The Impact of Corporate Social Responsibility Reports on Investors' Decisions: From the Perspective of Accounting Information

Research Article
Open access

The Impact of Corporate Social Responsibility Reports on Investors' Decisions: From the Perspective of Accounting Information

Gengyi Yu 1*
  • 1 Jilin University of Finance and Economics    
  • *corresponding author 3420635004@qq.com
AEMPS Vol.191
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-80590-189-1
ISBN (Online): 978-1-80590-190-7

Abstract

In recent years, as Corporate Social Responsibility (CSR) reports have evolved from marginal texts to strategic tools, investors have gradually recognized the limitations of traditional financial indicators. This study focuses on how accounting information in CSR reports penetrates the superficial layer of "responsibility narratives" and actually influences investment decisions. Through literature analysis, case studies, and theoretical reasoning, it answers two core questions: Which accounting data truly trigger investors' nerves? How do these data convey the sustainable development potential of enterprises? The study finds that accounting indicators, such as environmental governance costs and employee welfare expenditures, constitute the anchor points of "responsibility credibility", and the quality of their disclosure directly affects the risk pricing in the capital market. It suggests that enterprises adopt "industry-customized" disclosure strategies, while investors need to establish a "financial-responsibility" dual-dimension analysis framework. The study reveals a new path for the capitalization of non-financial information, providing a new perspective for value assessment in the era of responsibility.

Keywords:

Corporate Social Responsibility Report, Accounting Information, Investor Decision-making, Non-financial Information Disclosure, ESG Investment

Yu,G. (2025). The Impact of Corporate Social Responsibility Reports on Investors' Decisions: From the Perspective of Accounting Information. Advances in Economics, Management and Political Sciences,191,72-78.
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References

[1]. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2020). Corporate social responsibility disclosure and the cost of equity capital. Journal of Accounting and Public Policy, 39(6): 106-127. https://doi.org/10.1016/j.jaccpubpol.2020.106774

[2]. Garcia, A. S., & Orsato, R. J. (2020). Testing the institutional difference hypothesis. Business Strategy and the Environment, 29(8): 3261-3272. https://doi.org/10.1002/bse.2567

[3]. Li, Z., & Zhang, R. (2021). CSR disclosure and idiosyncratic risk. Journal of Business Ethics, 169(3):227-244. https://doi.org/10.1007/s10551-019-04272-y

[4]. Huang, D. Z. X. (2021). ESG factors and financial performance. Journal of Corporate Finance, 68, 101-119. https://doi.org/10.1016/j.jcorpfin.2021.101957

[5]. Khan, M., Serafeim, G., & Yoon, A. (2022). Corporate sustainability. The Accounting Review, 97(1): 121-144. https://doi.org/10.2308/TAR-2019-0506

[6]. Zhou, S., Simnett, R., & Green, W. (2022). Integrated reporting and capital markets. Abacus, 58(1): 121-149. https://doi.org/10.1111/abac.12256

[7]. Lu, Y., & Abeysekera, I. (2022). Stakeholder reactions to CSR reporting. Journal of Business Ethics, 178(4): 1147-1165. https://doi.org/10.1007/s10551-021-04865-6

[8]. Wong, J. B., & Zhang, Q. (2022). Industry-specific CSR reporting. Resources Policy, 75, 102-115. https://doi.org/10.1016/j.resourpol.2021.102491

[9]. Nollet, J., Filis, G., Mitrokostas, E. (2021). ESG performance and firm value. Global Finance Journal, 48, 100-112. https://doi.org/10.1016/j.gfj.2020.100553

[10]. Wang, Q., Dou, J., & Jia, S. (2020). CSR and financial performance. Business & Society, 59(1): 213-251. https://doi.org/10.1177/0007650318626708

Cite this article

Yu,G. (2025). The Impact of Corporate Social Responsibility Reports on Investors' Decisions: From the Perspective of Accounting Information. Advances in Economics, Management and Political Sciences,191,72-78.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of ICEMGD 2025 Symposium: The 4th International Conference on Applied Economics and Policy Studies

ISBN：978-1-80590-189-1(Print) / 978-1-80590-190-7(Online)
Editor：Florian Marcel Nuţă , Xuezheng Qin
Conference website: https://www.icemgd.org/
Conference date: 20 September 2025
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.191
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2020). Corporate social responsibility disclosure and the cost of equity capital. Journal of Accounting and Public Policy, 39(6): 106-127. https://doi.org/10.1016/j.jaccpubpol.2020.106774

[2]. Garcia, A. S., & Orsato, R. J. (2020). Testing the institutional difference hypothesis. Business Strategy and the Environment, 29(8): 3261-3272. https://doi.org/10.1002/bse.2567

[3]. Li, Z., & Zhang, R. (2021). CSR disclosure and idiosyncratic risk. Journal of Business Ethics, 169(3):227-244. https://doi.org/10.1007/s10551-019-04272-y

[4]. Huang, D. Z. X. (2021). ESG factors and financial performance. Journal of Corporate Finance, 68, 101-119. https://doi.org/10.1016/j.jcorpfin.2021.101957

[5]. Khan, M., Serafeim, G., & Yoon, A. (2022). Corporate sustainability. The Accounting Review, 97(1): 121-144. https://doi.org/10.2308/TAR-2019-0506

[6]. Zhou, S., Simnett, R., & Green, W. (2022). Integrated reporting and capital markets. Abacus, 58(1): 121-149. https://doi.org/10.1111/abac.12256

[7]. Lu, Y., & Abeysekera, I. (2022). Stakeholder reactions to CSR reporting. Journal of Business Ethics, 178(4): 1147-1165. https://doi.org/10.1007/s10551-021-04865-6

[8]. Wong, J. B., & Zhang, Q. (2022). Industry-specific CSR reporting. Resources Policy, 75, 102-115. https://doi.org/10.1016/j.resourpol.2021.102491

[9]. Nollet, J., Filis, G., Mitrokostas, E. (2021). ESG performance and firm value. Global Finance Journal, 48, 100-112. https://doi.org/10.1016/j.gfj.2020.100553

[10]. Wang, Q., Dou, J., & Jia, S. (2020). CSR and financial performance. Business & Society, 59(1): 213-251. https://doi.org/10.1177/0007650318626708

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