喻园管理论坛2024年第10期(总第942期)
演讲主题: CSR commitment, financial reporting frequency, and information loss: Evidence from eliminating mandatory quarterly financial reporting in the UK
主 讲 人: 李跃，加拿大多伦多大学教授
主 持 人: 郭炜，会计与财税系主任、教授
活动时间: 2024年3月26日（周二）15:00-17:00
活动地点: 管院大楼119室
主讲人简介：
李跃目前担任加拿大多伦多大学的会计学教授, 并兼任多伦多大学密西沙加校区管理和会计硕士项目(MMPA)主任。李跃教授于2023年荣获美国会计协会（AAA）颁发的杰出会计文献贡献奖 (Distinguished Contributions to Accounting Literature Award)。李跃教授的研究注重企业会计和环境保护方面信息披露对公司市场估值的影响。他的研究专长包括环境会计、企业环境信息披露、企业社会责任报告和审计，以及可持续性管理。他在The Accounting Review、Contemporary Accounting Research等顶级会计研究期刊上发表过论文，并在谷歌学者(Google Scholar)上获得了超过8600次引用。李跃教授还担任过Contemporary Accounting Research、British Accounting Review、Journal of Management Accounting Research、Asia Pacific Journal of Accounting and Economics等主要会计期刊的特邀编辑，客座编辑和副编辑。
活动简介：
This study examines whether corporate CSR commitment affects firms’ choice of financial reporting frequency. Specifically, we examine whether firms with strong CSR commitment choose to abandon quarterly financial reporting voluntarily, following the reporting regime change in Europe in 2013. We argue that CSR commitment symbolizes a firm’s orientation towards long-term investments and management disapproval of short-termism. Firms with strong CSR commitment would reduce financial reporting frequency to avoid undesired pressure from short-term oriented investors. Using a sample of UK listed companies, we find that firms with strong CSR commitment are more likely to abandon the quarterly reporting voluntarily following the change in the U.K.’s Disclosure and Transparency Rules in 2014. Further analysis reveals that firms with strong CSR commitment do not exhibit increased information asymmetry after abandoning quarterly reporting. Such firms are more likely to increase capital spending and long-term investment after abandoning quarterly reporting. Our results are robust to different specifications and controls for firm characteristics known to affect firms’ financial reporting decisions. Overall, our evidence is consistent with the argument that CSR commitment symbolizes a firm’s long-term investment focus and such firms favor less frequent financial reporting.
