Analyst Optimistic Forecasting and Impression Management of CSR Disclosure - Empirical evidence from China

¹ Business School of Henan University, kaifeng, Henan, China
² Finance Department of Kaifeng University, kaifeng, Henan, China

^* Corresponding author: 13676940093@126.com

Abstract

Taking the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2019 as samples, this paper finds that there is A “pressure-promoting” effect of analysts’ optimistic predictions on impression management of CSR information disclosure. Further research shows that, compared with the enterprises with better performance, the “pressure promotion” effect of analysts’ optimistic prediction is more significant for enterprises with poor performance. Compared with enterprises without third-party assurance, the third-party assurance enterprises are less affected by the “pressure promotion” effect predicted by analysts. Compared with mandatory disclosure of CSR reporting companies, companies that voluntarily disclose CSR reports are less affected by the “pressure promotion” effect predicted by analysts optimistic. After a series of robustness tests, the above conclusions are still valid.