Trust, Corporate Social Responsibility, and the Market Pricing of Corporate Earnings
Why this work is in the frame
A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.
Bibliographic record
Abstract
Investor trust is central to the functioning of capital markets, yet its relationship with corporate social responsibility (CSR) remains underexplored. We investigate whether CSR performance affects the market’s reaction to earnings news. Our results show that firms with superior CSR performance exhibit stronger immediate market reactions to earnings surprises and significantly smaller post-earnings-announcement drift. We provide evidence that this effect arises from CSR enhancing investor trust, thereby reducing uncertainty and attenuating investors’ systematic underreaction to earnings information. Our findings hold even after controlling for financial reporting quality and corporate governance, establishing that the CSR effect is distinct. This study highlights that CSR performance enhances investor trust, ultimately leading to more efficient pricing of earnings information.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.010 | 0.018 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it