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Distinct Mechanisms of Investors' Reactions to First‐Time Versus Continuous CSR Disclosures

Yan Yang et al.

Accounting and Finance2026https://doi.org/10.1111/acfi.70181article
AJG 2ABDC A
Weight
0.50

Abstract

Integrating signalling and affect‐as‐information theories, this study examines dynamic market reactions to CSR disclosures using data from Chinese A‐share listed companies from 2007 to 2019. We find that first‐time disclosures elicit positive reactions via rational signalling, whereas continuous disclosures rely on affective identification. The distinct mechanisms are further demonstrated by the same amplifying effects of report detail and the only significant reaction when optimistic earnings forecasts are not realised. Our results highlight a temporal shift from signalling perception to emotional reliance, enriching the dynamic understanding of the investors' reaction to corporate CSR reporting.

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https://doi.org/https://doi.org/10.1111/acfi.70181

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@article{yan2026,
  title        = {{Distinct Mechanisms of Investors' Reactions to First‐Time Versus Continuous CSR Disclosures}},
  author       = {Yan Yang et al.},
  journal      = {Accounting and Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/acfi.70181},
}

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Distinct Mechanisms of Investors' Reactions to First‐Time Versus Continuous CSR Disclosures

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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