We test whether the publication of a social report influences, directly and indirectly, the stock price. The research model used is based on the classic formulation of value relevance analysis and the sample selected consists of 178 Italian listed companies. The estimates demonstrate a significant negative correlation between the publication of a social report and the stock price. Furthermore, all other factors being equal, accounting information on book value per share and earning per share are more relevant in the stock price formation process in the case of companies that publish a social report.
Social report and stock price, an empirical analysis / F. Giunta; C. Carnevale; P. Cardamone. - In: ECONOMIA AZIENDALE ONLINE. - ISSN 2038-5498. - ELETTRONICO. - Special Issue 1/2009:(2009), pp. 3-16. [http://dx.doi.org/10.4485/ea2038-5498.3-16]
Social report and stock price, an empirical analysis
GIUNTA, FRANCESCO;
2009
Abstract
We test whether the publication of a social report influences, directly and indirectly, the stock price. The research model used is based on the classic formulation of value relevance analysis and the sample selected consists of 178 Italian listed companies. The estimates demonstrate a significant negative correlation between the publication of a social report and the stock price. Furthermore, all other factors being equal, accounting information on book value per share and earning per share are more relevant in the stock price formation process in the case of companies that publish a social report.File | Dimensione | Formato | |
---|---|---|---|
425-2318-1-PB.pdf
Accesso chiuso
Tipologia:
Versione finale referata (Postprint, Accepted manuscript)
Licenza:
Tutti i diritti riservati
Dimensione
160.06 kB
Formato
Adobe PDF
|
160.06 kB | Adobe PDF | Richiedi una copia |
I documenti in FLORE sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.