We examine whether the implementation of the information disclosure and transparency ranking system (IDTRS) affects … value deviation as a proxy for information disclosure, we find that reducing information asymmetry can allay moral hazard …. We also document a significant difference in the level of information disclosure in the years before and after the IDTRS …

. We use an international sample and measure CSR disclosures based on Global Reporting Initiative (GRI) disclosure levels … levels of unexpected CSR disclosure pay higher dividends, and this association is attributable to firms where unexpected CSR … disclosure is aligned with CSR performance. Second, only the unexpected part of CSR disclosures is positively associated with …