This study focuses on the value-generating and risk-reducing function of corporate social responsibility (CSR) reporting, assurance, and Global Reporting Initiative (GRI) adoption by considering the moderating effects of CSR committees and executive CSR compensation. We retrieved an international dataset of 58,105 firm-year observations from the Thomson Reuters Eikon database over a long period of 16 years between 2004 and 2019. We find that while CSR reporting and external assurance are positively associated with firm value and industry-adjusted firm value, they are negatively associated with firm value volatility (i.e., risk). However, even though following GRI guidelines is not associated with firm value or industry-adjusted firm value, it is negatively associated with firm risk. Moderation analysis reveals that while CSR committees help strengthen the relationship between CSR reporting and external assurance and firm value, they fail to moderate the relation between GRI framework adoption and firm value. Furthermore, there are no significant results on the moderating effect of executive CSR compensation on firm value in any of the model configurations. However, further tests show that executive CSR compensation has a positive moderating effect between CSR reporting and assurance and accounting performance. Robustness tests confirm that the findings are largely robust to alternative sampling, methodology, and additional control variables.

本研究通过考虑企业社会责任委员会和高管企业社会责任薪酬的调节作用，重点关注企业社会责任 (CSR) 报告、保证和全球报告倡议 (GRI) 采用的价值创造和降低风险功能。我们从汤森路透 Eikon 数据库中检索了 2004 年至 2019 年长达 16 年的 58,105 个公司年观察数据。我们发现，虽然企业社会责任报告和外部保证与公司价值和行业调整后的公司价值呈正相关，它们与公司价值波动（即风险）负相关。然而，尽管遵循 GRI 指南与公司价值或行业调整后的公司价值无关，但它与公司风险呈负相关。调节分析表明，虽然企业社会责任委员会有助于加强企业社会责任报告与外部保证和公司价值之间的关系，但它们未能调节 GRI 框架采用与公司价值之间的关系。此外，在任何模型配置中，高管企业社会责任薪酬对公司价值的调节作用都没有显着的结果。然而，进一步的测试表明，高管企业社会责任薪酬在企业社会责任报告与鉴证和会计绩效之间具有正向调节作用。稳健性测试证实，研究结果对于替代抽样、方法和其他控制变量来说在很大程度上是稳健的。在任何模型配置中，高管企业社会责任薪酬对公司价值的调节作用都没有显着结果。然而，进一步的测试表明，高管企业社会责任薪酬在企业社会责任报告与鉴证和会计绩效之间具有正向调节作用。稳健性测试证实，研究结果对于替代抽样、方法和其他控制变量来说在很大程度上是稳健的。在任何模型配置中，高管企业社会责任薪酬对公司价值的调节作用都没有显着结果。然而，进一步的测试表明，高管企业社会责任薪酬在企业社会责任报告与鉴证和会计绩效之间具有正向调节作用。稳健性测试证实，研究结果对于替代抽样、方法和其他控制变量来说在很大程度上是稳健的。