Instrumental vs. moralthe effect of CSR disclosure framing on investor behavior

Resumo

This thesis examines investors’ reactions to various narratives (framing) disclosed by firms in their corporate social responsibility (CSR) reports. Specifically, it evaluates three disclosure approaches: instrumental (business goals-oriented), moral (societal goals-oriented) and none (absence of rationale). Using an experiment involving 469 real investors, we test two hypotheses: H1: CSR framing influences investors' willingness to invest. H2: Gender moderates the relationship between CSR framing and willingness to invest. The results reveal that both instrumental and moral disclosure frames have a significant positive impact on willingness to invest compared to the absence of framing. However, gender does not act as a significant moderator of this relationship. This thesis is structured into five chapters. Chapter 1 introduces the research topic. Chapter 2 reviews the existing literature on CSR disclosure and experimental studies of investor behavior. Chapter 3 constitutes the core of the thesis and is presented as a standalone research paper, which is intended for submission to a top academic journal following the thesis defense. It details the experimental study testing the two hypotheses. Chapter 4 delves into additional exploratory quantitative and qualitative analyses, focusing on investors' perceptions of greenwashing and their motivations to invest. Finally, Chapter 5 offers suggestions for future research and presents concluding remarks. Keywords: Corporate Social Responsibility; Sustainability, Framing; Financial Reports; Investment; CSR Disclosure; Investor Behavior; ESG; Gender; Judgment and Decision-Making.

Ficha do documento

Tipo

Tese

Ano

2024

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Inglês

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/36356

Temas

Meio Ambiente

Palavras-chave

Responsabilidade social corporativaSustentabilidadeEnquadramentoRelatórios financeirosInvestimentoDivulgação de RSCComportamento do investidorCorporate social responsibilitySustainabilityFramingFinancial reportsInvestmentCSR DisclosureInvestor behaviorESGGenderJudgment and decision-makingAdministração de empresasDesenvolvimento sustentávelInvestimentosCapitalistas e financistas