1、本科毕业论文（设计）外文翻译外文题目THESUPPLYOFCORPORATESOCIALRESPONSIBILITYDISCLOSUREAMONGUSFIRMS外文出处JOURNALOFBUSINESSETHICS2009（84）P497527外文作者LORIHOLDERWEBB,JEFFREYRCOHEN,LEDANATH,DAVIDWOOD原文THESUPPLYOFCORPORATESOCIALRESPONSIBILITYDISCLOSUREAMONGUSFIRMSINTRODUCTIONCORPORATESOCIALRESPONSIBILITYCSRACTIVITYISANAREAOFI
2、NTENSEANDINCREASINGINTERESTBOTHONTHEPRACTICEANDACADEMICFRONTSINVESTORINTERESTINRMSTHATENGAGEINTHESEACTIVITIESHASGROWNDRAMATICALLYBETWEEN1995AND2005,INVESTMENTSOFPROFESSIONALLYMANAGEDASSETSGREWFROM7TRILLIONTO244TRILLION,WHILETHESHAREOFTHESEASSETSINVESTEDINSOCIALLYRESPONSIBLEINVESTMENTSGREWFROM639BILL
3、IONTO229TRILLIONSOCIALINVESTMENTFORUMSIF,2006ATTHESAMETIME,LARGEINSTITUTIONALINVESTORSANDMULTISTAKEHOLDERGROUPSINCLUDINGTHEUNPRINCIPLESFORRESPONSIBLEINVESTMENTPROJECT,THEGLOBALREPORTINGINITIATIVEGRI2006,ANDTHECERES,ACOALITIONOFINVESTORSANDPUBLICINTERESTGROUPSHAVEFOCUSEDATTENTIONONTHEMATERIALITYOFSOC
4、IALANDENVIRONMENTALINFORMATIONTOEQUITYANALYSISTHEMAGNITUDEANDGROWTHOFSOCIALLYRESPONSIBLEINVESTINGSRIASSETSHASDRIVENANEQUALLYDRAMATICGROWTHINTHENEEDFORINFORMATIONTHEOBJECTIVEOFTHISSTUDYISTODOCUMENTTHEDISCLOSUREPATTERNSOFCSRBYUSRMSINVESTORSARENOTTHEONLYINTERESTEDPARTIESCSRACTIVITYPROVIDESANINCREASINGF
5、OCUSOFPRODUCTDEVELOPMENTANDMARKETINGPRACTITIONERSRESEARCHDEMONSTRATESTHATCERTAINTYPESOFCSRACTIVITYPRODUCEVALUEFORRMSINTERMSOFBRANDLOYALTYANDMARKETINGADVANTAGESBROWNANDDACIN,1997SENANDBHATTACHARYA,2001ASHANDLEMANANDARNOLD1999,P36NOTE,INANYCOMMUNITY,ITISCOMMONTONDRETAILERSDONATINGTOLOCALCHARITIES,SPON
6、SORINGLITTLELEAGUESPORTSTEAMS,ANDPROUDLYDISPLAYINGTHENATIONALAGTHESEACTIONSDEMONSTRATETHERETAILERSADHERENCETOUNWRITTENBUTPOWERFULNORMATIVERULESOFACCEPTABLESOCIALCONDUCT,SUCHASBECOMINGINVOLVEDWITHTHECOMMUNITYANDPROMOTINGNATIONALPRIDEWHILETHEQUESTIONOFWHATEXACTLYMOTIVATESRMSTOENGAGEINCSRPRACTICESISAMA
7、TTERFORONGOINGRESEARCH,ITISCLEARFROMTHEGROWTHINBOTHSRIASSETSANDCUSTOMERMARKETSFORSOCIALLYRESPONSIBLEGOODSTHATTHEREISANEEDFORINFORMATIONONTHESEPRACTICESTHEHISTORICALEMPHASISOFTRADITIONALNANCIALINFORMATIONDOESNOTANSWERTHENEEDSOFTHESEPARTIES,WHOREQUIREINFORMATIONNOTONLYABOUTFUTUREEARNINGS,BUTALSOABOUTT
8、HERMSSOCIALANDENVIRONMENTALRESPONSIBILITYANDINTERACTIONSWITHTHEENVIRONMENTANDHOMECOMMUNITIESADAMS,2004ANDERSONETAL,2005THECONCERNWITHNONNANCIALFACTORSASWELLASWITHEQUITYRETURNSRESULTSINADEMANDFORGREATERACCOUNTABILITYFROMMANAGERSACCORDINGTOTHESIFP5,ISSUESNOWOCCUPYINGMAINSTREAMCONSCIOUSNESSCORPORATEGOV
9、ERNANCE,TRANSPARENCY,ACCOUNTABILITY,ANDGREATERDISCLOSUREHAVELONGBEENCENTRALTOTHEPRACTICEOFSOCIALINVESTINGMOSTOFTHEWORKINTHISAREAISDIRECTEDATEXAMININGDISCLOSURESFROMEUROPEANANDAUSTRALIANRMS,ANDNEARLYALLMULTINATIONALSTUDIESINDICATEINTERNATIONALDIFFERENCESINDISCLOSUREBEHAVIORINNORTHAMERICA,CORMIERANDMA
10、GNAN1999PROPOSEDACOST/BENETAPPROACHTOENVIRONMENTALDISCLOSURESTHECOSTSARETHECOSTSTHATOTHERPARTIESOTHERTHANSHAREHOLDERSWILLUSETHEINFORMATIONANDTHEBENETSARETHEREDUCTIONININFORMATIONASYMMETRYBETWEENMANAGERSANDSHAREHOLDERSCORMIERANDMAGNAN1999TESTEDTHISONASAMPLEOFCANADIANRMSANDFOUNDTHATVARIABLESSUCHASARMS
11、RELIANCEONCAPITALMARKETSANDTHETRADINGVOLUMEFORITSSTOCKWEREASSOCIATEDWITHINCREASEDENVIRONMENTALDISCLOSURETHEYALSOCONCLUDETHATENVIRONMENTALDISCLOSURESAREINCREASINGOVERTIMEANDTHATTHEINCREASEDDISCLOSUREINCANADACOULDBEAFUNCTIONOFTHELESSLITIGIOUSREPORTINGENVIRONMENTFOUNDINCANADAASOPPOSEDTOTHEUNITEDSTATESA
12、LNAJJAR2000EXAMINEDTHE1990SOCIALRESPONSIBILITYDISCLOSURESOFFORTUNE500COMPANIESHEFOUNDTHATSIZEANDPROTABILITYAFFECTEDTHEQUALITYANDQUANTITYOFDISCLOSURESINCETHEREHAVEBEENANUMBEROFCHANGESINTHEDISCLOSUREENVIRONMENTSINCE1990WHENTHEDATAWASCOLLECTEDFORTHEALNAJJAR2000STUDYANDSINCETHECORMIERANDMAGNAN1999LOOKED
13、ATCANADIANRMS,ITISNOTCLEARHOWUSCORPORATIONSINTHE2000SHAVERESPONDEDTOTHESEINCREASEDDEMANDSFORCSRINFORMATIONFURTHERMORE,PRIORRESEARCHEVALUATINGTHECONTENTOFCSRDISCLOSURESHASFOCUSEDPRIMARILYONASINGLEREPORTINGFORMATGENERALLYTHEANNUALREPORT,MORERECENTLY,THECORPORATEWEBSITEGRAYETAL1995HASSUGGESTEDTHATTHEUS
14、EOFASINGLEFORMATFORANALYSISPURPOSESMAYBESIGNICANTLYLIMITINGTHEUNDERSTANDINGTHATCANBEDERIVEDABOUTCSRDISCLOSUREBEHAVIORWETHEREFOREEXTENDTHISLITERATUREBYEXPLORINGTHEENTIREIDENTIABLEBODYOFPUBLICDISCLOSURESMADEBYTHESAMPLERMSDURING2004AMAJORCONTRIBUTIONOFOURPAPERISTHEDEVELOPMENTOFAMEANSTOASSESSDIRECTLYTHE
15、EMPHASISTHATMANAGEMENTPLACESONDISSEMINATINGAGIVENTYPEOFINFORMATIONPRIORRESEARCHHASLARGELYRELIEDUPONFREQUENCYOFDISCLOSUREALONEASAPROXYFOREMPHASISINTHISPAPER,WEEVALUATETHESTATEOFREPORTINGOFSOCIALANDENVIRONMENTALRESPONSIBILITYOFTENKNOWNASCORPORATESOCIALRESPONSIBILITY,ORCSRREPORTINGAMONGASAMPLEOFUSRMSTO
16、DETERMINEWHATTYPESOFINFORMATIONAREBEINGPROVIDEDANDTHROUGHWHATMEANSOFTRANSMISSIONWEPERFORMACONTENTANALYSISONTHEDISCLOSURESMADEBYASIZEANDINDUSTRYSTRATIEDSAMPLEOF50PUBLICLYTRADEDUSRMSDURING2004RESULTSSUGGESTTHATCOMPANIESDISCLOSEAWIDEVARIETYOFCSRINFORMATIONTHROUGHMANDATEDANDVOLUNTARYMEDIACONSISTENTWITHP
17、RIORRESEARCH,WENDSIZEANDINDUSTRYDRIVENDIFFERENCESINDISCLOSUREBEHAVIOROURRESULTSSUGGESTDIFFERENCESINTHEPATTERNANDVOLUMEOFDISCLOSUREINUSRMSWHENCOMPAREDWITHOTHERSTUDIESEXAMININGGLOBALENTERPRISESINTHENEXTSECTION,WEREVIEWTHERELEVANTTHEORYANDRESEARCHANDPRESENTTHERESEARCHQUESTIONSANDHYPOTHESESTHENWEDESCRIB
18、ETHERESEARCHMETHODANDDISCUSSTHERESULTSWECONCLUDEWITHTHEIMPLICATIONSOFTHESTUDYFORREPORTINGACTIVISTS,ACCOUNTINGRMS,REGULATORS,ANDACADEMICSWHOARERECONSIDERINGTHENATUREOFCORPORATEREPORTINGOFNONNANCIALINFORMATIONLITERATUREREVIEW,RESEARCHQUESTIONS,ANDHYPOTHESESITISDIFCULT,FROMANACADEMICANDTHEORETICALPERSP
19、ECTIVE,TODISENTANGLETHEDIFFERENCESBETWEENARMSDECISIONTOENGAGEINCSRACTIVITIESANDTHEDECISIONONWHY,HOW,ANDWHENTOREPORTONTHOSEACTIVITIESTOSTAKEHOLDERSTHECHOICEOFBROADTHEORETICALFRAMEWORKDEPENDSONWHETHERTHERESEARCHERAPPROACHESTHEQUESTIONOFCSRFROMANECONOMICORANETHICALSTANDPOINTCETINDAMARANDHUSOY,2007ETHIC
20、ALTHEORIESINDICATETHATTHESEACTIVITIESSHOULDBEPROMOTEDBECAUSETHEYARETHERIGHTTHINGTODOECONOMICTHEORIESINDICATETHATTHESEACTIVITIESSHOULDBEPROMOTEDONLYTOTHEDEGREETHATTHEYCREATESHAREHOLDERWEALTHTHROUGHINCREASINGPROTVIRTUALLYALLTHEORETICALAPPROACHESCARRYTHEIMPLICATIONTHATITISNOTENOUGHTOPARTAKEOFACSRACTION
21、,ITISNECESSARYTHENTODISSEMINATEINFORMATIONABOUTTHEACTIONTHATHASBEENTAKENAMATTEROFSIGNICANTDIFFERENCEBETWEENTHETHEORIESPERTAINSTOWHATACTIONSSHOULDBETAKEN,ANDWHOSHOULDBEINFORMEDOFTHEMTOSOMEEXTENT,THEANSWERTOTHERSTDRIVESTHEANSWERTOTHESECONDIFTHEPRIMARYGOALOFTHEACTIVITYISTOENLISTTHESUPPORTOFAPARTICULARP
22、ARTY,THERMWILLOFNECESSITYPUBLICIZETHEACTIVITYTHROUGHCHANNELSLIKELYTOREACHTHATPARTYTHEREFORE,BEFORELAUNCHINGANEXPLORATIONOFTHEAPPROACHESTODISCLOSURE,WEOFFERABRIEFOVERVIEWOFTHEWHYOFCSRACTIVITYNEOCLASSICALECONOMICSBIRDETAL2007ADOPTATRADITIONALECONOMICAPPROACHTOTHEQUESTION,SUGGESTINGTHATMANAGERSSHOULDAP
23、PLYNETPRESENTVALUENPVANALYSISTOALLPOTENTIALCSRACTIVITIESANDTAKEONLYTHEACTIONSTHATRESULTINAPOSITIVENPVAND,THUS,INCREASESHAREHOLDERWEALTHANIMPORTANTELEMENTOFTHISTHEORYINTHECSRCONTEXTISTHENEOCLASSICALNOTIONTHATTHESHAREHOLDERISTHEONLYSTAKEHOLDEROFSIGNICANTINTERESTTHISSTUDYNDSTHATMARKETSARESLOWTOIMPOUNDT
24、HEVALUATIONIMPLICATIONSOFNONEVENTTYPEACTIONSINTOMARKETPRICES,WITHTHEEXCEPTIONOFDIVERSITYINITIATIVESWHILETHEAUTHORSDONOTEXPLICITLYCONSIDERTHEMATTEROFINFORMATIONDISSEMINATION,THEIMPLICATIONOFTHEIRAPPROACHISTHATDISCLOSURESHOULDTAKEPLACETHROUGHTHECHANNELSTOWHICHSHAREHOLDERSAREACCUSTOMEDIE,MANDATORYLINGS
25、SUCHASANNUALREPORTSAND10KSAPROBLEMATICISSUEFORTHETRADITIONALNEOCLASSICALAPPROACHTOCSRISTHATUNLIKEPRODUCTIONDECISIONS,CSRACTIVITIESANDTHEIROUTCOMESMAYNOTYIELDTHEMATHEMATICALTRACTABILITYNECESSARYFORRELIABLENPVANALYSISMARKETINGSTRATEGYANOTHERSTREAMOFINQUIRYTHATSUGGESTSTHATCSRMAYBEMOTIVATEDMAINLYBYWEALT
26、HCONCERNSISFOUNDINTHEMARKETINGLITERATURESEEROBINANDREIDENBACH,1987FORANEXTENSIVESURVEYOFTHISLITERATUREBROWNANDDACIN1997PROVIDEEMPIRICALEVIDENCETHATCONSUMERBELIEFSABOUTPRODUCTSAREINUENCEDBYTHEINFORMATIONTHATTHEYPOSSESSBOTHABOUTCORPORATEABILITYTHEPRODUCERSCOMPETITIVEADVANTAGEANDABOUTTHEPRODUCERSCSR,EV
27、ENTHOUGHTHECSRPOLICIESAREOFTENUNRELATEDTOTHECOMPANYSABILITYTOPRODUCEBOTHITEMSAREKEYELEMENTSINCREATINGAGOODCORPORATEREPUTATION,POSITEDBYNUMEROUSTHEORISTSTOPROVIDEASOURCEOFECONOMICBENETSTOANORGANIZATIONSEEBROWNANDDACIN,1997FORAREVIEWOFTHISLITERATUREBROWNANDDACIN1997NDTHATNEGATIVECSRPERCEPTIONSARESHOWN
28、TOEXERTNEGATIVEEFFECTSONCONSUMERBEHAVIOR,WHILEPOSITIVECSRPERCEPTIONSEXERTPOSITIVEEFFECTSONCONSUMERBEHAVIORTHEYNOTETHATEVENTHOUGHTHEREISPOTENTIALECONOMICVALUEINDOINGSO,ITCANBEDIFCULTTOCOMMUNICATECORPORATEPOSITIONSBUILTAROUNDDEVELOPINGCSRASSOCIATIONSANEEDPOTENTIALLYANSWEREDBYCSRDISCLOSURESINTHEPUBLICF
29、ORUMHANDELMANANDARNOLD1999PROVIDEFURTHEREVIDENCEONWEALTHCREATIONTHROUGHMARKETINGACTIVITIESSUBSUMEDUNDERCSRTHEYSUGGESTTHATCONSUMERSAPPEARTOPOSSESSADEMANDFORINTANGIBLEFACTORSINDICATINGCONGRUENCEWITHLOCALSOCIALNORMSANDVALUES,ANDTHATTHERMSPROMOTIONOFTHESEELEMENTSMAYYIELDASTRATEGICANGLEEQUALTOTHATOFCOMPE
30、TITIVEPOSITIONINGANDPRODUCTATTRIBUTESCONSISTENTWITHBROWNANDDACIN1997,THEYNDTHATNEGATIVEINSTITUTIONALASSOCIATIONSEXERTASIGNICANTNEGATIVEEFFECTONCUSTOMERPERCEPTIONSANDBEHAVIOR,ANDSUGGESTTHATSTAKEHOLDERSHAVEAMINIMALLEVELOFINSTITUTIONALACTIONSBELOWWHICHEVENHIGHLYPOSITIONEDRMSBEGINTOEXPERIENCENEGATIVECON
31、SEQUENCESHOOGHIEMSTRA2000SUGGESTSTHATCSRACTIVITYISAFORMOFIMPRESSIONMANAGEMENTFORTHERMTHISIMAGEMANAGEMENTTHEORYWHICHENCOMPASSESMATTERSOFCORPORATEIDENTITYANDCORPORATEIMAGEISLIKEWISEDRIVENBYDIRECTECONOMICCONCERNSSUCHASCUSTOMERPERCEPTIONSANDACCESSTOCAPITALMARKETSTHEMARKETINGORIENTEDLITERATUREONCSRACTIVI
32、TYSUGGESTSTHESEACTIONSAREASTRATEGICTOOLTOBUILDANDMAINTAINCUSTOMERLOYALTYANDMARKETSHARETHEIMPLICATIONSFORDISCLOSUREARETHATTHEPRIMARYTARGETSFORINFORMATIONARETHEEXISTINGCUSTOMERSANDMEMBERSOFTHEPUBLICWITHAGENERALINTERESTANDTHATTHECONTENTOFTHEDISCLOSUREWILLBECHOSENTOEMPHASIZECONGRUENCEWITHCUSTOMERVALUESP
33、OLITICALECONOMYATHIRDTHEORETICALAPPROACHCONSIDERSTHESEACTIONSTHROUGHTHELENSOFTHEPOLITICALECONOMYCAMPBELLETAL,2003CORMIERANDGORDON,2001DEEGAN,2002DEEGANANDGORDON,1996DOWLINGANDPFEFFER,1975GRAYETAL,1995AGUTHRIEANDPARKER,1990ODONOVAN,2002MAIGNANANDRALSTON,2002INTHISAPPROACHTHERMISNOTCONSIDEREDTOBEANECO
34、NOMICENTITYTHATCANBEDIVORCEDFROMITSSOCIALCONTEXTITISINSTEADANORGANICORGANISMTHATISAPARTYTOASOCIALCONTRACTWITHTHEOTHERMEMBERSOFITSCONTEXTFORTHERMTOSURVIVE,ITMUSTOBTAINTHESUPPORTANDAPPROVALOFITSSTAKEHOLDERS,WHETHERTHOSEBEPRIMARYSTAKEHOLDERSTHOSEWITHOUTWHOSESUPPORTTHERMCANNOTFUNCTIONATALL,INCLUDINGCUST
35、OMERS,SUPPLIERS,ORPROVIDERSOFLABORANDCAPITALORSECONDARYSTAKEHOLDERSWHOAREINDIRECTLYAFLIATEDBUTINAPOSITIONTOSIGNICANTLYINUENCETHERMSSUCCESS,INCLUDINGREGULATORSANDMEDIACLARKSON,1995CSRACTIVITYANDTHECONSEQUENTDISCLOSUREISAPARTOFTHEONGOINGCOMMUNICATIONPROCESSREQUIREDINORDERTOENLISTANDMAINTAINTHATSUPPORT
36、GRAYETAL,1995AUNDERTHISGENERALHEADING,RESEARCHERSHAVEVARIOUSLYADVANCEDTHEORETICALARGUMENTSBASEDONSTAKEHOLDERTHEORYCLARKSON,1995HOOGHIEMSTRA,2000MAIGNANANDRALSTON,2002ANDONLEGITIMATIONIE,CAMPBELL,2000GRAYETAL,1995ATOEXPLAINBOTHCSRACTIVITIESANDDISCLOSURELEGITIMATIONPERTAINSTOEFFORTSONTHEPARTOFTHERMTOE
37、STABLISH,MAINTAIN,ORREPAIRPUBLICPERCEPTIONOFITSDEDICATIONTOSTAKEHOLDERNORMSANDVALUES,THUSEVINCINGRESPECTFORTHESOCIALCONTRACTTHATPERMITSITACCESSTOCAPITALANDLABORMARKETSANDOTHERECONOMICRESOURCESNECESSARYTOENSUREORGANIZATIONALSURVIVALDOWLINGANDPFEFFER1975OUTLINETHREEMEANSTOESTABLISHINGORIMPROVINGLEGITI
38、MACYADAPTINGOPERATIONSTOCONFORMTOEXISTINGSOCIETALEXPECTATIONS,ALTERINGSOCIALDENITIONSTOCONFORMWITHEXISTINGRMOPERATIONS,ORENGAGINGINCOMMUNICATIONTOPROMOTEITSPUBLICIDENTICATIONWITHSOCIALLYLEGITIMATESYMBOLS,VALUES,ANDINSTITUTIONSTHEDEGREETOWHICHTHEORGANIZATIONISVISIBLEAND/ORRELIESONSOCIALANDPOLITICALSU
39、PPORTDRIVESTHECONCERNFORLEGITIMACYANDCONSEQUENTACCESSTORESOURCESANDSUPPORTDOWLINGANDPFEFFER,1975APOTENTIALISSUEWITHAPPLYINGLEGITIMACYTHEORYTOCSRACTIVITYISTHATSOCIALNORMSANDVALUESARELARGELYAFUNCTIONOFTEMPORALMATTERSASISSUESAREBROUGHTTOTHEATTENTIONOFSOCIETY,THEYSEEMTOREPLACEOTHERISSUESOFPRIORFOCUSBIRD
40、ETAL,2007CAMPBELL,2000,2003CAMPBELLETAL,2003GRAYETAL,1995AGUTHRIEANDPARKER,1990THEREFORE,FORLEGITIMACYTHEORYTOYIELDRMLYTESTABLEHYPOTHESESITMUSTBEPOSSIBLETOIDENTIFYBOTHTHEPOPULATIONWITHWHOMTHERMISCONCERNEDWITHESTABLISHINGLEGITIMACYANDTHEVALUESTHATTHEPOPULATIONHOLDSATTHESPECICPOINTINTIMESOURCELORIHOLD
41、ERWEBB，JEFFREYRCOHEN,LEDANATH，DAVIDWOODTHESUPPLYOFCORPORATESOCIALRESPONSIBILITYDISCLOSUREAMONGUSFIRMSJJOURNALOFBUSINESSETHICS2009（84）P497527译文美国公司提供的企业社会责任信息披露引言企业社会责任活动这个领域在实际操作和学术前沿方面正受到越来越多的强烈关注。投资者对于从事这些活动的公司的关注急遽地增长。从1995年至2005年，投资了专业的管理资产从7万亿美元上升到244万亿美元,而这些资产的份额投资于社会责任从6390亿美元上升到29万亿美元社会投资论坛S
42、IF，2006。同时，大型机构投资者和多方利益相关团体包括联合国负责投资项目的原则，全球报告倡议组织（GRI）（2006年），以及投资者和公众的利益集团联盟CERES都集中关注社会和环境信息对股票分析的重要性。社会责任投资（SRI）的资产的规模和增长带动了对信息需求的同步增长。这项研究的目的是记录美国公司对企业社会责任的披露方式。投资者并不是对这些唯一感兴趣的人士，企业社会责任活动导致了人们对产品开发和市场实践的重视日益增加。研究表明，某些类型的企业社会责任活动对公司的品牌忠诚度和市场优势很有价值（布朗和达欣，1997；森和巴塔查亚，2001）。正如汉德曼和阿诺德1999，第36页提到的，在任
43、何社会中，经常会发现有零售商向当地慈善机构捐赠，赞助少年运动队，并骄傲地展示国旗。这些行动表明了这些零售商遵守着一种不成文但具有强烈约束性的社会行为规定，比如密切联系社会各界并增强民族自豪感。尽管关于究竟是什么促使企业参与到社会责任活动实践中来这个问题依然在研究当中，从社会责任投资财产的增长和社会责任产品的消费者市场的扩大中显而易见的是对这些活动的信息需求。传统财务信息通常强调的不是这些群体的需要，这些群体需要的不仅仅是未来的收益，还有公司社会与环境的职责，与环境和家庭社区的相互作用（亚当斯，2004；安德森等，2005）。对非经济因素和股票回报率的关注导致了管理者加强问责制的需要。根据SIF
44、（第五页），“占据主流意识的问题公司治理，透明度，问责制和加强信息披露早已成为社会投资工作的中心”。在这方面的工作大部分是针对欧洲和澳大利亚的研究，几乎所有的多国研究表明在信息披露行为上存在国际差异。在北美，考米尔和麦格曼（1999）所提出的成本/获利理论是用来应付环境的披露。成本费用是指股东以外的其他各方将如何利用这些信息的信息成本。成本获利是指在管理者和股东之间的信息不对称性减少。考米尔和麦格曼（1999）测试了加拿大RMS的样本，发现了这个变量。例如一个资本市场和其股票成交量的依赖和环境信息披露的增加有关。他们还得出结论，环境信息披露是随着时间不断增加，而在加拿大信息披露的增加可能可能会
45、造成诉讼报告环境的减少，但是在美国，这是相反的。纳扎尔（2000年）审查了1990年财富500强企业社会责任披露。他发现，规模和资本容量影响信息披露的质量和数量。由于从纳扎尔（2000）研究时搜集的1990的数据以及考米尔和麦格南（1999）对加拿大公司的研究以来，环境的披露已经发生了很大的变化，所以目前还不清楚美国公司在21世纪如何应对日益增长的企业社会责任的信息需求。此外，以前的研究在评估企业社会责任信息披露的内容时主要集中在一个单一的报告格式（通常是年度报告，以及最近的公司网站等）。格雷等（1995）提出以供分析目的而使用单一格式可能在很大程度上限制了对企业社会责任披露行为产生的理解。因
46、此，我们通过探索样本公司整个2004年期间公开披露的所有信息来扩展了这篇文章。我们这篇文章主要的贡献是对直接评价给定类型的信息的传播强调方法的发展；以前的研究在很大程度上依赖于作为重点代理的信息披露的频繁度。在本文中，我们评估社会和环境责任（通常被称为企业责任会计或CSR）在美国公司的一份样本中的报告状态，由此确定什么类型的信息被提供，并通过什么方式传播。我们做了一份对50家公开上市的不同大小和行业的美国公司的披露做了一份内容分析。结果表明，企业社会责任信息是通过规定和各种自发媒体来披露的。与以前的研究结果一致，我们发现披露行为的差异是由规模和行业的不同导致的。我们的研究结果表明，美国公司的披
47、露与其他全球企业相比在规模和数量上都有差异。在下一节，我们回顾了相关理论和研究，并提出了研究问题和假设。然后，我们描述了研究方法以及讨论了结果。我们对关于报告活动，会计师事务所，监管学者和对非财务信息的性质重新定义的学者的研究进行了总结。文献综述，问题研究和假设从学术和理论的角度去理清企业对从事企业社会责任活动的决定和为什么、怎么以及何时对利益相关者报告这些活动之间的关系是很困难的。研究者是否从经济或道德角度看企业社会责任问题决定了广泛理论框架的选择（赛特德尔和赫索，2007）。道德理论表明这些活动应当被推广，因为他们是应当去做的“正确的事”。经济学理论表明，这些活动不仅应被推广到通过他们增加
48、利润及创造股东财富的程度。几乎所有推行的理论方法说明，仅仅参与企业社会责任的行动是不够的，因此，对采取的行动的资料进行传播是十分必要的。在理论中涉及的一个重大不同意义的问题是应该采取什么行动以及由谁来负责他们。在一定程度上，对的第一个以及第二个动因的回答是如果该活动的主要目标是争取一个特定派别的支持，公司可能有通过各种渠道宣传活动达到这个派别要求的必要。因此，在发起披露情况的探索前，我们提供了一个“为什么”要进行企业社会责任活动的简要概述。伯德等人2007采用传统的经济学分析问题,认为经理应该适应净现值NPV去分析所有潜在的“企业社会责任”活动，并只执行有利于净现值的行动,才能增加利益相关者的
49、财富。这个理论在企业社会责任语境的一个重要元素是古典概念，,即股东利益相关者是唯一重要的利益。本研究发现,市场渐渐忽视了评估的影响，即无效模式伴随着多样性措施进入市场价格。虽然作者并不能明确地考虑这件信息传播的重要，暗示他们这种披露应该通过股东们习惯的渠道发生即托管的文档,如年度报告和10KS。传统新古典方法在企业社会责任中运用有一个不确定的问题,就是它不像生产决策那样。企业社会责任活动及其结果可能不会放弃那个用数学就能容易解决的必要的可靠的净现值分析。营销策略在营销文件中发现咨询的另一个分支说明企业社会责任主要可以被财富关系驱使见罗宾和瑞德巴赫,1987年的一个广泛的调查文学。布朗和达欣1997提供实证证据表明消费相信产品受公司所拥有的企业能力生产者的竞争优势和生产者的“企业社会责任”等有关信息的影响尽管企业社会责任制度通常与公司生产的能力毫无关系。这两点都是创造一个良好的企业信誉的关键元素,被大量的理论家假设可以带来组织经济利益见布朗和DACIN，1997年的文献检阅。布朗和达欣1997发现负面企业社会责任认知会对消费行为造成不良影响，而正面的企业社会责任认知会对消费行为起到积极作用。他们指
