Differences in Corporate Social Responsibility Rating and Analysts'Earnings Forecasting Behavior
Based on the social responsibility ratings of listed companies scored by RKS and Hexun from 2010 to 2018,this paper constructs the index of social responsibility rating divergence,and discusses the influence of corporate social responsibility rating di-vergence on analysts'forecasting behavior.We find that corporate social responsibility divergence reduces the accuracy of analysts'earnings forecasts,improves the optimistic deviation and divergence of analysts'earnings forecasts,which has a negative impact on the efficiency of capital market information.In addition,the mechanism analysis reveals that corporate information transparency and analysts'ability can alleviate the negative impact of corporate social responsibility divergence.Further analysis shows that the nega-tive effect exists not only in mandatory social responsibility reporting companies,but also in voluntary disclosure companies and in-dustries that are not sensitive to social responsibility information.
Corporate Social Responsibility Rating DisagreementInformation AsymmetryInformation EfficiencyAnalyst Earn-ings Forecast
万方数据
维普
