On the Value Relevance of Information on Environmental and Social Activities and Performance – Some Evidence from the UK Stock Market

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Motivated by the requirements of the UK Companies Act 2006 for a Strategic Report introduced in late 2013, and the subsequent Directive 2014/95/EU of the European Parliament and of the Council, we investigate the relationship between the levels of disclosures on environmental and social activities and performance (analyst following) and subsequent analyst following (subsequent levels of disclosures on environmental and social activities and performance). We do so to investigate the value relevance of information about environmental and social activities and performance. Our evidence is consistent with their value relevance and an associated demand for, or general interest in, such disclosures from informed market participants. We also argue that our results suggest positive links between analyst following and the quality of environmental and social disclosure.

Bibliographical metadata

Original languageEnglish
Pages (from-to)282-299
Number of pages18
JournalJournal of Accounting and Public Policy
Issue number4
Early online date3 Aug 2018
Publication statusPublished - Aug 2018

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