文章：Martin, PatrickR. Moser, DonaldV. Managers’ green investment disclosures and investors’ reaction. Journal of Accounting and Economics. 2016. Vol.61.pp.239-254.

摘要：Although managers’ green investments have no impacton future cash flows in our experimental markets, investors respond favorably whenmanagers make and disclose an investment and highlight the societal benefitsrather than the cost to the company. Managers anticipate investors’ reactionand therefore often disclose their investment and the associated societal benefits.Managers and other shareholders benefit from investors’ reaction, but the investmentcost always exceeds this benefit, demonstrating that managers make green investmentsbecause they value the societal benefits. Collectively, our findings show that bothinvestors and managers tradeoff wealth for societal benefits and help explain managers’corporate social responsibility disclosures.