#5363. Media coverage, corporate social irresponsibility conduct, and financial analysts performance

August 2026publication date
Proposal available till 13-05-2025
4 total number of authors per manuscript0 $

The title of the journal is available only for the authors who have already paid for
Journal’s subject area:
Development;
Management, Monitoring, Policy and Law;
Strategy and Management;
Places in the authors’ list:
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Abstract:
We examine how financial analysts respond to public information about corporate social irresponsibility (CSI) conduct. Exploiting a novel dataset on environmental, social, and governance reputational risk rating based on media coverage and analyzing a sample of 667 public corporations over an 11-year period, we find that analysts optimistic bias tends to grow in proportion to media coverage of CSI conduct. To deal with the endogeneity issue, we propose as instrumental variable, namely, the Euclidean distance from the Canadian border.
Keywords:
corporate social responsibility; earnings forecast bias; media coverage

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