Dalarna University's logo and link to the university's website

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.

Price comparison websites, where consumers can compare prices at a search cost that is close to zero, have become increasingly common around the world. Using daily information on prices, click-throughs, and the number of retailers for a sample of consumer electronics and durable goods over a period of 62 months, we investigate the effects of the increased use of the Swedish price comparison website PriceSpy on prices and price dispersion. We find that increased use by consumers created potential savings of 290 million SEK in 2016, while increased use by retailers created potential savings of approximately 2.9 billion SEK. Reduced prices due to increased use of the price comparison website thus resulted in total potential consumer savings of nearly 3.2 billion SEK (289 million EUR) for the year 2016 alone. Price comparison websites thus place downward pressure on prices, thereby increasing economic efficiency. We also find that the increased use of the price comparison website by retailers resulted in increased price dispersion, while the effect of more consumers using the website was mixed.

This paper examines price elasticities on a price comparison website and if there is a discontinuity in demand for retailers having the lowest price or products having the highest consumer rating. Previous research is extended upon, with a larger, more recent, and more varied dataset, with retailers and products followed over a longer period. It is found that there is a statistically significant positive discontinuity in demand for retailers offering the lowest price. However, the results also show that the magnitude of the effect can vary substantially between product categories. The increase in demand ranges from 58% to 154%, with an average effect of 92%. The results pertaining to consumer ratings are found to be inconclusive. The importance for retailers of maintaining the lowest price therefore remains strong, while consumer ratings seem to have less of an impact on consumer demand.

A substantial literature indicates that competition on price comparison websites is fierce, leading to lower prices for products sold. As such, we want to answer the key research question: Why do firms compete on price comparison websites? Based on theory, we suggest that participation in these marketplaces leads to increased productivity, i.e., output increases when holding constant the level of inputs used. This, in turn, leads to increased profits, motivating firms to enter price comparison websites despite fierce competition. To find out if theory holds, we empirically investigate how firm entry into a price comparison website affects firm productivity, profits, and wages. Empirically investigating the impact of PriceSpy market participation on productivity, profits, and wages is not easy since firms are free to select whether and when to enter or exit the PriceSpy marketplace, and we use a two-step procedure to address this problem. In the first step, we control for differences in observables between entering firms and potential control-group firms. Then, in a second step, we use a within-firm difference-in-difference estimator on the matched data to investigate how entry into the PriceSpy marketplace affects output while holding inputs constant. Our results indicate that for the full sample of firms, PriceSpy participation increases output by almost 12% when holding the level of inputs constant. Also, an investigation of who gains from the increased productivity shows that, for entering firms, operating profits increase by 9% and gross wages by 14% when studying the full sample of firms. That labor gains more from PriceSpy participation is even clearer when studying the impact on wholesale and retail firms separately. For those firms, wages increased by 16–17% after entry, while no statistically significant impact was found regarding operating profits.