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Who are the intended users of CSR reports?: Insights from a data-driven approach
Dalarna University, School of Information and Engineering, Microdata Analysis.ORCID iD: 0000-0002-4240-5626
Dalarna University, School of Information and Engineering, Microdata Analysis.ORCID iD: 0000-0003-2952-7327
Dalarna University, School of Information and Engineering, Microdata Analysis.ORCID iD: 0000-0003-2317-9157
2021 (English)In: Sustainability, E-ISSN 2071-1050, Vol. 13, no 3, p. 1070-1090Article in journal (Refereed) Published
Abstract [en]

There is extant research on theorization, conceptualization, determinants, and consequences of corporate social responsibility (CSR). However, what firms include in their CSR or sustainability reports are much less covered and are predominantly covered in case studies of individual firms. In this paper, we instead take a holistic view and simultaneously explore what firms around the globe currently disclose in these reports, more specifically we investigate if firms are shareholder or stakeholder focused. In this investigation, we check the alignment of the reports to the materiality framework of Sustainability Accounting Standards Board (SASB) which was developed having shareholders as the intended user. To estimate what firms disclose in CSR reports we used the unsupervised Bayesian machine learning approach latent Dirichlet allocation (LDA) developed by Blei et al. We conclude that firms target shareholders as the intended users of these reports, even in environments where stakeholder approach of management is argued to be more dominant. Methodologically, we contribute by demonstrating that topic modeling can enhance the objectivity in reviewing CSR-reports.

Place, publisher, year, edition, pages
2021. Vol. 13, no 3, p. 1070-1090
Keywords [en]
CSR; sustainability; text mining; topic modeling; big data
National Category
Business Administration Information Systems
Identifiers
URN: urn:nbn:se:du-35829DOI: 10.3390/su13031070ISI: 000615633500001Scopus ID: 2-s2.0-85099967041OAI: oai:DiVA.org:du-35829DiVA, id: diva2:1520762
Available from: 2021-01-21 Created: 2021-01-21 Last updated: 2023-04-14Bibliographically approved
In thesis
1. Voluntary Information Sharing, Retail Pricing and Firm Performance
Open this publication in new window or tab >>Voluntary Information Sharing, Retail Pricing and Firm Performance
2021 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

Online information sharing by firms has created an unprecedented amount of data to analyze by researchers. While conclusions from research should be drawn with basis in sound theory, there has also emerged a need to supplement these theoretical considerations with advanced data collection, storage and analysis as well as reporting to decisionmakers. As such, the emergence of the research field of microdata analysis has given aid in the process of gathering large quantities of data and managing databases, analyzing said data with knowledge in advanced areas, e.g., statistical inference, machine learning, artificial intelligence and the like, and presenting the results for decisionmakers and stakeholders in a clear, coherent way while also stating economic consequences to enable decision-making. This dissertation consists of five individual papers contributing to this field of research, and in the process answering a set of questions related to voluntary information sharing, retail pricing, and firm performance.

In the first paper, a large-scale data collection of corporate social responsibility reports was coupled with state-of-the-art topic modelling analysis to answer the question who the intended users of these reports are, and the results show that the shareholder perspective is more prominent rather than the stakeholder perspective. The second paper empirically shows the value of having lowest price or highest ratings on a price comparison website, with the former being found to have a profound impact on demand, while the effect of the latter is more unclear. The third paper relies on time series clustering analysis to test if intertemporal price discrimination is the cause of remaining price dispersion in low search cost markets. The empirical evidence rejects an established theory of explaining price dispersion in a wide range of markets characterized by low search costs. The fourth paper provides an investigation into how the increased use of a price comparison website affect pricing. It is found that an increased use of the platform and number of retailers entering lead to a reduction in average prices with substantial consumer savings as the general outcome. Following the results of the third paper, a more likely model to explain the persistent price dispersion in low search cost markets is also presented. The fifth and final paper combines two datasets with rigorous statistical analysis to answer why firms compete on price comparison websites, despite the threat of increased competition and reductions in prices. The results show that retailers competing on price comparison websites increase their productivity which creates increased profits that are shared between shareholders and employees. The different types of information sharing studied in this thesis is thus found to have profound impact on consumers, firms and society at large.

Place, publisher, year, edition, pages
Borlänge: Dalarna University, 2021
Series
Dalarna Doctoral Dissertations ; 15
Keywords
Voluntary information sharing, online retailing, e-commerce, price comparison websites, CSR, consumer search
National Category
Computer and Information Sciences
Identifiers
urn:nbn:se:du-36389 (URN)978-91-88679-13-0 (ISBN)
Public defence
2021-06-04, a digital seminar, 13:00 (English)
Opponent
Supervisors
Available from: 2021-05-10 Created: 2021-03-31 Last updated: 2023-04-14Bibliographically approved
2. Corporate Disclosures Regulations: Social Solution or a Problem?
Open this publication in new window or tab >>Corporate Disclosures Regulations: Social Solution or a Problem?
2021 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

Regulations are argued to have the answer to solving various social and economic problems that society faces today (e.g., climate change, tax evasion, etc.). However, regulations may instead become the problem (e.g., overregulation). The central research question of this doctoral thesis is “are corporate disclosures regulations a social solution or a problem?” 

To answer the central research question, Papers I and II examine the economic effects of an EU-wide audit reform, the Annual Accounts Directive: 2013/34/EU, on firms and the society. Papers III, IV, and V examine firm behavior to assess the need for public regulation of nonfinancial reporting in the light of an EU-wide reform, the Nonfinancial Reporting Directive: 2014/95/EU, commonly known as the NFRD.

The thesis posits that the current implementations of these reforms in some settings are imperfect and thus costly for the firms and society. It recommends deregulation of the monitoring of financial disclosure, i.e., to allow more small firms the option of deciding if an audit is beneficial for them or not. On the other hand, recommends a different approach for regulating nonfinancial reporting, e.g., sustainability reporting. For instance, regulations that can influence firms’ governance structure, e.g., board diversity. A firm with a diverse board is more likely to adopt a sustainability agenda which is better aligned with the expectations of the EU regulators. 

Stakeholders use firms’ disclosures to evaluate its performance and behavior for various decision making. For example, shareholders, in their investing or divesting decisions; analysts, in making various forecasts and recommendations; or governments, in assessing the need for reforms. Historically, stakeholders commonly used financial information for these types of decision making. Hence, there are well established generic measures to evaluate firms’ financial information (e.g., earnings quality measures and financial-statement ratios). Nowadays, stakeholders are increasingly using firms’ sustainability related information in their decision-making process as well. However, replicable and scalable generic measures to evaluate such information are missing. This thesis develops objective approaches and a generic measure, to evaluate firms’ sustainability related disclosures. The developed approaches for analyzing unstructured text data may be applied to other fields that can benefit from the use of natural language processing tools.

Place, publisher, year, edition, pages
Borlänge: Dalarna University, 2021
Series
Dalarna Doctoral Dissertations ; 17
Keywords
audit choice, audit regulations, corporate governance, corporate sustainability, EU-wide accounting reforms, firm growth, greenhouse gas emissions, machine learning, microdata analysis, natural learning processing, new institutional economics, nonfinancial reporting, survey
National Category
Business Administration Computer and Information Sciences
Identifiers
urn:nbn:se:du-38100 (URN)978-91-88679-16-1 (ISBN)
Public defence
2021-11-12, Room 311, Borlänge, 13:00 (English)
Opponent
Supervisors
Available from: 2021-10-18 Created: 2021-09-14 Last updated: 2023-08-17Bibliographically approved

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Lindgren, CharlieHuq, Asif MCarling, Kenneth

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