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New Research: Voluntary Disclosure Produces Positive Returns For Shareholders


The study examined shareholders' response to a unique set of disclosures about climate change made by U.S. companies through CSRwire based on the following criteria:

  1. Companies' CSR releases meet the criteria of a voluntary disclosure since companies decide on the content, timing, and the dissemination (CSR in this case) of a disclosure. 
  2. CSRwire is the global leader in disseminating news about corporate social responsibility and sustainability, currently with one-quarter of one million page views every month. This enabled the researchers to study a large sample of disclosures over several years for a wide range of industries made through a single channel.
  3. CSRwire conveys fresh information to users, a critical aspect of the University of California's research design. While the Carbon Disclosure Project (CDP) is another leading source of GHG data, "investors and others receive information on large companies' emissions at best nine to 10 months after year end, by which time other channels, including CSRwire, may have preempted much of the news content of that information."

"We were looking for information that relates to companies making voluntary disclosures and CSRwire had the largest collection of disclosures. CSRwire's archival content also allowed us to work with a few years' worth of comparative data because we wanted to be able to cover more than two years for stock market analysis," says Dr. Griffin.

"I am not aware of any other source of data across industries and companies that we could have used as efficiently for our research," he adds.

To download the complete report, visit

To speak to CSRwire CEO Joe Sibilia, email Editorial Director Aman Singh.

CONTACT: Aman Singh, +1-212-231-2824,



Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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