Corporate sustainability reports and analysts' forecast dispersion: Evidence from Finnish listed companies during 2011 - 2015

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School of Business | Master's thesis
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Date
2016
Major/Subject
Laskentatoimi
Accounting
Mcode
Degree programme
Language
en
Pages
53
Series
Abstract
This study examines if sustainability reporting can reduce information asymmetry in the capital market, measured by analysts' forecast dispersion. The quantitative research is conducted with regression analysis. The regression analysis measures if sustainability reporting, independent third party assurance of the report or if the assurance is provided by a Big Four accounting firm are associated with decrease in analysts' forecast dispersion. The sample consists of 360 firm years of Finnish Nasdaq OMX Helsinki listed companies between the years 2011-2015. The results provide no support for the hypotheses. There are no statistically significant results that would support nor deny the information mitigating effect of a published sustainability report planned following the GRI guidelines, assurance of the report nor assurance by a Big Four accounting firm.
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Keywords
corporate social responsibility, CSR, sustainability reporting, Global Reporting Initiative, GRI, analysts’ forecasts
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