Most prior research on corporate social responsibility (CSR) disclosure considers environmental and social components as additive or complementary. In this paper, we extend the existing literature on CSR by investigating the substitution effect of social disclosure and environmental disclosure...

This paper applies recent results and advances in the field of ambiguity theory to adverse selection in a delegation process. Our results are the following ones: i) a relevant second-best contract induces no production distortion considering the efficient agent. This alike to the standard case....

We study the association of Web-based non-financial disclosure and a firm's cost of finance within an international context (North America and continental Europe). We examine voluntary Web placement of non-financial disclosures using an information index covering a firm's value creation process....