142-024-09850-8#ref-CR30" id="ref-link-section-d66401388e1996">2002</a>). VOLAi,t is the average yearly volatility of the share price with respect to its mean. Prior literature is inconclusive about the sign (Bebbington et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2008" title="Bebbington, J., C. Larrinaga, and J. M. Moneva. 2008. Corporate social reporting and reputation risk management. Accounting, Auditing & Accountability Journal 21(3): 337–361." href="/article/10.1007/s11142-024-09850-8#ref-CR15" id="ref-link-section-d66401388e2005">2008</a>). LEVi,t is leverage. Prior literature is inconclusive about the sign (Hahn and Kuehnen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Hahn, R., and M. Kuehnen. 2013. Determinants of sustainability reporting: A review of results, trends, theory, and opportunities in an expanding field of research. Journal of Cleaner Production 59:5–21." href="/article/10.1007/s11142-024-09850-8#ref-CR80" id="ref-link-section-d66401388e2015">2013</a>). SIZEi,t is firm size, measured as the natural logarithm of market value. Large firms use voluntary disclosures to reduce higher agency conflicts (Gamerschlag et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Gamerschlag, R., K. Moeller, and F. Verbeeten. 2011. Determinants of voluntary CSR disclosure: Empirical evidence from Germany. Review of Managerial Science 5(2–3): 233–262." href="/article/10.1007/s11142-024-09850-8#ref-CR74" id="ref-link-section-d66401388e2024">2011</a>) and to respond to higher public pressure due to their greater impact on society (Hackston and Milne <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1996" title="Hackston, D., and M. J. Milne. 1996. Some determinants of social and environmental disclosures in New Zealand companies. Accounting, Auditing & Accountability Journal 9(1): 77–108." href="/article/10.1007/s11142-024-09850-8#ref-CR78" id="ref-link-section-d66401388e2027">1996</a>). In addition, larger firms benefit from lower disclosure costs, while the costs for substantive CSR implementation increase (Wickert et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Wickert, C., A. G. Scherer, and L. J. Spence. 2016. Walking and talking corporate social responsibility: Implications of firm size and organizational cost. Journal of Management Studies 53(7): 1169–1196." href="/article/10.1007/s11142-024-09850-8#ref-CR181" id="ref-link-section-d66401388e2031">2016</a>). ROEi,t measures financial performance proxied by return on equity. Prior literature is inconclusive about the sign (Skinner <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1994" title="Skinner, D. J. 1994. Why firms voluntarily disclose bad news. Journal of Accounting Research 32(1): 38–60." href="/article/10.1007/s11142-024-09850-8#ref-CR161" id="ref-link-section-d66401388e2040">1994</a>; Albers and Guenther <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Albers, C., and T. Guenther. 2011. Disclose or not disclose. Determinants of social reporting for STOXX Europe 600 firms. Journal of Management Control 21(3): 323–347." href="/article/10.1007/s11142-024-09850-8#ref-CR5" id="ref-link-section-d66401388e2043">2011</a>). We include industry fixed effects based on ICB supersectors (IND) and year fixed effects (YEAR).<a href="#Fn19">Footnote 19</a><h3 class="c-article__sub-heading" id="Sec6">4.2 CSR reporting and future corporate misbehavior</h3>We analyze the relation between CSR reporting and future corporate irresponsibility – that is, whether CSR reporting prevents or fosters misbehavior (H2) – in a two stages least squares (2SLS) and a special regressor (SR) model due to endogeneity concerns. Voluntary CSR reporting depends on firms’ choices (1) to engage in CSR activities and (2) to report on these activities (Christensen et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Christensen, H. B., L. Hail, and C. Leuz. 2021. Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies 26(3): 1176–1248." href="/article/10.1007/s11142-024-09850-8#ref-CR36" id="ref-link-section-d66401388e2109">2021</a>). A firm may engage in CSR reporting because of misbehavior resulting in bi-directional causality. According to Harjoto and Jo (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Harjoto, M. A., and H. Jo. 2015. Legal vs. normative CSR: Differential impact on analyst dispersion, stock return volatility, cost of capital, and firm value. Journal of Business Ethics 128(1): 1–20." href="/article/10.1007/s11142-024-09850-8#ref-CR84" id="ref-link-section-d66401388e2112">2015</a>), a time lag of the endogenous regressor (CSRRi,t in t vs. FutureCIRi,t+1 in t + 1) can control for some but not all forms of endogeneity. 2SLS and SR models correct for potential estimation biases more comprehensively. Lewbel et al. (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Lewbel, A., Y. Dong, and T. T. Yang. 2012. Comparing features of convenient estimators for binary choice models with endogenous regressors. Canadian Journal of Economics 45(3): 809–829." href="/article/10.1007/s11142-024-09850-8#ref-CR121" id="ref-link-section-d66401388e2131">2012</a>) compare four ways to identify consistent estimators in a binary model with an endogenous regressor. They conclude that the 2SLS and SR methods have the lowest requirements for the endogenous regressor and instrumental variables (IVs) and are preferable to maximum likelihood estimation and control functions.<a href="#Fn20">Footnote 20</a> We use FutureCIRi,t+1 as the dependent variable in the second stage and estimate CSRRi,t in the first stage regression via IVs (Wooldridge <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2003" title="Wooldridge, J. M. 2003. Solutions manual and supplementary materials for Econometric analysis of cross section and panel data. MIT Press." href="/article/10.1007/s11142-024-09850-8#ref-CR184" id="ref-link-section-d66401388e2162">2003</a>). The SR model includes an additional regressor in the second stage.<h4 class="c-article__sub-heading c-article__sub-heading--small" id="Sec7">4.2.1 Main model: second stage 2SLS model</h4> <div id="Equ2" class="c-article-equation"><div class="c-article-equation__content">$${FutureCIR}_{i,t+1}= {\beta }_{0} + {\beta }_{1} {CSRR}_{i,t}+{\beta }_{2} {UNGC}_{i,t+1}+ {\beta }_{3} {PO}_{i}+{\beta }_{4} {HO}_{i}+ {\beta }_{5} {GLOBAL}_{i,t+1}+ {\beta }_{6} {PriorCIR}_{i,t-3/\sum 3y}+ {\beta }_{7} {SIZE}_{i,t+1}+ {\beta }_{8} {ROE}_{i,t}+ IND + YEAR+ {\varepsilon }_{i,t+1}$$</div><div class="c-article-equation__number"> (2) </div></div>FutureCIRi,t+1 captures misbehavior that occurred in the period after issuing a CSR report as captured by our measures of CIRi,t+1 = (CIR_Ii,t+1, CIR_Ni,t+1, or CIR_Si,t+1), outlined in Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec5">3</a>. CSRRi,t is our measure of CSR reporting as captured by the voluntary issuance of a GRI-based CSR report in t (CSRR_Ii,t) or CSR disclosure quality in t (CSRR_Qi,t), as outlined in Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec5">3</a>. UNGCi,t+1 captures UNGC membership in t + 1 and represents managers’ positive view of CSR, indicating a weaker tendency for misbehavior, compared to non-members (Cetindamar and Husoy <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2007" title="Cetindamar, D., and K. Husoy. 2007. Corporate social responsibility practices and environmentally responsible behavior: The case of the United Nations Global Compact. Journal of Business Ethics 76(2): 163–176." href="/article/10.1007/s11142-024-09850-8#ref-CR28" id="ref-link-section-d66401388e2578">2007</a>). POi and HOi proxy for country cultural influences on the implementation of CSR (Maignan and Ralston <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2002" title="Maignan, I., and D. A. Ralston. 2002. Corporate social responsibility in Europe and the U.S.: Insights from businesses’ self-presentations. Journal of International Business Studies 33(3): 497–514." href="/article/10.1007/s11142-024-09850-8#ref-CR126" id="ref-link-section-d66401388e2594">2002</a>). POi is the encouragement of performance improvement and excellence (House et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2004" title="House, R. J., P. J. Hanges, M. Javidan, P. W. Dorfman, and V. Gupta. 2004. Culture, leadership, and organizations. The GLOBE study of 62 societies. SAGE Publications." href="/article/10.1007/s11142-024-09850-8#ref-CR90" id="ref-link-section-d66401388e2603">2004</a>; Javidan <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2004" title="Javidan, M. 2004. Performance orientation. In Culture, leadership, and organizations The GLOBE study of 62 societies, ed. R.J. House, P.J. Hanges, M. Javidan, P.W. Dorfman, and V. Gupta, 239–281. SAGE Publications." href="/article/10.1007/s11142-024-09850-8#ref-CR97" id="ref-link-section-d66401388e2607">2004</a>), implying a positive relation. HOi is humane orientation and indicates an encouragement of fairness and altruism (Kabasakal and Bodur <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2004" title="Kabasakal, H., and M. Bodur. 2004. Humane orientation in societies, organizations, and leader attributes. In Culture, leadership, and organizations. The GLOBE study of 62 societies, ed. R.J. House, P.J. Hanges, M. Javidan, P.W. Dorfman, and V. Gupta, 564–601. SAGE Publications." href="/article/10.1007/s11142-024-09850-8#ref-CR99" id="ref-link-section-d66401388e2616">2004</a>), implying a negative sign. GLOBALi,t+1 is firm i’s degree of internationalization in t + 1, measured as foreign sales divided by total sales (Meek et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1995" title="Meek, G. K., C. B. Roberts, and S. J. Gray. 1995. Factors influencing voluntary annual report disclosures by U.S., U.K. and Continental European multinational corporations. Journal of International Business Studies 26(3): 555–572." href="/article/10.1007/s11142-024-09850-8#ref-CR132" id="ref-link-section-d66401388e2628">1995</a>). We expect a positive sign, as international activities increase operational complexity, which creates fertile ground for misbehavior (Reimann et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Reimann, F., J. Rauer, and L. Kaufmann. 2015. MNE subsidiaries’ strategic commitment to CSR in emerging economies: The role of administrative distance, subsidiary size, and experience in the host country. Journal of Business Ethics 132(4): 845–857." href="/article/10.1007/s11142-024-09850-8#ref-CR153" id="ref-link-section-d66401388e2632">2015</a>). Also, the “pollution haven hypothesis” predicts that firms try to take advantage of weaker CSR standards by diversifying internationally (Taylor <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2005" title="Taylor, M. S. 2005. Unbundling the pollution haven hypothesis. Advances in Economic Analysis & Policy 4(2): 1–28." href="/article/10.1007/s11142-024-09850-8#ref-CR167" id="ref-link-section-d66401388e2635">2005</a>; He <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="He, J. 2006. Pollution haven hypothesis and environmental impacts of foreign direct investment: The case of industrial emission of sulfur dioxide (SO2) in Chinese provinces. Ecological Economics 60(1): 228–245." href="/article/10.1007/s11142-024-09850-8#ref-CR85" id="ref-link-section-d66401388e2638">2006</a>). We further include prior misbehavior and expect a positive sign (PriorCIRi,t-3/∑3y = CIRi,t-3, CIRi,∑3y, CIRNi,t-3, CIRNi,∑3y, CIRSi,t-3, or CIRSi,∑3y). We also expect a positive sign for SIZEi,t+1, as organizational complexity increases with firm size and provides fertile ground for misbehavior (Strike et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Strike, V. M., J. Gao, and P. Bansal. 2006. Being good while being bad: Social responsibility and the international diversification of U.S firms. Journal of International Business Studies 37(6): 850–862." href="/article/10.1007/s11142-024-09850-8#ref-CR166" id="ref-link-section-d66401388e2694">2006</a>). Financial performance (ROEi,t) may increase or decrease future misbehavior. Industry (IND) and year fixed effects (YEAR) control for industry and time differences.<a href="#Fn21">Footnote 21</a><h4 class="c-article__sub-heading c-article__sub-heading--small" id="Sec8">4.2.2 First stage 2SLS model</h4>We estimate the following first stage regression model of the endogenous CSR reporting variable (CSRRi,t = CSRR_Ii,t or CSRR_Qi,t):<div id="Equ3" class="c-article-equation"><div class="c-article-equation__content">$${CSRR}_{i,t}= {\alpha }_{0} + {\alpha }_{1} {AGE}_{i,t}+ {\alpha }_{2} {FFLOAT}_{i,t}+ {\alpha }_{3} {UNGC}_{i,t+1}+ {\alpha }_{4} {PO}_{i}+ {\alpha }_{5} {HO}_{i}+ {\alpha }_{6} {GLOBAL}_{i,t+1}+ {\alpha }_{7} {PriorCIR}_{i,t-3/\sum 3y}+ {\alpha }_{8} {SIZE}_{i,t+1}+ {\alpha }_{9} {ROE}_{i,t}+ IND + YEAR+ {\mu }_{i,t}$$</div><div class="c-article-equation__number"> (3) </div></div>AGEi,t and FFLOATi,t are our main IVs.<a href="#Fn22">Footnote 22</a> As a given construct within a firm’s economic system, AGEi,t represents an IV from a “natural experiment” (Larcker and Rusticus <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2010" title="Larcker, D. F., and T. O. Rusticus. 2010. On the use of instrumental variables in accounting research. Journal of Accounting and Economics 49(3): 186–205." href="/article/10.1007/s11142-024-09850-8#ref-CR115" id="ref-link-section-d66401388e3177">2010</a>). Several studies use firm age as a valid IV (Harjoto and Jo <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Harjoto, M. A., and H. Jo. 2011. Corporate governance and CSR nexus. Journal of Business Ethics 100(1): 45–67." href="/article/10.1007/s11142-024-09850-8#ref-CR83" id="ref-link-section-d66401388e3180">2011</a>; Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e3183">2016</a>). Others use firm age as a proxy for reputation (e.g. Datta et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1999" title="Datta, S., M. Iskandar-Datta, and A. Patel. 1999. Bank monitoring and the pricing of corporate public debt. Journal of Financial Economics 51(3): 435–449." href="/article/10.1007/s11142-024-09850-8#ref-CR50" id="ref-link-section-d66401388e3186">1999</a>). Firms with a higher reputation tend to disclose more to maintain reputation (Reitmaier and Schultze <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2017" title="Reitmaier, C., and W. Schultze. 2017. Enhanced business reporting: Value relevance and determinants of valuation-related disclosures. Journal of Intellectual Capital 18(4): 832–867." href="/article/10.1007/s11142-024-09850-8#ref-CR154" id="ref-link-section-d66401388e3189">2017</a>). Older firms have more experience and lower reporting costs (Camfferman and Cooke <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2002" title="Camfferman, K., and T. E. Cooke. 2002. An analysis of disclosure in the annual reports of U.K. and Dutch companies. Journal of International Accounting Research 1(1): 3–30." href="/article/10.1007/s11142-024-09850-8#ref-CR27" id="ref-link-section-d66401388e3192">2002</a>; Alsaeed <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Alsaeed, K. 2006. The association between firm-specific characteristics and disclosure: The case of Saudi Arabia. Managerial Auditing Journal 21(5): 476–496." href="/article/10.1007/s11142-024-09850-8#ref-CR6" id="ref-link-section-d66401388e3196">2006</a>), suggesting a positive relation of AGEi,t to CSR reporting. In contrast, there is no relation to future misbehavior. Misbehavior depends on factors that develop independently of firm age, like corporate culture or competition. Literature on accounting fraud supports the irrelevance of firm age with respect to misbehavior since fraud firms do not differ in age compared to non-fraud firms (Farber <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2005" title="Farber, D. B. 2005. Restoring trust after fraud: Does corporate governance matter? The Accounting Review 80(2): 539–561." href="/article/10.1007/s11142-024-09850-8#ref-CR68" id="ref-link-section-d66401388e3205">2005</a>; Chen et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Chen, G., M. Firth, D. N. Gao, and O. M. Rui. 2006. Ownership structure, corporate governance, and fraud: Evidence from China. Journal of Corporate Finance 12(3): 424–448." href="/article/10.1007/s11142-024-09850-8#ref-CR31" id="ref-link-section-d66401388e3208">2006</a>).Our second IV is FFLOATi,t. High free float comes with high agency costs (Fama and Jensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1983" title="Fama, E. F., and M. C. Jensen. 1983. Separation of ownership and control. The Journal of Law & Economics 26(2): 301–325." href="/article/10.1007/s11142-024-09850-8#ref-CR67" id="ref-link-section-d66401388e3220">1983</a>; Prencipe <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2004" title="Prencipe, A. 2004. Proprietary costs and determinants of voluntary segment disclosure: Evidence from Italian listed companies. European Accounting Review 13(2): 319–340." href="/article/10.1007/s11142-024-09850-8#ref-CR146" id="ref-link-section-d66401388e3223">2004</a>). To reduce these costs and to announce compliance, managers use voluntary disclosures, implying a positive relation of FFLOATi,t with CSR reporting (Brammer and Pavelin <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Brammer, S., and S. Pavelin. 2006. Voluntary environmental disclosures by large UK companies. Journal of Business Finance & Accounting 33(7–8): 1168–1188." href="/article/10.1007/s11142-024-09850-8#ref-CR22" id="ref-link-section-d66401388e3233">2006</a>). On the other hand, a direct relation between FFLOATi,t and corporate misbehavior is not intuitive. Chen et al. (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Chen, G., M. Firth, D. N. Gao, and O. M. Rui. 2006. Ownership structure, corporate governance, and fraud: Evidence from China. Journal of Corporate Finance 12(3): 424–448." href="/article/10.1007/s11142-024-09850-8#ref-CR31" id="ref-link-section-d66401388e3242">2006</a>) find that boardroom characteristics are more relevant in explaining fraud than ownership characteristics. Other studies find no significant relation between financial fraud and blockholders (Larcker et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2007" title="Larcker, D. F., S. A. Richardson, and I. Tuna. 2007. Corporate governance, accounting outcomes, and organizational performance. The Accounting Review 82(4): 963–1008." href="/article/10.1007/s11142-024-09850-8#ref-CR116" id="ref-link-section-d66401388e3245">2007</a>; Johnson et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2009" title="Johnson, S. A., H. E. Ryan Jr., and Y. S. Tian. 2009. Managerial incentives and corporate fraud: The sources of incentives matter. Review of Finance 13(1): 115–145." href="/article/10.1007/s11142-024-09850-8#ref-CR98" id="ref-link-section-d66401388e3248">2009</a>).We use two further IVs in additional analyses that have been used in prior research<a href="#Fn23">Footnote 23</a>: The dichotomous variable DJSIi,t-1 indicates DJSI listing in t-1, which positively relates to nonfinancial disclosures (Cho et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Cho, C. H., R. P. Guidry, A. M. Hageman, and D. M. Patten. 2012. Do actions speak louder than words? An empirical investigation of corporate environmental reputation. Accounting, Organizations, and Society 37(1): 14–25." href="/article/10.1007/s11142-024-09850-8#ref-CR34" id="ref-link-section-d66401388e3269">2012</a>). Listed firms are more likely to issue a CSR report, as related disclosures are required for continued listing (Dhaliwal et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Dhaliwal, D. S., S. Radhakrishnan, A. Tsang, and Y. G. Yang. 2012. Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review 87(3): 723–759." href="/article/10.1007/s11142-024-09850-8#ref-CR56" id="ref-link-section-d66401388e3272">2012</a>). In contrast, there is no evidence for a relation between DJSI listing in t-1 and corporate misbehavior in t + 1. The dichotomous variable CROSSi,t indicates cross-listing at three or more stock exchanges in t. Additional listings imply additional regulatory and reporting requirements, which increase voluntary disclosures. In contrast, cross-listing does not subject firms to the CSR regulations or laws of that country and hence does not affect misbehavior through legal bonding (Shi et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2018" title="Shi, H., X. Zhang, and J. Zhou. 2018. Cross-listing and CSR performance: Evidence from AH shares. Frontiers of Business Research in China 12(11): 126–140." href="/article/10.1007/s11142-024-09850-8#ref-CR158" id="ref-link-section-d66401388e3282">2018</a>).<h4 class="c-article__sub-heading c-article__sub-heading--small" id="Sec9">4.2.3 Second stage SR model</h4>The SR method does not require a complete set of IVs and fits nonlinear models.<a href="#Fn24">Footnote 24</a> In comparison to the 2SLS model, it requires an additional regressor (V) in the second stage with the following characteristics (Lewbel <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Lewbel, A. 2014. An overview of the special regression method. In The Oxford handbook of applied nonparametric and semiparametric econometrics and statistics, ed. J.S. Racine, L. Su, and A. Ullah, 38–61. Oxford University Press." href="/article/10.1007/s11142-024-09850-8#ref-CR120" id="ref-link-section-d66401388e3343">2014</a>): V is exogenous and continuously distributed (Lewbel et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Lewbel, A., Y. Dong, and T. T. Yang. 2012. Comparing features of convenient estimators for binary choice models with endogenous regressors. Canadian Journal of Economics 45(3): 809–829." href="/article/10.1007/s11142-024-09850-8#ref-CR121" id="ref-link-section-d66401388e3349">2012</a>). V has a positive coefficient and is monotonous (Dong and Lewbel <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Dong, Y., and A. Lewbel. 2015. A simple estimator for binary choice models with endogenous regressors. Econometric Reviews 34(1–2): 82–105." href="/article/10.1007/s11142-024-09850-8#ref-CR60" id="ref-link-section-d66401388e3356">2015</a>).<a href="#Fn25">Footnote 25</a> We include the average USD-EUR exchange rate (EXCHANGEt) as V in model (2). We use all different measures of future and prior misbehavior and CSR reporting, as outlined in Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec5">3</a><a href="#Fn26">Footnote 26</a>:<div id="Equ4" class="c-article-equation"><div class="c-article-equation__content">$${FutureCIR}_{i,t+1}= {\beta }_{0}+ {\beta }_{1} {CSRR}_{i,t}+ {\beta }_{2} {UNGC}_{i,t+1}+ {\beta }_{3} {PO}_{i}+ {\beta }_{4} {HO}_{i}+ {\beta }_{5} {GLOBAL}_{i,t+1}+ {\beta }_{6} {PriorCIR}_{i,t-3/\sum 3y}+ {\beta }_{7} {SIZE}_{i,t+1}+ {\beta }_{8} {ROE}_{i,t}+ {\beta }_{9} {EXCHANGE}_{t}+ IND+ YEAR+{ \varepsilon }_{i,t+1}$$</div><div class="c-article-equation__number"> (4) </div></div>USD and EUR are the most important currencies worldwide (e.g., Norrlof <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2009" title="Norrlof, C. 2009. Key currency competition. The Euro versus the Dollar. Cooperation and Conflict 44(4): 420–442." href="/article/10.1007/s11142-024-09850-8#ref-CR140" id="ref-link-section-d66401388e3816">2009</a>). The US and Europe are the most strongly represented regions in our sample. The USD/EUR exchange rate is exogenous.<a href="#Fn27">Footnote 27</a> While it does not influence CSR reporting, it might influence future misbehavior since exchange rates influence the competitive environment in which a firm operates. Exchange rate fluctuations induce additional risk for internationally operating firms (Kotabe and Murray <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2004" title="Kotabe, M., and J. Y. Murray. 2004. Global sourcing strategy and sustainable competitive advantage. Industrial Marketing Management 33 (1): 7–14." href="/article/10.1007/s11142-024-09850-8#ref-CR105" id="ref-link-section-d66401388e3890">2004</a>). The yearly average exchange rate is continuously distributed.</div></div></section><section data-title="Sample"><div class="c-article-section" id="Sec10-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec10">5 Sample</h2><div class="c-article-section__content" id="Sec10-content">Our main sample is based on all 814 firms listed in the Fortune Global 500 in the period from January 1, 2003, to December 31, 2013. The Fortune Global 500 lists the world’s largest firms in terms of total sales and is frequently used in CSR studies because of its global impact (e.g., Muller and Whiteman <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2009" title="Muller, A., and G. Whiteman. 2009. Exploring the geography of corporate philanthropic disaster response: A study of Fortune Global 500 firms. Journal of Business Ethics 84(4): 589–603." href="/article/10.1007/s11142-024-09850-8#ref-CR137" id="ref-link-section-d66401388e3903">2009</a>; Lee and Maxfield <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Lee, J., and S. Maxfield. 2015. Doing Well by Reporting Good: Reporting Corporate Responsibility and Corporate Performance. Business and Society Review 120(4): 577–606." href="/article/10.1007/s11142-024-09850-8#ref-CR118" id="ref-link-section-d66401388e3906">2015</a>).<a href="#Fn28">Footnote 28</a> The sample period starts in 2003, which marks the onset of intense voluntary CSR reporting due to rising public and governmental interest in CSR (Freundlieb and Teuteberg <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Freundlieb, M., and F. Teuteberg. 2013. Corporate social responsibility reporting – a transnational analysis of online corporate social responsibility reports by market-listed companies: Contents and their evolution. International Journal of Innovation and Sustainable Development 7(1): 1–26." href="/article/10.1007/s11142-024-09850-8#ref-CR71" id="ref-link-section-d66401388e3915">2013</a>). The sample period ends in 2013 for two reasons. First, the European Parliament and the Council issued EU directive 2014/95/EU in October 2014, which rendered CSR reporting mandatory as of January 2017 for large European firms. Early adopters might bias our analyses that explicitly focus on voluntary CSR reporting. Second, the International Integrated Reporting Council published the Integrated Reporting Framework in December 2013. Adopting firms no longer issue stand-alone CSR reports but generally integrate CSR reports, annual reports, and other reports into one report, which our GRI measure does not capture.We exclude 127 firms with missing data in Datastream or Eikon, 96 firms not covered by the CCRD, and 104 firms with missing data in other sources (UNGC homepage, DJSI or Interbrand ranking), resulting in a sample of 487 unique firms. We further exclude 858 firm-year observations due to bankruptcy or mergers and acquisitions. We do not exclude those firms completely to avoid survivorship biases. Our final main sample includes 4,499 firm-year observations. We collect data on misbehavior for the time before and after voluntary CSR reporting (2000–2014). As Bloomberg’s ESG disclosure score does not cover all firms over the entire period, the analyses refer to a reduced sample of 3,150 firm-year observations.Table <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab1">1</a> panel A shows the distribution of our main sample firms per ICB supersector and the proportion of firms with misbehavior (CIR_Ii,t) per supersector. CIR_Ii,t is highest in the supersectors Food & Beverage (ICB code 3500), Personal & Household Goods (3700), and Technology (9500), where more than 50 percent of the firms engage in misbehavior. At 17.65 percent, CIR_Ii,t is lowest in the supersector Construction & Materials (2300). Panel B presents the firms’ country of origin and shows that more than one-third of the firms are from the US (36.96 percent), followed by Japan (14.78), the UK (8.42), France (7.19), and Germany (5.13). The remaining 27.5 percent are in 22 different countries. The percentage of firm-year observations with misbehavior is highest in Turkey (100 percent, one firm with misbehavior in each year) and Taiwan (71.43 percent). It is lowest in Austria and Colombia (0 percent each, one/two firms without misbehavior). <div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-1"><figure><figcaption class="c-article-table__figcaption">Table 1 Classification of sample firms</figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1007/s11142-024-09850-8/tables/1" aria-label="Full size table 1">Full size table<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div>Table <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab2">2</a> presents the development of the number of firms (not) issuing a GRI report in a particular year (CSRR_Ii,t = 0/1) over our sample period. The third (fourth) column presents the corresponding number of firms with (without) misbehavior in the following year (CIR_Ii,t+1 = 0/1). The number of firms issuing a GRI report increased from 58 in 2003 to 262 in 2013. The number of firms with subsequent misbehavior does not follow a systematic trend; the levels are similar in the first and last sample year (145 in 2003 and 157 in 2013). This suggests that the increase in CSR reporting does not come with a systematic reduction in future misbehavior. <div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-2"><figure><figcaption class="c-article-table__figcaption">Table 2 Sample firms with/without GRI reports and future misbehavior per year</figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1007/s11142-024-09850-8/tables/2" aria-label="Full size table 2">Full size table<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div>Table <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab3">3</a> provides the descriptive statistics. For ease of interpretation, the values for the number (CIR_Ni,t-3) and severity of current (CIR_Si,t), prior (CIR_Ni,t-3, CIR_Ni,∑3y, CIR_Si,t-3, or CIR_Si,∑3y), and future misbehaviors (CIR_Ni,t+1 or CIR_Si,t+1) are raw data before logtransformation.<a href="#Fn29">Footnote 29</a> Forty-three percent of the observations are GRI reporters in t. Fifty-three percent issue some kind of CSR report in t. The average firm has a Bloomberg ESG disclosure score of 40.32 percent. On average, almost one-third of the sample firms conduct misbehavior (CIR_Ii,t). The mean of 0.94 for CIR_Ii,∑3y indicates that firms engage in misbehavior in about one of the past three years on average. The average firm conducts 0.54 cases of misbehavior per year; the maximum number in t and t + 1 is 23 (CIR_Ni,t, CIR_Ni,t+1). The maximum number of misbehaviors in t-3 is 30 (CIR_Ni,t-3). The average firm conducts 1.71 cases of misbehavior over the prior three years; the maximum number is 44 (CIR_Ni,∑3y). The maximum severity score of misbehavior is 93.00; the mean is 2.37 in t (CIR_Si,t), 2.36 in t + 1 (CIR_Si,t+1), and 2.61 in t-3 (CIR_Si,t-3). The maximum sum over the prior three years is 226.00 (CIR_Si,∑3y). The severity measure based on the Refinitiv controversy score ranges from zero to one with a mean of 0.33 in t (CIR_Ri,t), 0.32 in t + 1 (CIR_Ri,t+1), and 0.35 in t-3 (CIR_Ri,t-3). Notably, around one-third of the observations show DJSI listing (mean of dichotomous variable DJSIi,t = 0.33) and UNGC membership in t (mean = 0.31). <div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-3"><figure><figcaption class="c-article-table__figcaption">Table 3 Descriptive statistics</figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1007/s11142-024-09850-8/tables/3" aria-label="Full size table 3">Full size table<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div>Table <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab4">4</a> presents the results of difference in means tests. Panel A presents the determinants of GRI reporting for reporting vs. non-reporting firms. The difference is significant for all variables except ROEi,t. The mean of all measures of prior misbehavior is significantly higher for GRI reporters than non-reporters. This indicates that CSR reporting increases after misbehavior, consistent with H1. Panel B shows the determinants of future misbehavior for firms with and without misbehavior in t + 1. The difference in means is significant for all variables. The mean of CSRR_Ii,t and CSRR_Qi,t is significantly higher for firms with future misbehavior than for firms without future misbehavior. Consistent with H2, this indicates a positive relation between CSR reporting and future misbehavior. Table <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab5">5</a> shows significant correlations between our measures of CSR reporting and prior (panel A) as well as future corporate misbehavior (panel B), consistent with H1 and H2. <div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-4"><figure><figcaption class="c-article-table__figcaption">Table 4 Difference in means tests</figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1007/s11142-024-09850-8/tables/4" aria-label="Full size table 4">Full size table<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div><div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-5"><figure><figcaption class="c-article-table__figcaption">Table 5 Correlations</figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1007/s11142-024-09850-8/tables/5" aria-label="Full size table 5">Full size table<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div></div></div></section><section data-title="Empirical results"><div class="c-article-section" id="Sec11-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec11">6 Empirical results</h2><div class="c-article-section__content" id="Sec11-content"><h3 class="c-article__sub-heading" id="Sec12">6.1 Prior corporate misbehavior and CSR reporting</h3>Table <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab6">6</a> presents the results for model (1), which tests H1 (that prior corporate misbehavior and voluntary CSR reporting are positively associated). Panel A shows the results of a logistic regression on CSRR_Ii,t based on our six measures of PriorCIRi,t-3/∑3y, displayed in column (A) trough (F). In all columns, the McFadden pseudo-R2 is about 0.26, which is similar to related studies (e.g., Dhaliwal et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Dhaliwal, D. S., O. Z. Li, A. Tsang, and Y. G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(1): 59–100." href="/article/10.1007/s11142-024-09850-8#ref-CR55" id="ref-link-section-d66401388e11279">2011</a>; Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e11282">2016</a>) and indicates that the regression is well-specified. The goodness of fit (GOF) test is not significant, indicating that the model fits the data well (Kleinbaum and Klein <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2010" title="Kleinbaum, D. G., and M. Klein. 2010. Logistic regression. A self-learning text, 3rd ed. Springer." href="/article/10.1007/s11142-024-09850-8#ref-CR102" id="ref-link-section-d66401388e11285">2010</a>). The area under the ROC curve is higher than 82 percent. The model classifies about 75 percent of reporting and non-reporting firms correctly and is highly significant (p < 0.01). Overall, the quality of our model specifications is very similar to related studies (Brammer and Pavelin <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Brammer, S., and S. Pavelin. 2006. Voluntary environmental disclosures by large UK companies. Journal of Business Finance & Accounting 33(7–8): 1168–1188." href="/article/10.1007/s11142-024-09850-8#ref-CR22" id="ref-link-section-d66401388e11291">2006</a>; Legendre and Coderre <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Legendre, S., and F. Coderre. 2013. Determinants of GRI G3 application levels: The case of the Fortune Global 500. Corporate Social Responsibility and Environmental Management 20(3): 182–192." href="/article/10.1007/s11142-024-09850-8#ref-CR119" id="ref-link-section-d66401388e11295">2013</a>).<a href="#Fn30">Footnote 30</a> All variance inflation factors (VIFs) are below the conservative threshold of 5. Robust standard errors control for heteroscedasticity. Industry and year fixed effects control for industry and time differences. <div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-6"><figure><figcaption class="c-article-table__figcaption">Table 6 Prior corporate misbehavior and CSR reporting (model (1))</figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1007/s11142-024-09850-8/tables/6" aria-label="Full size table 6">Full size table<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div>All measures of prior misbehavior are significantly positively related to CSRR_Ii,t. The odds ratios indicate that CSR reporting is between 6 and 22 percent more likely for firms with prior misbehavior than for their peers (CIR_Ii,t-3: 1.197 (p < 0.05), CIR_Ii,∑3y: 1.084 (p < 0.05), CIR_Ni,t-3: 1.223 (p < 0.05), CIR_Ni,∑3y: 1.165 (p < 0.01), CIR_Si,t-3: 1.096 (p < 0.05), CIR_Si,∑3y: 1.064 (p < 0.1)). The effect size is similar to factors identified in prior studies, such as firm size, leverage, and age.<a href="#Fn31">Footnote 31</a>Panel B shows the results of an ordinary least squares (OLS) regression on CSRR_Qi,t. For all measures of prior misbehavior, the adjusted R2 is around 0.39, which indicates that the regression is well-specified. All VIFs are below the conservative threshold of 5. Robust standard errors control for heteroscedasticity. Industry and year fixed effects control for industry and time differences. All measures of prior misbehavior are significantly positively related to CSRR_Qi,t, which implies that the occurrence, number, and severity of prior misbehaviors are associated with higher CSR disclosure quality, i.e., extended information on the items identified as relevant by external agencies such as Bloomberg.<a href="#Fn32">Footnote 32</a> Overall, our findings support H1 and imply that firms use CSR reporting to signal that they have learned from past mistakes, or, alternatively, that firms greenwash past misbehavior to reduce reputational damages according to legitimacy theory.<h3 class="c-article__sub-heading" id="Sec13">6.2 CSR reporting and future corporate misbehavior</h3>Table <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab7">7</a> presents the results for model (2), which tests H2 on the relation of CSR reporting with future misbehavior.<a href="#Fn33">Footnote 33</a> Panel A columns (A) through (F) show the results for the decision to issue a CSR report (CSRR_Ii,t) and our three measures of future misbehavior CIRi,t+1, with two alternative prior period measures of misbehavior as a control. The Durbin-Wu-Hausman test indicates endogeneity related to CSRR_Ii,t (p < 0.01/0.05) in all cases. The centered R2 is between 0.10 and 0.49. The models are highly significant (p < 0.01). AGEi,t and FFLOATi,t fulfill the criterion of relevance, as simple correlations (untabulated) and multivariate tests (Tables <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab6">6</a> and <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab7">7</a>) indicate significant relations to CSRR_Ii,t.<a href="#Fn34">Footnote 34</a> Regarding exogeneity, AGEi,t and FFLOATi,t show no economically meaningful correlations with any measure of FutureCIRi,t+1 (between 0.03 and 0.08).<a href="#Fn35">Footnote 35</a> The Kleinbergen-Papp F statistic of the first stage is between 46 and 48, which is above the critical value of 19.93 for a model with one endogenous regressor and two IVs (Stock and Yogo <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2002" title="Stock, J. H., and M. Yogo, 2002. Testing for weak instruments in linear IV regression. National Bureau of Economic Research Technical Working Paper Series 284. Retrieved May 30, 2017, from 
 http://www.nber.org/papers/T0284
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR164" id="ref-link-section-d66401388e17559">2002</a>; Bascle <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2008" title="Bascle, G. 2008. Controlling for endogeneity with instrumental variables in strategic management research. Strategic Organization 6(3): 285–327." href="/article/10.1007/s11142-024-09850-8#ref-CR13" id="ref-link-section-d66401388e17562">2008</a>).<a href="#Fn36">Footnote 36</a> We can reject weak identification and associated asymptotic biases based on these results (Bascle <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2008" title="Bascle, G. 2008. Controlling for endogeneity with instrumental variables in strategic management research. Strategic Organization 6(3): 285–327." href="/article/10.1007/s11142-024-09850-8#ref-CR13" id="ref-link-section-d66401388e17577">2008</a>) and confirm the relevance and suitability of the IVs. We find a significantly positive association of CSRR_Ii,t with all measures of FutureCIRi,t+1 (p < 0.01/0.05), consistent with H2 and legitimacy theory. In all columns, we document a positive association between past and future misbehavior. Column (G) analyzes the incremental effect of the severity of prior misconduct in more detail. We include the interaction of CIR_Ii,∑3y and CIR_Si,∑3y in model (2) with future misconduct CIR_Si,t+1 as the dependent variable. We continue to find a significantly positive association of CSRR_Ii,t with CIR_Si,t+1 (0.263; p < 0.05). Moreover, while we find that the coefficient on CIR_Si,∑3y is positive (0.352; p < 0.01), the coefficient on CIR_Ii,∑3y is negative (-0.256; p < 0.01), which indicates that prior incidents of misbehavior in the absence of high severity are associated with less severe future misconduct. However, the interaction is positively significant (0.114; p < 0.01), implying that the severity of future misbehavior increases in the frequency of prior misbehavior when the incidents are more severe. <div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-7"><figure><figcaption class="c-article-table__figcaption">Table 7 CSR reporting and future corporate misbehavior (2SLS model)</figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1007/s11142-024-09850-8/tables/7" aria-label="Full size table 7">Full size table<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div>Panel B shows the results for CSRR_Qi,t. The endogeneity results are similar to CSRR_Ii,t. In columns (A) through (G), we find a significantly positive association of CSRR_Qi,t with all measures of FutureCIRi,t+1 (p < 0.01/0.1), consistent with H2 and legitimacy theory. Voluntary CSR reporting does not seem to foster behavioral change and break the direct relation between prior and future misbehavior. The interaction results in column (G) are largely equivalent to panel A. Overall, the results imply that more extensive voluntary CSR reporting is not a signal of credible CSR commitment. Instead, more extensive voluntary CSR reporting is associated with an increase in the occurrence, number, and severity of future misbehaviors; hence, it likely serves as an instrument of impression management and greenwashing.Table <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab8">8</a> presents the results for the SR model, where we trim outliers in all continuous variables at the 2.5th and 97.5th percentiles (panel A with CSRR_Ii,t: N = 4,278, panel B with CSRR_Qi,t: N = 2,996) and de-mean V to ensure that its mean is zero, consistent with the underlying methodology (Dong and Lewbel <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Dong, Y., and A. Lewbel. 2015. A simple estimator for binary choice models with endogenous regressors. Econometric Reviews 34(1–2): 82–105." href="/article/10.1007/s11142-024-09850-8#ref-CR60" id="ref-link-section-d66401388e17858">2015</a>; Bontemps and Nauges <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Bontemps, C., and C. Nauges. 2016. The impact of perceptions in averting-decision models. An application of the special regressor method to drinking water choices. American Journal of Agricultural Economics 98(1): 297–313." href="/article/10.1007/s11142-024-09850-8#ref-CR21" id="ref-link-section-d66401388e17861">2016</a>). The general White (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1980" title="White, H. 1980. A heteroskedasticity–consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48(4): 817–838." href="/article/10.1007/s11142-024-09850-8#ref-CR180" id="ref-link-section-d66401388e17864">1980</a>) test negates heteroscedasticity. We present marginal effects since regression coefficients in binary models have less explanatory power. The results are inferentially equivalent to the 2SLS results. All measures of FutureCIRi,t+1 are positively associated with CSRR_Ii,t (p < 0.01/0.05/0.1) and CSRR_Qi,t (p < 0.01/0.05). All SR model specifications show adequate test statistics. <div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-8"><figure><figcaption class="c-article-table__figcaption">Table 8 CSR reporting and future corporate misbehavior (SR model)</figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1007/s11142-024-09850-8/tables/8" aria-label="Full size table 8">Full size table<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div></div></div></section><section data-title="Additional analyses and robustness"><div class="c-article-section" id="Sec14-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec14">7 Additional analyses and robustness</h2><div class="c-article-section__content" id="Sec14-content">In additional and robustness analyses, we address concerns that factors such as a firm’s CSR reporting history, alternative IVs, variable measurement, model specification, or sample composition may affect our results. All tests strongly support our main inferences. Table <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab9">9</a> summarizes the results for models (1) and (2) for our measures of prior and future misbehavior based on CIR_Ii,t. Results with our other measures of misbehavior (based on CIR_Ni,t, CIR_Si,t) are inferentially equivalent. <div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-9"><figure><figcaption class="c-article-table__figcaption">Table 9 Additional analyses and robustness</figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1007/s11142-024-09850-8/tables/9" aria-label="Full size table 9">Full size table<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div><h3 class="c-article__sub-heading" id="Sec15">7.1 Reporting history</h3>First, we address the concern that the firm’s history of CSR reporting may affect our results. Following Granger (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1969" title="Granger, C.W.J. 1969. Investigating causal relations by econometric models and cross-spectral methods. Econometrica 37 (3): 424–438." href="/article/10.1007/s11142-024-09850-8#ref-CR76" id="ref-link-section-d66401388e19975">1969</a>), we include an additional variable in model (1) that accounts for prior CSR reporting. We use either a dichotomous variable that indicates whether firm i has issued a GRI report in any year prior to t (PriorGRI_Ii,t) or a categorical variable that counts the number of prior GRI reports before t (PriorGRI_Ni,t). For both variants, we find a significantly positive association with CSR reporting in t (CSRR_Ii,t or CSRR_Qi,t) (p < 0.01, untabulated). As in our main analyses, we find a significantly positive association between each measure of prior misbehavior (CIR_Ii,t-3, CIR_Ii,∑3y, CIR_Ni,t-3, CIR_Ni,∑3y, CIR_Si,t-3, or CIR_Si,∑3y) and CSRR_Qi,t (p < 0.01/0.05). However, there is no significant relation with CSRR_Ii,t. Subsequent to misbehavior, firms with a (more experienced) history of CSR reporting improve the quality of their reports rather than increase their likelihood of issuing another CSR report, which is not surprising since they have already been issuing CSR reports in the past. In model (2), we replace the CSR reporting variable in t with each of the reporting history variables (PriorGRI_Ii,t or PriorGRI_Ni,t). For both variables, we find a significantly positive association with future misbehavior (CIR_Ii,t+1, CIR_Ni,t+1, or CIR_Si,t+1) (p < 0.01/0.05/0.1), indicating an increase in misbehavior after a (more experienced) history of CSR reporting, which is in line with legitimacy theory.Furthermore, controlling for prior CSR reporting quality in model (1) with CSRR_Qi,t as the dependent variable does not change our main inferences. We include a variable that captures CSR reporting quality prior to past misbehavior, i.e., CSRR_Qi,t in the last available year prior to t-3 (PriorCSRR_Qi,t). The associations between prior misbehavior and CSRR_Qi,t remain positively significant (p < 0.05/0.1, untabulated) for all measures of prior misbehavior (CIR_Ni,t-3, CIR_Ni,∑3y, CIR_Si,t-3, CIR_Si,∑3y) except the association between (CIR_Ii,t-3, CIR_Ii,∑3y) and CSRR_Qi,t..<h3 class="c-article__sub-heading" id="Sec16">7.2 Alternative instrumental variables</h3>To address the concern that our choice of IVs may bias the results, we repeat the analyses of model (2) with all 10 combinations of four, three, or two of the IVs outlined in Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec10">4.2.2</a>. In addition, we follow Christensen (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e20189">2016</a>) and use R&D expenses (RDi,t) and GRI reporting in t-3 (CSRR_Ii,t-3) as additional IVs. Each specification confirms a significantly positive relation of CSR reporting and future misbehavior (p < 0.01/0.05/0.1), in line with legitimacy theory.<h3 class="c-article__sub-heading" id="Sec17">7.3 Alternative variable measurement</h3>To address the concern that our variable measurement may bias the results, we repeat our main analyses with different measures of misbehavior. First, we measure irresponsibility based on Refinitiv’s ESG controversy score instead of the CCRD. We find significantly positive associations of CSR reporting (CSRR_Ii,t, CSRR_Qi,t) with both the prior ESG controversy score in t-3 (CIR_Ri,t-3) (p < 0.05/0.1) and the future ESG controversy score in t + 1 (CIR_Ri,t+1) (p < 0.01).Second, as an alternative measure for the severity of misbehavior, we apply Refinitiv’s weighting mechanism to our CCRD-based data on the number of cases of misbehavior in t-3, over the period from t-3 to t-1, and in t + 1 (CIR_Nwi,t-3, CIR_Nwi,∑3y, CIR_Nwi,t+1).<a href="#Fn37">Footnote 37</a> Again, we find significantly positive associations between prior misbehavior (CIR_Nwi,t-3, CIR_Nwi,∑3y) and CSR reporting (CSRR_Ii,t, CSRR_Qi,t) (p < 0.01/0.05) and between CSR reporting (CSRR_Ii,t, CSRR_Qi,t) and future misbehavior (CIR_Nwi,t+1) (p < 0.01/0.05).We further use a measure for voluntary CSR reporting that does not require firms to have applied the GRI standards (CSRR_I2i,t instead of CSRR_Ii,t), i.e., a dichotomous variable that indicates the voluntary issuance of any kind of stand-alone CSR report (including but not limited to GRI reports). The results are similar to our main results and in line with legitimacy theory. Moreover, we measure performance by return on assets (ROAi,t) instead of ROEi,t and find consistent results. Next, we measure industry fixed effects based on ICB industries instead of supersectors and again find consistent results. Furthermore, we adjust for outliers in all continuous variables by winsorizing and trimming at the 1st and 99th percentiles (e.g., Albers and Guenther <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Albers, C., and T. Guenther. 2011. Disclose or not disclose. Determinants of social reporting for STOXX Europe 600 firms. Journal of Management Control 21(3): 323–347." href="/article/10.1007/s11142-024-09850-8#ref-CR5" id="ref-link-section-d66401388e20366">2011</a>). The results remain inferrentially unaffected.<h3 class="c-article__sub-heading" id="Sec18">7.4 Alternative model specifications</h3>Our main inferences remain valid for different combinations of fixed effects: (1) industry-year fixed effects in addition to separate year and industry fixed effects; (2) country instead of industry fixed effects in addition to year fixed effects; (3) as in (2) and additionally clustered standard errors on the firm level to reduce the risk of serial correlation in the residuals<a href="#Fn38">Footnote 38</a>; (4) country-year fixed effects in addition to separate year and country fixed effects; and (5) fixed effects on all three dimensions, i.e., year, industry, and country.<a href="#Fn39">Footnote 39</a> Analyzing probit instead of logistic estimations of model (1) using CSRR_Ii,t as the dependent variable supports our inferences. We also rerun the 2SLS regression in model (2) using probit and logistic regressions for the first stage because CSRR_Ii,t+1 is binary. Our main inferences remain unaffected.<a href="#Fn40">Footnote 40</a>In addition, we control for potential peer effects following Qianqian und Rui (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2018" title="Qianqian, D., and S. Rui. 2018. Peer performance and earnings management. Journal of Banking & Finance 89:125–137." href="/article/10.1007/s11142-024-09850-8#ref-CR147" id="ref-link-section-d66401388e20565">2018</a>), who find that peer performance affects firms’ earnings management, i.e., intensifies opportunistic reporting behavior. Therefore, we include the mean number of prior misbehaviors of all firms within the same ICB industry (CIR_Npeeri,∑3y) in models (1) and (2). This variable is positively significant in both models (p < 0.01, untabulated) and does not change our main inferences. The firms’ voluntary GRI reporting decision, their CSR disclosure quality, and their future misbehavior are significantly associated with both their own and their peer group’s prior misbehavior.<h3 class="c-article__sub-heading" id="Sec19">7.5 Alternative sample composition: cross-sectional analyses</h3>To address the concern that our results may depend on the industrial or regional background of the sample firms, we repeat our primary analyses for different sample compositions. First, we exclude ICB supersectors with high environmental and social impact (with CSRR_Ii,t: N = 1,952, with CSRR_Qi,t: N = 1,355) following Young and Marais (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Young, S., and M. Marais. 2012. A multi-level perspective of CSR reporting: The implications of national institutions and industry risk characteristics. Corporate Governance: An International Review 20(5): 432–450." href="/article/10.1007/s11142-024-09850-8#ref-CR188" id="ref-link-section-d66401388e20597">2012</a>).<a href="#Fn41">Footnote 41</a> High impact industries implemented CSR reporting at a very early stage (KPMG <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1999" title="KPMG. (1999). KPMG International Survey of Environmental Reporting 1999. Retrieved March 4, 2020, from 
 https://www.researchgate.net/publication/254796996_KPMG_International_survey_of_environmental_reporting_1999
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR107" id="ref-link-section-d66401388e20607">1999</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2002" title="KPMG. 2002. KPMG International Survey of Corporate Sustainability Reporting 2002. Retrieved March 4, 2020, from 
 https://www.researchgate.net/publication/254746739_KPMG_International_Survey_of_Corporate_Sustainability_Reporting_2002
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR108" id="ref-link-section-d66401388e20610">2002</a>), and CSR-related scandals have been prevalent in these industries (e.g., Boele et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2001" title="Boele, R., H. Fabig, and D. Wheeler. 2001. Shell, Nigeria and the Ogoni. A study in unsustainable development: I. The story of Shell, Nigeria and the Ogoni people – environment, economy, relationships: conflict and prospects for resolution. Sustainable Development 9(2): 74–86." href="/article/10.1007/s11142-024-09850-8#ref-CR18" id="ref-link-section-d66401388e20613">2001</a>; Flammer <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Flammer, C. 2013. Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal 56(3): 758–781." href="/article/10.1007/s11142-024-09850-8#ref-CR70" id="ref-link-section-d66401388e20616">2013</a>). While our main inferences hold for the subsample excluding high impact industries (p < 0.01/0.05), the subsample with only firms from high impact industries (with CSRR_Ii,t: N = 2,547, with CSRR_Qi,t: N = 1,795) provides some different results for model (1): prior misbehavior (CIR_Ii,t-3, CIR_Ni,t-3, or CIR_Si,t-3) is not significantly associated with CSRR_Ii,t or CSRR_Qi,t, consistent with the explanation that firms from high impact industries are under pressure to report on CSR due to the bad image of their industry and not necessarily their own behavior. The results of model (2) again show a significantly positive association of CSR reporting and future misbehavior (CIR_Ii,t+1, CIR_Ni,t+1, or CIR_Si,t+1, p < 0.01/0.05/0.1, untabulated), in line with legitimacy theory.Second, we exclude financial firms (ICB code 8000; with CSRR_Ii,t: N = 3,712, with CSRR_Qi,t: N = 2,612) since voluntary reporting is highly industry-specific (e.g., Kolk et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2001" title="Kolk, A., S. Walhain, and S. VanDeWateringen. 2001. Environmental reporting by the Fortune Global 250: Exploring the influence of nationality and sector. Business Strategy and the Environment 10(1): 15–28." href="/article/10.1007/s11142-024-09850-8#ref-CR104" id="ref-link-section-d66401388e20712">2001</a>). Our main inferences remain valid.<a href="#Fn42">Footnote 42</a>Third, we control for the influence of country cultural differences on voluntary reporting (Maignan and Ralston <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2002" title="Maignan, I., and D. A. Ralston. 2002. Corporate social responsibility in Europe and the U.S.: Insights from businesses’ self-presentations. Journal of International Business Studies 33(3): 497–514." href="/article/10.1007/s11142-024-09850-8#ref-CR126" id="ref-link-section-d66401388e20782">2002</a>; Welford <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2004" title="Welford, R. 2004. Corporate social responsibility in Europe and Asia. Journal of Corporate Citizenship 13:31–47." href="/article/10.1007/s11142-024-09850-8#ref-CR178" id="ref-link-section-d66401388e20785">2004</a>) by re-estimating our models for different subsamples: We first exclude all firms from the US, the most frequently represented nation in our sample (with CSRR_Ii,t: N = 2,858, with CSRR_Qi,t: N = 2,028). We find a significantly positive association between all variables of prior misbehavior and CSRR_Ii,t (p < 0.01/0.05/0.1) but not CSRR_Qi,t. All specifications of model (2) confirm a significantly positive association of CSR reporting with future misbehavior (p < 0.01/0.05). Next, we only include European firms (with CSRR_Ii,t: N = 1,605, with CSRR_Qi,t: N = 1,197), since Europe has emphasized CSR more strongly than other regions (Tschopp <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2005" title="Tschopp, D. J. 2005. Corporate social responsibility: A comparison between the United States and the European Union. Corporate Social Responsibility and Environmental Management 12(1): 55–59." href="/article/10.1007/s11142-024-09850-8#ref-CR172" id="ref-link-section-d66401388e20832">2005</a>; Welford <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2005" title="Welford, R. 2005. Corporate social responsibility in Europe, North America and Asia. Journal of Corporate Citizenship 17:33–52." href="/article/10.1007/s11142-024-09850-8#ref-CR179" id="ref-link-section-d66401388e20835">2005</a>).<a href="#Fn43">Footnote 43</a> In model (1), the association of prior misbehavior with CSRR_Qi,t is either insignificant (CIR_Ni,t-3, CIR_Si,t-3) or negatively significant (CIR_Ii,t-3, CIR_Ii,∑3y, CIR_Ni,∑3y, CIR_Si,∑3y, p < 0.01/0.05/0.1). With CSRR_Ii,t, all variants of prior misbehavior are significantly positively associated (p < 0.01/0.05). Firms with prior misbehavior tend to increase their likelihood of issuing a CSR report but decrease their disclosure quality, which might be a result of higher public scrutiny on CSR and related (mis-)reporting due to the stronger regulations in Europe. Most specifications of model (2) confirm a significantly positive association of CSR reporting with future misbehavior (p < 0.01/0.05/0.1).<a href="#Fn44">Footnote 44</a><h3 class="c-article__sub-heading" id="Sec20">7.6 Alternative sample composition: extended timeframe</h3>Finally, we analyze a broader sample of Fortune Global 500 firms until 2018.<a href="#Fn45">Footnote 45</a> We compare our main sample period (2003–2013) to the periods 2014–2016 (after the issuance of the EU directive and the Integrated Reporting Framework) and 2017–2018 (after the effective date of the EU directive). For 2014–2016, we find a significantly negative association between prior misbehavior and CSRR_Ii,t in model (1) (p < 0.01/0.05/0.1). For 2017–2018, the association is insignificant for CIR_It-3, CIR_I∑3y, and CIR_N∑3y and significantly negative for CIR_Nt-3, CIR_St-3, and CIR_S∑3y (p < 0.05/0.1, untabulated). In model (2), the association of CSRR_Ii,t with future misbehavior is insignificant for CIR_Ii,t-3, CIR_Ii,∑3y, and CIR_Ni,t-3 and negatively significant for CIR_Ni,∑3y, CIR_Si,t-3, and CIR_Si,∑3y (p < 0.05/0.1, untabulated) for 2014–2016 and insignificant for 2017–2018. However, this extended time period is characterized by a transition from voluntary to mandatory CSR reporting. We observe in the data collection process that many firms have replaced GRI-based stand-alone CSR reports with integrated reports or mandatory reports which are not captured by our measure for CSRR_Ii,t. The CSRR_Ii,t measure is therefore not suitable for this time period, and the results cannot be interpreted as evidence of a decrease in misbehavior.For CSRR_Qi,t, we find no significant associations with prior or future misbehavior in either time period. Again, the interpretation of these results requires caution, as many of our sample firms are operating in jurisdictions that are affected by the European and other initiatives to mandate the disclosure of CSR-related information. The firms’ reporting and hence our measure for CSRR_Qi,t will therefore be affected by these regulations. Overall, our measures of CSRRi,t do not well reflect voluntary CSR reporting during the later time periods, which is why we excluded these periods from our main analyses. More future research is needed to analyze the effects of mandatory CSR reporting on misbehavior in a clean setting.</div></div></section><section data-title="Quasi-natural experiment"><div class="c-article-section" id="Sec21-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec21">8 Quasi-natural experiment</h2><div class="c-article-section__content" id="Sec21-content">To further validate our results, we use a quasi-natural experiment and analyze an exogenous shock to textile-related industries. In 2013, the Rana Plaza disaster in Bangladesh led many firms to sign an accord for better working conditions. We analyze the voluntary signature as an additional form of proclaiming CSR commitment, to shed more light on the relation between public CSR commitment and actual behavior.<a href="#Fn46">Footnote 46</a> The general expectation is that catastrophes like the Rana Plaza disaster lead to better working conditions in the related industries, since public scrutiny following the events is high and firms have incentives to fix their shortcomings. We compare the firms affected by the disaster to a control group of unaffected firms from other industries in a difference-in-differences design. In addition, we divide the group of affected firms into signatories and non-signatories of the accord. Signaling theory implies a particular reduction in misbehavior for signatories if the signature constitutes a credible signal of CSR commitment. However, the results of our analyses above imply that many firms proclaim CSR commitment for legitimization rather than signaling. Legitimacy theory implies that prior misbehavior increases the likelihood of firms signing the accord and that signatories do not reduce, and may even increase, their misbehavior afterwards. We thus expect that signatories behave less responsibly than non-signatories pre and post accord.<a href="#Fn47">Footnote 47</a>We analyze 528 firms in five ICB subsectors: Clothing & Accessories (ICB code 3763), Footwear (3765), Food Retailers & Wholesalers (5337), Apparel Retailers (5371), and Broadline Retailers (5373). The 176 firms that signed the accord in 2013 (Bangladeshaccord <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Bangladeshaccord. 2013. Annual report Bangladesh Accord Foundation 2013. Retrieved June 23, 2019, from 
 https://admin.bangladeshaccord.org/wp-content/uploads/2018/07/Annual-report-Bangladesh-Accord-Foundation-2013.pdf
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR9" id="ref-link-section-d66401388e21146">2013</a>) are concentrated in these five ICB subsectors, except for three firms that we exclude since their main activities are in inadequately represented subsectors (Food Products (3577), Furnishing (3726), and Toys (3747)). We exclude 95 firms that signed the accord after 2013 or signed the follow-up accord that became effective in 2018. We further exclude 139 signatories and 171 non-signatories that are not covered by the databases used (Datastream, Eikon, and CCRD). The final sample includes 34 signatories and 89 non-signatories. As in Paik et al. (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2017" title="Paik, G. H., B. Lee, and K. R. Krumwiede. 2017. Corporate social responsibility performance and outsourcing: The case of the Bangladesh tragedy. Journal of International Accounting Research 16(1): 59–79." href="/article/10.1007/s11142-024-09850-8#ref-CR141" id="ref-link-section-d66401388e21149">2017</a>), the size of these two subsamples is relatively small but sufficient (Barnes <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2017" title="Barnes, M. 2017. Discussion of Corporate Social Responsibility Performance and Outsourcing: The Case of the Bangladesh Tragedy. Journal of International Accounting Research 16(1): 81–82." href="/article/10.1007/s11142-024-09850-8#ref-CR12" id="ref-link-section-d66401388e21152">2017</a>). We analyze misbehavior from 2000 to 2018. As a control sample, we analyze the Fortune Global 500 firms described in Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec22">7.6</a> (632 firms). Table <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab10">10</a> shows the results. Panel A provides the means and standard deviations of CIR_Ii,t for the period pre (2000–2012) and post the disaster (2014–2018) for the three samples. Linear regressions test for differences (panel B). Figure <a data-track="click" data-track-label="link" data-track-action="figure anchor" href="/article/10.1007/s11142-024-09850-8#Fig1">1</a> illustrates the results. <div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-10"><figure><figcaption class="c-article-table__figcaption">Table 10 Quasi-natural experiment: Bangladesh Accord</figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1007/s11142-024-09850-8/tables/10" aria-label="Full size table 10">Full size table<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div>Overall, CIR_Ii,t has significantly declined for the average firm in the total sample from pre to post 2013. The coefficient of -0.0740 (p < 0.01) of POST indicates that the average unaffected Fortune Global 500 firm has reduced misbehavior by 0.0740 from pre to post 2013 (0.2807 vs. 0.2066). The mean of CIR_Ii,t is higher for signatories than for unaffected firms by 0.0904 pre 2013 (p < 0.01; 0.3710 vs. 0.2807) and by 0.1816 post 2013 (p < 0.01; 0.3882 vs. 0.2066). This difference has thus increased by (0.1816–0.0904 =) 0.0912 from pre to post 2013 (p < 0.05). CIR_Ii,t of non-signatories is lower than that of unaffected firms by 0.1026 pre 2013 (p < 0.01; 0.1780 vs. 0.2807). Post 2013, it is higher by 0.0383 (p < 0.1; 0.2449 vs. 0.2066). This difference has thus increased by (0.0383–0.1026 =) 0.1409 (p < 0.01). The main inferences hold after including the determinants and control variables of model (2) and using industry fixed effects.<a href="#Fn48">Footnote 48</a> Overall, the results indicate that misbehavior is more likely for signatories compared to both non-signatories and unaffected firms pre and post 2013 and that signatories do not reduce their misbehavior after signing the accord. Firms seem to sign the accord to greenwash misbehavior rather than to signal true CSR commitment.<div class="c-article-section__figure js-c-reading-companion-figures-item" data-test="figure" data-container-section="figure" id="figure-1" data-title="Fig. 1"><figure><figcaption>Fig. 1</figcaption><div class="c-article-section__figure-content"><div class="c-article-section__figure-item"><a class="c-article-section__figure-link" data-test="img-link" data-track="click" data-track-label="image" data-track-action="view figure" href="/article/10.1007/s11142-024-09850-8/figures/1" rel="nofollow"><picture><source type="image/webp" srcset="//media.springernature.com/lw685/springer-static/image/art%3A10.1007%2Fs11142-024-09850-8/MediaObjects/11142_2024_9850_Fig1_HTML.png?as=webp"><img aria-describedby="Fig1" src="//media.springernature.com/lw685/springer-static/image/art%3A10.1007%2Fs11142-024-09850-8/MediaObjects/11142_2024_9850_Fig1_HTML.png" alt="figure 1" loading="lazy" width="685" height="488"></picture></a></div><div class="c-article-section__figure-description" data-test="bottom-caption" id="figure-1-desc">Mean corporate misbehavior pre and post 2013 by firm groups. Displays the mean corporate misbehavior (CIR_Ii,t) pre and post 2013 by firm groups (created in STATA). On average, corporate misbehavior is significantly lower for the overall sample of firms and for the control group of unaffected Fortune Global 500 firms in the period after the incident compared to the period before the incident. While for both non-signatories and signatories corporate misbehavior is significantly higher after the incident, the average corporate misbehavior remains significantly higher for signatories compared to non-signatories as well as to the unaffected Fortune Global 500 firms</div></div><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="article-link" data-track="click" data-track-label="button" data-track-action="view figure" href="/article/10.1007/s11142-024-09850-8/figures/1" data-track-dest="link:Figure1 Full size image" aria-label="Full size image figure 1" rel="nofollow">Full size image<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div></div></div></section><section data-title="Conclusion"><div class="c-article-section" id="Sec22-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec22">9 Conclusion</h2><div class="c-article-section__content" id="Sec22-content">We analyze corporate misbehavior pre and post voluntary CSR reporting to address the reciprocal relation of proclaimed and implemented CSR commitment over time. Prior literature on the relation between CSR reporting and CSR performance often aggregates responsible and irresponsible behaviors. To avoid measurement problems arising from this aggregation, we measure irresponsible behavior only, but across all CSR dimensions and preceding as well as subsequent to CSR reporting. We find significantly positive associations between CSR reporting (the voluntary issuance of a GRI report and CSR disclosure quality) and both prior and future misbehavior (occurrence, number, and severity). This implies that prior misbehavior increases the efforts expended for CSR reporting. However, our results imply that CSR reporting, even of better quality, is not an indication of improved operations but is related to increased future misbehavior, both in terms of number and severity.We substantiate our findings using the Rana Plaza disaster in Bangladesh in 2013 as a quasi-natural experiment. We analyze the voluntary decision to sign an accord for better working conditions as an additional form of proclaiming CSR commitment. We find that misbehavior is more likely for signatories before and after the signature, compared to non-signatories and firms from industries not affected by the exogenous shock. Signatories show no sign of improvement. Consistent with legitimacy theory, our results imply that voluntarily proclaiming CSR commitment is not a credible signal of the latter but serves impression management and greenwashing purposes.An inevitable limitation of our study is that we cannot entirely rule out endogeneity issues. Still, multiple approaches that address these issues support our inferences. Also, due to a lack of data, we had to exclude some firms from countries with apparent human rights violations like China. Our analyses focus on the period until 2013 when CSR reporting was generally voluntary and before some jurisdictions had begun to mandate it. Whereas we find an increase in misbehavior subsequent to voluntary CSR reporting during our main sample period, we find no such evidence for the extended time period of 2014–2018. However, this later time period is characterized by a transition to mandatory reporting during which our measures do not well reflect voluntary CSR reporting, which is why we excluded it from our main analyses. Whereas some jurisdictions, like Europe, have decided to mandate the disclosure of CSR information, others, like the US, remain undecided about whether and how to mandate CSR reporting. The results from our main sample period are unaffected by CSR reporting mandates and provide valuable insights for debates over what voluntary CSR reporting can and cannot achieve. Nevertheless, future research is needed to investigate whether mandatory CSR reporting is more effective in altering firm behavior toward more responsibility than voluntary CSR reporting.</div></div></section> </div> <section data-title="Notes"><div class="c-article-section" id="notes-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="notes">Notes</h2><div class="c-article-section__content" id="notes-content"><ol class="c-article-footnote c-article-footnote--listed"><li class="c-article-footnote--listed__item" id="Fn1" data-counter="1."><div class="c-article-footnote--listed__content">Practitioners and academics interchangeably refer to “corporate responsibility,” “corporate social responsibility (CSR),” “environmental, social, and governance (ESG) issues,” and “sustainability” to describe commitment to sustainable economic development and ethical standards (e.g., VanMarrewijk <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2003" title="VanMarrewijk, M. 2003. Concepts and definitions of CSR and corporate sustainability: Between agency and communion. Journal of Business Ethics 44(2–3): 95–105." href="/article/10.1007/s11142-024-09850-8#ref-CR176" id="ref-link-section-d66401388e296">2003</a>; Christensen, Hail, and Leuz <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Christensen, H. B., L. Hail, and C. Leuz. 2021. Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies 26(3): 1176–1248." href="/article/10.1007/s11142-024-09850-8#ref-CR36" id="ref-link-section-d66401388e299">2021</a>).</div></li><li class="c-article-footnote--listed__item" id="Fn2" data-counter="2."><div class="c-article-footnote--listed__content">“There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud” (Friedman <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1970" title="Friedman, M. 1970. The social responsibility of business is to increase its profits. The New York Times Magazine, 119(41): 122–126." href="/article/10.1007/s11142-024-09850-8#ref-CR72" id="ref-link-section-d66401388e391">1970</a>, 126). “Responsible businesses enact the same values and principles wherever they have a presence, and know that good practices in one area do not offset harm in another” (UNGC <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2020a" title="Corporate Critic Research Database (CCRD). 2020a. Research & Ratings. How is Corporate Critic compiled? Retrieved March 4, 2020, from 
 http://www.corporatecritic.org/info/rr/compiled.aspx
 
 " href="/article/10.1007/s11142-024-09850-8#ref-CR42" id="ref-link-section-d66401388e394">2020a</a>).</div></li><li class="c-article-footnote--listed__item" id="Fn3" data-counter="3."><div class="c-article-footnote--listed__content">The UNGC is a worldwide voluntary compact between the United Nations, firms, and other parties (e.g., NGOs and business associations) (UNGC <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2020b" title="United Nations Global Compact (UNGC). 2020b. Who we are. Our Participants. Retrieved October 21, 2020, from 
 https://www.unglobalcompact.org/what-is-gc/participants
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR174" id="ref-link-section-d66401388e433">2020b</a>). The ten UNGC principles encompass human rights, labor, environment, and anti-corruption that reflect responsibility to people, the planet, and long-term corporate success (UNGC <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2020a" title="United Nations Global Compact (UNGC). 2020a. United Nations Global Compact. The ten principles of the UN Global Compact. Retrieved October 21, 2020, from 
 https://www.unglobalcompact.org/what-is-gc/mission/principles
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR173" id="ref-link-section-d66401388e436">2020a</a>).</div></li><li class="c-article-footnote--listed__item" id="Fn4" data-counter="4."><div class="c-article-footnote--listed__content">Frynas and Yamahaki (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Frynas, J. G., and C. Yamahaki. 2016. Corporate social responsibility: Review and roadmap of theoretical perspectives. Business Ethics: A European Review 25(3): 258–285." href="/article/10.1007/s11142-024-09850-8#ref-CR73" id="ref-link-section-d66401388e559">2016</a>) provide an overview of theories used in prior studies to explain CSR.</div></li><li class="c-article-footnote--listed__item" id="Fn5" data-counter="5."><div class="c-article-footnote--listed__content">Christensen (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e765">2016</a>) includes prior misconduct, measured as publicized lawsuits, as a control variable in his analysis and finds insignificant results.</div></li><li class="c-article-footnote--listed__item" id="Fn6" data-counter="6."><div class="c-article-footnote--listed__content">The GRI guidelines provide a CSR reporting framework of high quality (e.g., Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e843">2016</a>) and are the most frequently used (e.g., KPMG <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="KPMG 2022. KPMG Survey of Sustainability Reporting 2022. Retrieved October 10, 2022, from 
 https://assets.kpmg.com/content/dam/kpmg/sg/pdf/2022/10/ssr-small-steps-big-shifts.pdf
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR112" id="ref-link-section-d66401388e846">2022</a>). The GRI does not focus solely on financial materiality but extends to corporate impacts on sustainable development. Such double materiality is central to current debates and developments involving mandatory non-financial reporting (Adams and Abhayawansa <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Adams, C. A., and S. Abhayawansa. 2022. Connecting the COVID-19 pandemic, environmental, social and governance (ESG) investing and calls for ‘harmonisation’ of sustainability reporting. Critical Perspectives on Accounting 82:102309." href="/article/10.1007/s11142-024-09850-8#ref-CR1" id="ref-link-section-d66401388e849">2022</a>). Despite recent attempts to integrate CSR topics into annual reports (e.g., the introduction of the Integrated Reporting Framework), stand-alone reports are still the most common form of CSR reporting (e.g., KPMG <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2008" title="KPMG. 2008. KPMG International Survey of Corporate Responsibility Reporting 2008. Retrieved October 21, 2020, from 
 https://www.in.kpmg.com/securedata/aci/files/sustcorporateresponsibilityreportingsurvey2008.pdf
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR109" id="ref-link-section-d66401388e852">2008</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="KPMG. 2011. KPMG International Survey of Corporate Responsibility Reporting 2011. Retrieved October 21, 2020, from 
 https://assets.kpmg/content/dam/kpmg/pdf/2012/02/Corporate-responsiblity-reporting-2012-eng.pdf
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR110" id="ref-link-section-d66401388e855">2011</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2017" title="KPMG. 2017. The KPMG Survey of Corporate Responsibility Reporting 2017. Retrieved October 21, 2020, from 
 https://assets.kpmg/content/dam/kpmg/xx/pdf/2017/10/kpmg-survey-of-corporate-responsibility-reporting-2017.pdf
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR111" id="ref-link-section-d66401388e859">2017</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="KPMG 2022. KPMG Survey of Sustainability Reporting 2022. Retrieved October 10, 2022, from 
 https://assets.kpmg.com/content/dam/kpmg/sg/pdf/2022/10/ssr-small-steps-big-shifts.pdf
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR112" id="ref-link-section-d66401388e862">2022</a>). We differentiate neither between the GRI versions G2 to G4 nor between the different application levels (A + to C, undeclared, GRI-referenced).</div></li><li class="c-article-footnote--listed__item" id="Fn7" data-counter="7."><div class="c-article-footnote--listed__content">We measure CSR reporting in the year of publication t. In our sample period, we observe that firms do not generally continue to publish a GRI report in every single year after their first publication but rather publish GRI reports only in selected years. While some firms publish a GRI report every second year, others do not follow an obvious pattern.</div></li><li class="c-article-footnote--listed__item" id="Fn8" data-counter="8."><div class="c-article-footnote--listed__content">Bloomberg’s ESG score compares a firm’s CSR reporting to a list of ESG disclosure items. It ranges from zero (if a firm does not disclose any information on these data points) to 100 (if a firm discloses information on all data points). The score is composed of three pillars (E = environmental, S = social, and G = governance). Each pillar includes several topics that are further devided into fields. While the E, S, and G pillars and the topics are equally weighted, Bloomberg assigns weights to the fields, with quantitative fields weighted more heavily than binary fields.</div></li><li class="c-article-footnote--listed__item" id="Fn9" data-counter="9."><div class="c-article-footnote--listed__content">In particular, Donaldson and Dunfee’s (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1994" title="Donaldson, T., and T. W. Dunfee. 1994. Towards a unified conception of business ethics: Integrative social contracts theory. The Academy of Management Review 19(2): 252–284." href="/article/10.1007/s11142-024-09850-8#ref-CR58" id="ref-link-section-d66401388e911">1994</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1999" title="Donaldson, T., and T. W. Dunfee. 1999. Ties that bind: A social contracts approach to business ethics. Harvard Business School Press." href="/article/10.1007/s11142-024-09850-8#ref-CR59" id="ref-link-section-d66401388e914">1999</a>) Integrative Social Contracts Theory and definition of hypernorms allow for a detailed differentiation between responsibility and irresponsibility based on the UNGC.</div></li><li class="c-article-footnote--listed__item" id="Fn10" data-counter="10."><div class="c-article-footnote--listed__content">The CCRD changed its website to ethicalconsumer.org in 2019–2020, when it started to place higher emphasis on the ethical ratings and consultancy services that it provides based on the research database (now called Corporate Research Database; CCRD <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021b" title="Corporate Critic Research Database (CCRD). 2021b. Ethical Consumer Research & Consultancy: Corporate Research Database. Retrieved September 27, 2021, from 
 https://research.ethicalconsumer.org/corporate-research-database
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR45" id="ref-link-section-d66401388e926">2021b</a>). We only use the database, not the ratings. Except for including information on how a particular story influences the rating of the firm, the underlying methods of the database have remained the same. Lately, Ethical Consumer has been providing a video introduction to the database at <a href="https://youtu.be/iyiOooX_h3I">https://youtu.be/iyiOooX_h3I</a>.</div></li><li class="c-article-footnote--listed__item" id="Fn11" data-counter="11."><div class="c-article-footnote--listed__content">Although this global orientation reduces potential coverage and language biases, we further address them in our robustness tests.</div></li><li class="c-article-footnote--listed__item" id="Fn12" data-counter="12."><div class="c-article-footnote--listed__content">Advertising or comparable information in the news is one more reason to focus on misbehavior rather than aggregate CSR when analyzing firms’ true CSR behavior. While an aggregated measure might be biased by firm-induced media news or advertising, the negative news will not be. If the media prefers publishing negative over positive news or vice versa in order to win a bigger audience, then an aggregate measure of good and bad news will be biased. By focusing on negative news, this bias is avoided. If, on the other hand, the media’s desire to win a big audience leads to false accusations and exaggerations, then all firms will be equally affected.</div></li><li class="c-article-footnote--listed__item" id="Fn13" data-counter="13."><div class="c-article-footnote--listed__content">Breitinger and Bonardi (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2019" title="Breitinger, D., and J. -P. Bonardi. 2019. Firms, breach of norms, and reputation damage. Business & Society 58(6): 1143–1176." href="/article/10.1007/s11142-024-09850-8#ref-CR23" id="ref-link-section-d66401388e995">2019</a>) apply a similar method when investigating corporate reputation damages based on the Swiss database RepRisk. Following Strike et al. (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2006" title="Strike, V. M., J. Gao, and P. Bansal. 2006. Being good while being bad: Social responsibility and the international diversification of U.S firms. Journal of International Business Studies 37(6): 850–862." href="/article/10.1007/s11142-024-09850-8#ref-CR166" id="ref-link-section-d66401388e998">2006</a>), we attribute a subsidiary’s misbehavior to the parent firm.</div></li><li class="c-article-footnote--listed__item" id="Fn14" data-counter="14."><div class="c-article-footnote--listed__content">To adjust for their strongly skewed distribution, we logtransform CIR_Ni,t+1 and CIR_Si,t+1 (ln (x + 1)) in our analyses.</div></li><li class="c-article-footnote--listed__item" id="Fn15" data-counter="15."><div class="c-article-footnote--listed__content">As for future misbehavior, we use logtransformed values for CIR_Ni,t-3, CIR_Ni,∑3y, CIR_Si,t-3, and CIR_Si,∑3y (ln (x + 1)) to adjust for their strongly skewed distribution.</div></li><li class="c-article-footnote--listed__item" id="Fn16" data-counter="16."><div class="c-article-footnote--listed__content">Refinitiv calculates the ESG controversy score in three steps: (1) it counts the number of controversies based on public media along 23 topics; (2) it multiplies this number by severity weights based on market capitalization, using 1 for small firms (< 2 billion), 2/3 for medium firms (> = 2 billion), and 1/3 for large firms (> = 10 billion); and (3) it calculates the score based on a percentile rank formula that is a ratio of (the number of firms with a worse value plus one half of the number of firms with the same value) divided by the number of firms with a value different from zero. The score takes the value of 1 in cases with zero controversies (Refinitiv <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Refinitiv. 2022. Environmental, social and Governance scores from Refinitiv. Retrieved September 29, 2022, from 
 https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR152" id="ref-link-section-d66401388e1216">2022</a>).</div></li><li class="c-article-footnote--listed__item" id="Fn17" data-counter="17."><div class="c-article-footnote--listed__content">We find significant correlations of CIR_Ri,t with our handcollected CCRD-based measures CIR_Ii,t (Bravais-Pearson correlation = 0.20, Spearman rank correlation = 0.20, p < 0.05, untabulated), CIR_Ni,t (Bravais-Pearson correlation = 0.19, Spearman rank correlation = 0.21, p < 0.05), and CIR_Si,t (Bravais-Pearson correlation = 0.16, Spearman rank correlation = 0.21, p < 0.05). We also find correlations of the prior and future scores from Refinitiv with our CCRD-based measures of prior and future misbehavior (between 0.12 and 0.26, p < 0.05).</div></li><li class="c-article-footnote--listed__item" id="Fn18" data-counter="18."><div class="c-article-footnote--listed__content">As the Fortune Global 500 includes only the firms with the highest sales worldwide, our measure of market share relates to the biggest competitors rather than all competitors. Butler et al. (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2007" title="Butler, M., A. Kraft, and I. S. Weiss. 2007. The effect of reporting frequency on the timeliness of earnings. The cases of voluntary and mandatory interim reports. Journal of Accounting and Economics 43(2–3): 181–217." href="/article/10.1007/s11142-024-09850-8#ref-CR26" id="ref-link-section-d66401388e1953">2007</a>) use a similar measure. They proxy strategic costs by a four-firm concentration ratio that measures a firm’s sales in relation to its four biggest competitors. Other studies using the Herfindahl–Hirschman index to proxy for proprietary costs (e.g., Dhaliwal et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Dhaliwal, D. S., O. Z. Li, A. Tsang, and Y. G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(1): 59–100." href="/article/10.1007/s11142-024-09850-8#ref-CR55" id="ref-link-section-d66401388e1956">2011</a>; Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e1959">2016</a>) did not find a significant relation to CSR reporting.</div></li><li class="c-article-footnote--listed__item" id="Fn19" data-counter="19."><div class="c-article-footnote--listed__content">We do not use firm fixed effects since the dependent variable CSRR_Ii,t is a dichotomous variable taking the values zero and one. If a firm does not issue a GRI report in any sample year, CSRR_Ii,t takes the value zero in each year. If a firm issues a GRI report in each sample year, CSRR_Ii,t continuously takes the value one. Using firm fixed effects would exclude respective firms due to perfect prediction. In addition, firm fixed effects would prevent us from analyzing time-invariant variables like cultural differences (POi and HOi) and legal background (LEGALi). For robustness purposes, we analyze different fixed effects models (Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec16">7</a>).</div></li><li class="c-article-footnote--listed__item" id="Fn20" data-counter="20."><div class="c-article-footnote--listed__content">Maximum likelihood estimation requires a specific and complete set of IVs for the estimation to be consistent. Control functions additionally require that the endogenous regressor is discrete and distributed continuously (Lewbel et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Lewbel, A., Y. Dong, and T. T. Yang. 2012. Comparing features of convenient estimators for binary choice models with endogenous regressors. Canadian Journal of Economics 45(3): 809–829." href="/article/10.1007/s11142-024-09850-8#ref-CR121" id="ref-link-section-d66401388e2138">2012</a>). Other models used to control for endogeneity in accounting research, such as constrained regressions (e.g., Christodoulou and McLeay <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Christodoulou, D., and S. McLeay. 2014. The double entry constraint, structural modeling and economic estimation. Contemporary Accounting Research 31(2): 609–628." href="/article/10.1007/s11142-024-09850-8#ref-CR37" id="ref-link-section-d66401388e2141">2014</a>), cannot be applied to our setting since we do not have fully identified relations.</div></li><li class="c-article-footnote--listed__item" id="Fn21" data-counter="21."><div class="c-article-footnote--listed__content">As in model (1), we do not use firm fixed effects since the dependent variable CIR_Ii,t+1 is a dichotomous variable taking the values zero and one. If a firm does not commit misbehavior in any year after CSR reporting, CIR_Ii,t+1 takes the value zero in each sample year. If a firm commits misbehavior in each year, CIR_Ii,t+1 continuously takes the value one. Using firm fixed effects would exclude respective firms due to perfect prediction. In addition, firm fixed effects would hinder us in analyzing time invariant variables like cultural differences (PO and HO). For robustness purposes, we analyze different fixed effects models (Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec16">7</a>).</div></li><li class="c-article-footnote--listed__item" id="Fn22" data-counter="22."><div class="c-article-footnote--listed__content">For an IV estimation to be consistent, the IVs need to be relevant and exogenous (Stock and Watson <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2012" title="Stock, J. H., and M. W. Watson. 2012. Introduction to econometrics, 3rd ed. Pearson." href="/article/10.1007/s11142-024-09850-8#ref-CR165" id="ref-link-section-d66401388e3137">2012</a>). That is, they need to correlate with the endogenous regressor (CSRRi,t) but not with the error term of the second stage (FutureCIRi,t+1) (Larcker and Rusticus <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2010" title="Larcker, D. F., and T. O. Rusticus. 2010. On the use of instrumental variables in accounting research. Journal of Accounting and Economics 49(3): 186–205." href="/article/10.1007/s11142-024-09850-8#ref-CR115" id="ref-link-section-d66401388e3155">2010</a>). Various tests substantiate the validity of our IVs (Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec15">6.2</a>). We do not use a lagged value of the endogenous regressor as an IV, i.e., CSRR_Ii,t, at any time before t, since the exogenous and the endogenous part of the reporting decision persist over time. Likewise, we do not use industry aggregates since the endogenous part of the reporting decision varies not only across industries but also within industries. The use of ranked endogenous regressors would only transfer endogeneity from the original regressors to the ranked ones.</div></li><li class="c-article-footnote--listed__item" id="Fn23" data-counter="23."><div class="c-article-footnote--listed__content">For robustness purposes, we repeat our analyses with all combinations of three or two of the four IVs and also analyze alternative IVs (Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec18">7.2</a>).</div></li><li class="c-article-footnote--listed__item" id="Fn24" data-counter="24."><div class="c-article-footnote--listed__content">Lewbel (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Lewbel, A. 2014. An overview of the special regression method. In The Oxford handbook of applied nonparametric and semiparametric econometrics and statistics, ed. J.S. Racine, L. Su, and A. Ullah, 38–61. Oxford University Press." href="/article/10.1007/s11142-024-09850-8#ref-CR120" id="ref-link-section-d66401388e3297">2014</a>, 38) explains the SR method as follows: “For example, suppose an observed binary variable D satisfies D = I (V + W* ≥ 0), where V is the observed special regressor, and W* is an unobserved latent variable. […] Special regressor methods work by exploiting the fact that if V is independent of W* (either unconditionally or after conditioning on covariates) then variation in V changes the probability that D = 1 in a way that traces out the distribution of W* (either the unconditional distribution or the distribution conditional on covariates).”.</div></li><li class="c-article-footnote--listed__item" id="Fn25" data-counter="25."><div class="c-article-footnote--listed__content">Dong and Lewbel (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Dong, Y., and A. Lewbel. 2015. A simple estimator for binary choice models with endogenous regressors. Econometric Reviews 34(1–2): 82–105." href="/article/10.1007/s11142-024-09850-8#ref-CR60" id="ref-link-section-d66401388e3363">2015</a>) relax the additional requirement of great support for V.</div></li><li class="c-article-footnote--listed__item" id="Fn26" data-counter="26."><div class="c-article-footnote--listed__content">FutureCIRi,t+1 = CIR_Ii,t+1, CIR_Ni,t+1, or CIR_Si,t+1; PriorCIRi,t-3/∑3y = CIR_Ii,t-3/∑3y, CIR_Ni,t-3/∑3y, or CIR_Si,t-3/∑3y; and CSRRi,t = CSRR_Ii,t or CSRR_Qi,t. The first stage regression remains basically unchanged. Since it includes all determinants and control variables of the second stage regression, it also includes V in the SR approach.</div></li><li class="c-article-footnote--listed__item" id="Fn27" data-counter="27."><div class="c-article-footnote--listed__content">IVs and the SR need to be exogenous in the respective model. That is, the IVs in model (3) need to correlate with CSRRi,t but not FutureCIRi,t+1, and the SR in model (4) needs to correlate with FutureCIRi,t+1 but not CSRRi,t. Polynomial regressions of future misbehavior (CIR_Ii,t+1, CIR_Ni,t+1, or CIR_Si,t+1) on the SR confirm a positive coefficient and monotonic graphical appearance (Dong and Lewbel <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2015" title="Dong, Y., and A. Lewbel. 2015. A simple estimator for binary choice models with endogenous regressors. Econometric Reviews 34(1–2): 82–105." href="/article/10.1007/s11142-024-09850-8#ref-CR60" id="ref-link-section-d66401388e3882">2015</a>; Bontemps and Nauges <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Bontemps, C., and C. Nauges. 2016. The impact of perceptions in averting-decision models. An application of the special regressor method to drinking water choices. American Journal of Agricultural Economics 98(1): 297–313." href="/article/10.1007/s11142-024-09850-8#ref-CR21" id="ref-link-section-d66401388e3885">2016</a>).</div></li><li class="c-article-footnote--listed__item" id="Fn28" data-counter="28."><div class="c-article-footnote--listed__content">Analyzing only the largest firms reduces potential concerns about the disproportionate media coverage of larger firms and improves the likelihood that all cases of misbehavior are detected by public media and hence the CCRD.</div></li><li class="c-article-footnote--listed__item" id="Fn29" data-counter="29."><div class="c-article-footnote--listed__content">To adjust for its strongly skewed distribution, we logtransform our measures of the number and severity of misbehaviors in our empirical analyses (see Sect. <a data-track="click" data-track-label="link" data-track-action="section anchor" href="/article/10.1007/s11142-024-09850-8#Sec5">3</a> for details).</div></li><li class="c-article-footnote--listed__item" id="Fn30" data-counter="30."><div class="c-article-footnote--listed__content">Some studies calculate other quality measures like the Nagelkerke R2 or the Cox & Snell R2. Values of about 0.41 and 0.30 for all our model specifications are in an uncritical range.</div></li><li class="c-article-footnote--listed__item" id="Fn31" data-counter="31."><div class="c-article-footnote--listed__content">Government participation (STATEi,t) has no significant effect on CSR reporting. The sign is negative as expected. In our sample, state participation is very low (mean = 2.24 percent). This may explain its lack of influence. Share price volatility (VOLAi,t) has no significant impact either, consistent with the inconclusive results in prior studies. Leverage (LEVi,t) has a significantly positive effect (p < 0.01) on CSR reporting (Watson et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2002" title="Watson, A., P. Shrives, and C. Marston. 2002. Voluntary disclosure of accounting ratios in the UK. The British Accounting Review 34(4): 289–313." href="/article/10.1007/s11142-024-09850-8#ref-CR177" id="ref-link-section-d66401388e17354">2002</a>). ROEt is insignificant. The other determinants significantly relate to CSR reporting and carry the expected signs.</div></li><li class="c-article-footnote--listed__item" id="Fn32" data-counter="32."><div class="c-article-footnote--listed__content">This is in line with literature on ESG rating coverage, such as by Bloomberg, that finds an increase in CSR disclosures for more-covered firms (Bikmetova and Pirinsky <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2022" title="Bikmetova, N., and C. A. Pirinsky. 2022. The real effects of ESG rating agencies. DBJ Discussion Paper Series, No. 2201. Retrieved June 02, 2023, from 
 https://www.dbj.jp/ricf/pdf/research/DBJ_DP_2201.pdf
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR17" id="ref-link-section-d66401388e17385">2022</a>).</div></li><li class="c-article-footnote--listed__item" id="Fn33" data-counter="33."><div class="c-article-footnote--listed__content">We use heteroscedasticity-robust standard errors (r) since the Pagan-Hall test is significant with p < 0.01 and rejects homoscedasticity.</div></li><li class="c-article-footnote--listed__item" id="Fn34" data-counter="34."><div class="c-article-footnote--listed__content">This also holds for the additional IVs DJSIi,t-1 and CROSSi,t.</div></li><li class="c-article-footnote--listed__item" id="Fn35" data-counter="35."><div class="c-article-footnote--listed__content">Correlations of DJSIi,t-1 and CROSSi,t are slightly higher (between 0.16 and 0.18), but the C statistic test of exogeneity for DJSIi,t-1 and CROSSi,t finds insignificant results in our additional analyses (p > 0.1, untabulated), supporting their exogeneity (Bascle <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2008" title="Bascle, G. 2008. Controlling for endogeneity with instrumental variables in strategic management research. Strategic Organization 6(3): 285–327." href="/article/10.1007/s11142-024-09850-8#ref-CR13" id="ref-link-section-d66401388e17545">2008</a>). Prior studies have validated the exogeneity of firm age (e.g., Harjoto and Jo <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Harjoto, M. A., and H. Jo. 2011. Corporate governance and CSR nexus. Journal of Business Ethics 100(1): 45–67." href="/article/10.1007/s11142-024-09850-8#ref-CR83" id="ref-link-section-d66401388e17548">2011</a>; Christensen <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Christensen, D. M. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91(2): 377–399." href="/article/10.1007/s11142-024-09850-8#ref-CR35" id="ref-link-section-d66401388e17551">2016</a>); hence, the prerequisite to perform the C statistic test of at least one exogenous instrument (Wooldridge <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2013" title="Wooldridge, J. M. 2013. Introductory econometrics. A modern approach, 5th ed. Mason." href="/article/10.1007/s11142-024-09850-8#ref-CR185" id="ref-link-section-d66401388e17554">2013</a>) may be considered fulfilled.</div></li><li class="c-article-footnote--listed__item" id="Fn36" data-counter="36."><div class="c-article-footnote--listed__content">We cannot use the Anderson-Rubin or Cragg-Donald tests (which also serve to validate relevance) since we use heteroscedasticity-robust standard errors (e.g., Baum et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2007" title="Baum, C. F., M. E. Schaffer, and S. Stillman. 2007. Enhanced routines for instrumental variables/generalized method of moments estimation and testing. The Stata Journal 7(4): 465–506." href="/article/10.1007/s11142-024-09850-8#ref-CR14" id="ref-link-section-d66401388e17569">2007</a>; Cheng et al. <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2014" title="Cheng, B., I. Ioannou, and G. Serafeim. 2014. Corporate social responsibility and access to finance. Strategic Management Journal 35(1): 1–23." href="/article/10.1007/s11142-024-09850-8#ref-CR32" id="ref-link-section-d66401388e17572">2014</a>).</div></li><li class="c-article-footnote--listed__item" id="Fn37" data-counter="37."><div class="c-article-footnote--listed__content">Refiniv multiplies the number of cases of misbehavior by severity weights based on market capitalization (1 for small firms (< 2 billion), 2/3 for medium firms (> = 2 billion), and 1/3 for large firms (> = 10 billion)).</div></li><li class="c-article-footnote--listed__item" id="Fn38" data-counter="38."><div class="c-article-footnote--listed__content">The misbehavior severity score (CIR_Si,t-3 and CIR_Si,∑3y) turns insignificant in model (1). The indicator variables and the number of misbehaviors (CIR_Ii,t-3, CIR_Ii,∑3y, CIR_Ni,t-3, CIR_Ni,∑3y), however, remain significant (p < 0.05/0.1). All specifications of model (2) confirm a significantly positive association of CSR reporting with future misbehavior (p < 0.01/0.05/0.1), in line with legitimacy theory.</div></li><li class="c-article-footnote--listed__item" id="Fn39" data-counter="39."><div class="c-article-footnote--listed__content">The associations between the indicator variables of misbehavior (CIR_Ii,t-3 and CIR_Ii,∑3y) and CSRR_Qt turn insignificant in model (1). The associations between the number and severity of misbehaviors (CIR_Ni,t-3, CIR_Ni,∑3y, CIR_Si,t-3, CIR_Si,∑3y) and CSRR_Qi,t, however, remain significant (p < 0.05/0.1, untabulated). The associations of all variants or prior misbehavior variables and CSRR_Ii,t remain significant (p < 0.01/0.05/0.1). All specifications of model (2) confirm a significantly positive association of CSR reporting with future misbehavior (p < 0.01/0.05).</div></li><li class="c-article-footnote--listed__item" id="Fn40" data-counter="40."><div class="c-article-footnote--listed__content">The coefficients of CSRR_Ii,t in the second stage turn insignificant using the combination CIR_Ni,t+1 and CIR_N∑3y and the combination CIR_Si,t+1 and CIR_S∑3y. All other specifications confirm a significantly positive association of CSRR_Ii,t with future misbehavior (p < 0.01/0.05/0.1).</div></li><li class="c-article-footnote--listed__item" id="Fn41" data-counter="41."><div class="c-article-footnote--listed__content">0500 Oil & Gas, 1300 Chemicals, 1700 Basic Resources, 2300 Construction & Materials, 2700 Industrial Goods & Services, 3300 Automobiles & Parts, 3500 Food & Beverage, 3700 Personal & Household Goods, 7500 Utilities.</div></li><li class="c-article-footnote--listed__item" id="Fn42" data-counter="42."><div class="c-article-footnote--listed__content">For CSRR_Ii,t, the indicator and the severity score of misbehavior (CIR_It-3, CIR_I∑3y, CIR_St-3, CIR_S∑3y) turn insignificant in model (1). The number of misbehaviors (CIR_Nt-3 and CIR_N∑3y), however, remains significant (p < 0.1, untabulated). With CSRR_Qi,t, all variants of prior misbehavior are significantly positively associated (p < 0.01/0.05). All specifications of model (2) confirm a significantly positive association of CSR reporting with future misbehavior (p < 0.01/0.05/0.1).</div></li><li class="c-article-footnote--listed__item" id="Fn43" data-counter="43."><div class="c-article-footnote--listed__content">These tests further reduce concerns about potentially biased coverage of different regions by the CCRD. We do not calculate our initial model for single countries since this would prevent us from investigating important aspects like cultural differences (POi and HOi) and the influence of legal background (LEGALi).</div></li><li class="c-article-footnote--listed__item" id="Fn44" data-counter="44."><div class="c-article-footnote--listed__content">The association is insignificant when using the combinations CSRR_Ii,t and CIR_Ii,∑3y or CSRR_Qi,t and CIR_Si,∑3y.</div></li><li class="c-article-footnote--listed__item" id="Fn45" data-counter="45."><div class="c-article-footnote--listed__content">After excluding firms not covered by the databases used, the sample includes 632 firms.</div></li><li class="c-article-footnote--listed__item" id="Fn46" data-counter="46."><div class="c-article-footnote--listed__content">In April 2013, the Rana Plaza building in Dhaka collapsed, killing more than 1,100 people and badly injuring thousands more (Bangladeshaccord <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2019" title="Bangladeshaccord. 2019. Accord on Fire and Building Safety in Bangladesh. About. Retrieved June 12, 2019, from 
 https://bangladeshaccord.org/about
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR10" id="ref-link-section-d66401388e21112">2019</a>). This was an unexpected shock to the market and affected textile-related firms all over the world that commonly outsource their manufacturing in Bangladesh to save costs (Quinlan and Sheldon <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2011" title="Quinlan, M., and P. Sheldon. 2011. The enforcement of minimum labor standards in an era of neo-liberal globalization: An overview. The Economic and Labor Relations Review 22(2): 5–31." href="/article/10.1007/s11142-024-09850-8#ref-CR148" id="ref-link-section-d66401388e21115">2011</a>; Barnes <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2017" title="Barnes, M. 2017. Discussion of Corporate Social Responsibility Performance and Outsourcing: The Case of the Bangladesh Tragedy. Journal of International Accounting Research 16(1): 81–82." href="/article/10.1007/s11142-024-09850-8#ref-CR12" id="ref-link-section-d66401388e21118">2017</a>). In response to an increase in external pressure after the disaster, outsourcing firms, trade unions, and witnesses initiated a safety agreement (the Accord on Fire and Building Safety in Bangladesh) effective in May 2013 – only one month after the disaster (Bangladeshaccord <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2019" title="Bangladeshaccord. 2019. Accord on Fire and Building Safety in Bangladesh. About. Retrieved June 12, 2019, from 
 https://bangladeshaccord.org/about
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR10" id="ref-link-section-d66401388e21121">2019</a>). The aim was to gather money and resources to improve safety and working conditions and foster CSR over economic targets (Paik, Lee, and Krumwiede <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2017" title="Paik, G. H., B. Lee, and K. R. Krumwiede. 2017. Corporate social responsibility performance and outsourcing: The case of the Bangladesh tragedy. Journal of International Accounting Research 16(1): 59–79." href="/article/10.1007/s11142-024-09850-8#ref-CR141" id="ref-link-section-d66401388e21124">2017</a>).</div></li><li class="c-article-footnote--listed__item" id="Fn47" data-counter="47."><div class="c-article-footnote--listed__content">Another, more recent incident occurred in Dhaka in 2017. An old heating boiler exploded in a factory despite inspections in accordance with the accord (Bangladeshaccord <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2017" title="Bangladeshaccord. 2017. Accord statement on boiler explosion at Multifabs Ltd. Retrieved September 10, 2019, from 
 https://bangladeshaccord.org/updates/2017/07/05/accord-statement-on-boiler-explosion-at-multifabs-ltd
 
 ." href="/article/10.1007/s11142-024-09850-8#ref-CR11" id="ref-link-section-d66401388e21133">2017</a>). The factory was a supplier for several firms that had signed the accord in 2013. Akbar and Deegan (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2021" title="Akbar, S., and C. Deegan. 2021. Analysis of corporate social disclosures of the apparel industry following crisis: An institutional approach. Accounting & Finance 61(2): 3565–3600." href="/article/10.1007/s11142-024-09850-8#ref-CR3" id="ref-link-section-d66401388e21136">2021</a>) highlight that a main reason for increased disclosures on workplace safety after the Rana Plaza disaster is to respond to outside pressure. Sinkovics et al. (<a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2016" title="Sinkovics, N., S. Ferdous Hoque, and R. R. Sinkovics. 2016. Rana Plaza collapse aftermath: Are CSR compliance and auditing pressures effective? Accounting, Auditing & Accountability Journal 29(4): 617–649." href="/article/10.1007/s11142-024-09850-8#ref-CR160" id="ref-link-section-d66401388e21139">2016</a>) further find that outside pressure after the disaster has led firms to prioritize measurable standards implementation above the needs of their employees and society as a whole. In addition, firms seek greater efficiency in their processes to cope with the increasing cost of compliance, and neglect harmful side effects that destroy social value. Overall, this indicates that improvements after the disaster do not necessarily address all dimensions of CSR.</div></li><li class="c-article-footnote--listed__item" id="Fn48" data-counter="48."><div class="c-article-footnote--listed__content">The difference in the mean of CIR_Ii,t pre 2013 and the change of CIR_Ii,t from pre to post 2013 for non-signatories compared to unaffected firms is no longer significant. All other differences, particularly those of signatories, remain significant. POi, HOi, GLOBALi,t, CIR_Ii,t-1, and SIZEi,t are significant at p < 0.01; ROEi,t is significant at p < 0.1. UNGCi,t is not significant. We measure prior misbehavior (CIR_Ii,t-1) in the year before the dependent variable CIR_Ii,t in order to control for the direct relation between past and future misbehavior. We measure all other variables at the same time as CIR_Ii,t, i.e., in t (comparable to model (2) where FutureCIRi,t+1 and further variables are measured at the same time, t + 1). 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We also acknowledge the excellent research assistance of Marianne Schuermann in developing and collecting data for the severity score.</div></div></section><section data-title="Funding"><div class="c-article-section" id="Fun-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Fun">Funding</h2><div class="c-article-section__content" id="Fun-content">Open Access funding enabled and organized by Projekt DEAL.</div></div></section><section aria-labelledby="author-information" data-title="Author information"><div class="c-article-section" id="author-information-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="author-information">Author information</h2><div class="c-article-section__content" id="author-information-content"><h3 class="c-article__sub-heading" id="affiliations">Authors and Affiliations</h3><ol class="c-article-author-affiliation__list"><li id="Aff1">Department of Accounting and Control, University of Augsburg, Universitaetsstr. 16, 86135, Augsburg, GermanyChristine Reitmaier, Wolfgang Schultze & Julia Vollmer</li></ol><div class="u-js-hide u-hide-print" data-test="author-info">Authors<ol class="c-article-authors-search u-list-reset"><li id="auth-Christine-Reitmaier-Aff1">Christine Reitmaier<div class="c-article-authors-search__list"><div class="c-article-authors-search__item c-article-authors-search__list-item--left"><a href="/search?dc.creator=Christine%20Reitmaier" class="c-article-button" data-track="click" data-track-action="author link - publication" data-track-label="link" rel="nofollow">View author publications</a></div><div class="c-article-authors-search__item c-article-authors-search__list-item--right">You can also search for this author in <a class="c-article-identifiers__item" href="http://www.ncbi.nlm.nih.gov/entrez/query.fcgi?cmd=search&term=Christine%20Reitmaier" data-track="click" data-track-action="author link - pubmed" 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id="additional-information-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="additional-information">Additional information</h2><div class="c-article-section__content" id="additional-information-content"><h3 class="c-article__sub-heading">Publisher's Note</h3>Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.</div></div></section><section aria-labelledby="appendices"><div class="c-article-section" id="appendices-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="appendices">Appendices</h2><div class="c-article-section__content" id="appendices-content"><h3 class="c-article__sub-heading" id="App1">Appendix 1</h3>Table <div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-11"><figure><figcaption class="c-article-table__figcaption">Table 11 UNGC principles and corresponding CCRD (sub-)categories</figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1007/s11142-024-09850-8/tables/11" aria-label="Full size table 11">Full size table<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div><a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1007/s11142-024-09850-8#Tab11">11</a><h3 class="c-article__sub-heading" id="App1">Appendix 2</h3>Table <div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-12"><figure><figcaption class="c-article-table__figcaption">Table 12 Misbehavior severity score</figcaption><div class="u-text-right u-hide-print"><a 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id="citeas">Cite this article</h3>Reitmaier, C., Schultze, W. & Vollmer, J. Corporate responsibility and corporate misbehavior: are CSR reporting firms indeed responsible?. Rev Account Stud (2024). https://doi.org/10.1007/s11142-024-09850-8<a data-test="citation-link" data-track="click" data-track-action="download article citation" data-track-label="link" data-track-external="" rel="nofollow" href="https://citation-needed.springer.com/v2/references/10.1007/s11142-024-09850-8?format=refman&flavour=citation">Download citation<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-download-medium"></use></svg></a><ul class="c-bibliographic-information__list" data-test="publication-history"><li class="c-bibliographic-information__list-item">Accepted: <time datetime="2024-07-11">11 July 2024</time></li><li class="c-bibliographic-information__list-item">Published: <time datetime="2024-10-28">28 October 2024</time></li><li class="c-bibliographic-information__list-item c-bibliographic-information__list-item--full-width"><abbr title="Digital Object Identifier">DOI</abbr>: https://doi.org/10.1007/s11142-024-09850-8</li></ul><div data-component="share-box"><div class="c-article-share-box u-display-none" hidden=""><h3 class="c-article__sub-heading">Share this article</h3>Anyone you share the following link with will be able to read this content:<button class="js-get-share-url c-article-share-box__button" type="button" id="get-share-url" data-track="click" data-track-label="button" data-track-external="" data-track-action="get shareable link">Get shareable link</button><div class="js-no-share-url-container u-display-none" hidden="">Sorry, a shareable link is not currently available for this article.</div><div class="js-share-url-container u-display-none" hidden=""><button class="js-copy-share-url c-article-share-box__button--link-like" type="button" id="copy-share-url" data-track="click" data-track-label="button" data-track-action="copy share url" data-track-external="">Copy to clipboard</button></div> Provided by the Springer Nature SharedIt content-sharing initiative </div></div><h3 class="c-article__sub-heading">Keywords</h3><ul class="c-article-subject-list"><li class="c-article-subject-list__subject"><a href="/search?query=Corporate%20social%20responsibility%20%28CSR%29&facet-discipline="Business%20and%20Management"" data-track="click" data-track-action="view keyword" data-track-label="link">Corporate social responsibility (CSR)</a></li><li class="c-article-subject-list__subject"><a href="/search?query=Corporate%20misbehavior&facet-discipline="Business%20and%20Management"" data-track="click" data-track-action="view keyword" data-track-label="link">Corporate misbehavior</a></li><li class="c-article-subject-list__subject"><a href="/search?query=CSR%20reporting&facet-discipline="Business%20and%20Management"" data-track="click" data-track-action="view keyword" data-track-label="link">CSR reporting</a></li><li class="c-article-subject-list__subject"><a href="/search?query=Real%20effects&facet-discipline="Business%20and%20Management"" data-track="click" data-track-action="view keyword" data-track-label="link">Real effects</a></li><li class="c-article-subject-list__subject"><a href="/search?query=Signaling%20theory&facet-discipline="Business%20and%20Management"" data-track="click" data-track-action="view keyword" data-track-label="link">Signaling theory</a></li><li class="c-article-subject-list__subject"><a href="/search?query=Legitimacy%20theory&facet-discipline="Business%20and%20Management"" data-track="click" data-track-action="view keyword" data-track-label="link">Legitimacy theory</a></li></ul><h3 class="c-article__sub-heading">JEL Classification</h3><ul class="c-article-subject-list"><li class="c-article-subject-list__subject"><a href="/search?query=G18&facet-discipline="Business%20and%20Management"" data-track="click" data-track-action="view keyword" data-track-label="link">G18</a></li><li 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