{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,14]],"date-time":"2026-03-14T01:05:34Z","timestamp":1773450334036,"version":"3.50.1"},"reference-count":57,"publisher":"Emerald","issue":"6","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2025,10,30]]},"abstract":"<jats:sec>\n                    <jats:title>Purpose<\/jats:title>\n                    <jats:p>The purpose of this study is to examine the readability and length of CEO letters in the corporate social responsibility (CSR) reports of the US firms included in the North America DJSI Eligible Universe.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Design\/methodology\/approach<\/jats:title>\n                    <jats:p>Data analysis is based on regression models.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Findings<\/jats:title>\n                    <jats:p>Firms with a reputation for CSR leadership (those in the Dow Jones Sustainability Index [DJSI firms]) present larger CEO letters, but within these firms, those with lower financial performance stand out for presenting even lengthier narratives. Only firms with reputation for leadership in CSR enjoying high financial performance present more readable CEO letters when compared to firms lacking such reputation.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Research limitations\/implications<\/jats:title>\n                    <jats:p>This study contributes to the literature by proposing a multi-signal approach to the study of CSR reporting and emphasizing the importance of looking at institutional endorsements of CSR performance and financial performance interconnectedly.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Practical implications<\/jats:title>\n                    <jats:p>This study can help managers and organizations become aware of the various forces that could drive the need for CSR communication and help them to be responsive to stakeholder audiences by communicating information about the organization\u2019s socially responsible strategies and activities.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Social implications<\/jats:title>\n                    <jats:p>This study\u2019s theoretical argument and findings suggest the corporate stakeholders and policymakers should examine differently CSR reports from firms with and without institutionally endorsed CSR performance while also considering their levels of financial performance.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Originality\/value<\/jats:title>\n                    <jats:p>This study uniquely takes a multi-signal lens of analysis to examine the associations between textual characteristics of CSR narratives and CSR performance and financial performance.<\/jats:p>\n                  <\/jats:sec>","DOI":"10.1108\/sampj-04-2024-0345","type":"journal-article","created":{"date-parts":[[2025,3,17]],"date-time":"2025-03-17T03:16:06Z","timestamp":1742181366000},"page":"1534-1559","source":"Crossref","is-referenced-by-count":2,"title":["Institutionally endorsed reputation for CSR leadership and the textual characteristics of CEO letters in CSR reports"],"prefix":"10.1108","volume":"16","author":[{"given":"Isabel","family":"Louren\u00e7o","sequence":"first","affiliation":[{"name":"Instituto Universit\u00e1rio de Lisboa (ISCTE-IUL), Business Research Unit (BRU-IUL) Lisboa , Lisboa,","place":["Portugal"]}]},{"given":"Jonas","family":"Oliveira","sequence":"additional","affiliation":[{"name":"Instituto Universit\u00e1rio de Lisboa (ISCTE-IUL), Business Research Unit (BRU-IUL) Lisboa , Lisboa,","place":["Portugal"]}]},{"given":"Manuel","family":"Castelo Branco","sequence":"additional","affiliation":[{"name":"CEF.UP and OBEGEF School of Economics and Management of the University of Porto, , Porto,","place":["Portugal"]}]},{"given":"Ana Sofia","family":"In\u00e1cio","sequence":"additional","affiliation":[{"name":"ISCTE-Instituto Universitario de Lisboa , Lisboa,","place":["Portugal"]}]}],"member":"140","published-online":{"date-parts":[[2025,3,17]]},"reference":[{"issue":"2","key":"2025102807065318100_ref001","doi-asserted-by":"crossref","first-page":"138","DOI":"10.1177\/1032373214563323","article-title":"Narrative reporting and crises: British petroleum and shell, 1950\u20131958","volume":"20","author":"Abdelrehim","year":"2015","journal-title":"Accounting History"},{"issue":"2","key":"2025102807065318100_ref002","doi-asserted-by":"crossref","first-page":"404","DOI":"10.1108\/AAAJ-01-2015-1916","article-title":"Rhetorical impression management in the letter to shareholders and institutional setting: a metadiscourse perspective","volume":"30","author":"Aerts","year":"2017","journal-title":"Accounting, Auditing and Accountability Journal"},{"issue":"3","key":"2025102807065318100_ref003","doi-asserted-by":"crossref","first-page":"488","DOI":"10.2307\/1879431","article-title":"The market for lemons: quality uncertainty and the market mechanism","volume":"84","author":"Akerlof","year":"1970","journal-title":"The Quarterly Journal of Economics"},{"issue":"7","key":"2025102807065318100_ref004","doi-asserted-by":"crossref","first-page":"26","DOI":"10.1108\/SAMPJ-07-2021-0260","article-title":"CEO talk of sustainability in CEO letters: towards the inclusion of a sustainability embeddedness and value-creation perspective","volume":"14","author":"Arvidsson","year":"2023","journal-title":"Sustainability Accounting, Management and Policy Journal"},{"issue":"3","key":"2025102807065318100_ref005","doi-asserted-by":"crossref","first-page":"695","DOI":"10.1007\/s10551-020-04719-7","article-title":"Too good to be true: Influencing credibility perceptions with signaling reference explicitness and assurance depth","volume":"178","author":"Baier","year":"2022","journal-title":"Journal of Business Ethics"},{"issue":"1","key":"2025102807065318100_ref006","doi-asserted-by":"crossref","first-page":"50","DOI":"10.1002\/csr.240","article-title":"Readability of corporate social responsibility communication in Malaysia","volume":"18","author":"Bakar","year":"2011","journal-title":"Corporate Social Responsibility and Environmental Management"},{"issue":"4","key":"2025102807065318100_ref007","doi-asserted-by":"crossref","first-page":"241","DOI":"10.1016\/j.accfor.2014.07.002","article-title":"CEO statements in sustainability reports: substantive information or background noise?","volume":"38","author":"Barkemeyer","year":"2014","journal-title":"Accounting Forum"},{"issue":"5","key":"2025102807065318100_ref008","doi-asserted-by":"crossref","first-page":"1009","DOI":"10.1002\/csr.1517","article-title":"Do socially responsible firms provide more readable disclosures in annual reports?","volume":"25","author":"Ben-Amar","year":"2018","journal-title":"Corporate Social Responsibility and Environmental Management"},{"issue":"2\/3","key":"2025102807065318100_ref009","doi-asserted-by":"crossref","first-page":"329","DOI":"10.1016\/j.jacceco.2017.03.002","article-title":"A plain English measure of financial reporting readability","volume":"63","author":"Bonsall","year":"2017","journal-title":"Journal of Accounting and Economics"},{"key":"2025102807065318100_ref010","doi-asserted-by":"crossref","first-page":"100627","DOI":"10.1016\/j.adiac.2022.100627","article-title":"Accounting estimation intensity, analyst following and earnings forecast properties","volume":"59","author":"Boone","year":"2022","journal-title":"Advances in Accounting"},{"issue":"1","key":"2025102807065318100_ref011","doi-asserted-by":"crossref","first-page":"29","DOI":"10.1007\/s10551-005-7443-4","article-title":"Corporate reputation and philanthropy: an empirical analysis","volume":"61","author":"Brammer","year":"2005","journal-title":"Journal of Business Ethics"},{"issue":"6","key":"2025102807065318100_ref012","doi-asserted-by":"crossref","first-page":"1380","DOI":"10.1177\/00076503231204613","article-title":"Do sustainability signals diverge? An analysis of labeling schemes for socially responsible investments","volume":"63","author":"Brito-Ramos","year":"2024","journal-title":"Business and Society"},{"issue":"4","key":"2025102807065318100_ref013","doi-asserted-by":"crossref","first-page":"431","DOI":"10.1016\/j.aos.2009.10.002","article-title":"The language of US corporate environmental disclosure","volume":"35","author":"Cho","year":"2010","journal-title":"Accounting, Organizations and Society"},{"issue":"8","key":"2025102807065318100_ref014","doi-asserted-by":"crossref","first-page":"2451","DOI":"10.1108\/AAAJ-03-2018-3424","article-title":"Causes and consequences of voluntary assurance of CSR reports: international evidence involving Dow jones sustainability index inclusion and firm valuation","volume":"32","author":"Clarkson","year":"2019","journal-title":"Accounting, Auditing and Accountability Journal"},{"issue":"4\/5","key":"2025102807065318100_ref015","doi-asserted-by":"crossref","first-page":"303","DOI":"10.1016\/j.aos.2007.05.003","article-title":"Revisiting the relation between environmental performance and environmental disclosure: an empirical analysis","volume":"33","author":"Clarkson","year":"2008","journal-title":"Accounting, Organizations and Society"},{"issue":"1","key":"2025102807065318100_ref016","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1111\/abac.12182","article-title":"A textual analysis of US corporate social responsibility reports","volume":"56","author":"Clarkson","year":"2020","journal-title":"Abacus"},{"issue":"3","key":"2025102807065318100_ref017","doi-asserted-by":"crossref","first-page":"311","DOI":"10.1108\/09513570110399890","article-title":"The effect of thematic structure on the variability of annual report readability","volume":"14","author":"Clatworthy","year":"2001","journal-title":"Accounting, Auditing and Accountability Journal"},{"issue":"1","key":"2025102807065318100_ref018","doi-asserted-by":"crossref","first-page":"39","DOI":"10.1177\/0149206310388419","article-title":"Signaling theory: a review and assessment","volume":"37","author":"Connelly","year":"2011","journal-title":"Journal of Management"},{"issue":"3","key":"2025102807065318100_ref019","doi-asserted-by":"crossref","first-page":"209","DOI":"10.1080\/00014788.1998.9728910","article-title":"Regression analysis in accounting disclosures studies","volume":"28","author":"Cooke","year":"1998","journal-title":"Accounting and Business Research"},{"issue":"4","key":"2025102807065318100_ref020","doi-asserted-by":"crossref","first-page":"459","DOI":"10.1108\/09513579810231457","article-title":"Annual report readability variability: tests of the obfuscation hypothesis","volume":"11","author":"Courtis","year":"1998","journal-title":"Accounting, Auditing and Accountability Journal"},{"issue":"2","key":"2025102807065318100_ref021","doi-asserted-by":"crossref","first-page":"831","DOI":"10.1080\/00472778.2020.1816435","article-title":"Talking about a revolution? Costly and costless signals and the role of innovativeness in equity crowdfunding","volume":"61","author":"Di Pietro","year":"2023","journal-title":"Journal of Small Business Management"},{"issue":"6","key":"2025102807065318100_ref022","doi-asserted-by":"crossref","first-page":"1461","DOI":"10.1177\/0149206309337896","article-title":"Does the market respond to an endorsement of social responsibility? The role of institutions, information, and legitimacy","volume":"36","author":"Doh","year":"2010","journal-title":"Journal of Management"},{"issue":"2","key":"2025102807065318100_ref023","doi-asserted-by":"crossref","first-page":"253","DOI":"10.1007\/s10551-020-04496-3","article-title":"Do corporate social responsibility reports convey value relevant information? Evidence from report readability and tone","volume":"172","author":"Du","year":"2021","journal-title":"Journal of Business Ethics"},{"issue":"3","key":"2025102807065318100_ref024","doi-asserted-by":"crossref","first-page":"907","DOI":"10.1007\/s11846-021-00472-x","article-title":"Corporate social responsibility as a signaling technology","volume":"16","author":"Epure","year":"2022","journal-title":"Review of Managerial Science"},{"issue":"2","key":"2025102807065318100_ref025","doi-asserted-by":"crossref","first-page":"233","DOI":"10.2307\/256324","article-title":"What\u2019s in a name? Reputation building and corporate strategy","volume":"33","author":"Fombrun","year":"1990","journal-title":"Academy of Management Journal"},{"issue":"2","key":"2025102807065318100_ref026","doi-asserted-by":"crossref","first-page":"372","DOI":"10.1007\/s11747-022-00879-2","article-title":"The impact of voluntary sustainability reporting on firm value: insights from signaling theory","volume":"51","author":"Friske","year":"2023","journal-title":"Journal of the Academy of Marketing Science"},{"issue":"1","key":"2025102807065318100_ref027","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1186\/s40991-018-0034-3","article-title":"Letters from the top: a comparative control group study of CEO letters to stakeholders","volume":"3","author":"Fuller","year":"2018","journal-title":"International Journal of Corporate Social Responsibility"},{"issue":"346","key":"2025102807065318100_ref028","doi-asserted-by":"crossref","first-page":"383","DOI":"10.1080\/01621459.1974.10482962","article-title":"The influence curve and its role in robust estimation","volume":"69","author":"Hampel","year":"1974","journal-title":"Journal of the American Statistical Association"},{"key":"2025102807065318100_ref029","doi-asserted-by":"crossref","first-page":"100475","DOI":"10.1016\/j.adiac.2020.100475","article-title":"Female leadership in corporate social responsibility reporting: effects on writing, readability and future social performance","volume":"49","author":"Harjoto","year":"2020","journal-title":"Advances in Accounting"},{"issue":"3","key":"2025102807065318100_ref030","doi-asserted-by":"crossref","first-page":"570","DOI":"10.1108\/SAMPJ-03-2018-0056","article-title":"The impact of readability of corporate social responsibility information on credibility as perceived by generalist versus specialist readers","volume":"10","author":"Hooz\u00e9e","year":"2019","journal-title":"Sustainability Accounting, Management and Policy Journal"},{"issue":"5","key":"2025102807065318100_ref031","doi-asserted-by":"crossref","first-page":"455","DOI":"10.1016\/j.jaccpubpol.2016.06.001","article-title":"The relationship between sustainability performance and sustainability disclosure \u2013 reconciling voluntary disclosure theory and legitimacy theory","volume":"35","author":"Hummel","year":"2016","journal-title":"Journal of Accounting and Public Policy"},{"issue":"4","key":"2025102807065318100_ref032","doi-asserted-by":"crossref","first-page":"577","DOI":"10.1111\/basr.12075","article-title":"Doing well by reporting good: reporting corporate responsibility and corporate performance","volume":"120","author":"Lee","year":"2015","journal-title":"Business and Society Review"},{"issue":"3","key":"2025102807065318100_ref033","doi-asserted-by":"crossref","first-page":"1087","DOI":"10.2308\/accr.00000043","article-title":"The effect of annual report readability on analyst following and the properties of their earnings forecasts","volume":"86","author":"Lehavy","year":"2011","journal-title":"The Accounting Review"},{"issue":"2\/3","key":"2025102807065318100_ref034","doi-asserted-by":"crossref","first-page":"221","DOI":"10.1016\/j.jacceco.2008.02.003","article-title":"Annual report readability, current earnings, and earnings persistence","volume":"45","author":"Li","year":"2008","journal-title":"Journal of Accounting and Economics"},{"issue":"3","key":"2025102807065318100_ref035","doi-asserted-by":"crossref","first-page":"786","DOI":"10.1108\/MEDAR-03-2021-1250","article-title":"Textual characteristics of corporate sustainability disclosure and corporate sustainability performance: evidence from Australia","volume":"31","author":"Li","year":"2023","journal-title":"Meditari Accountancy Research"},{"issue":"1","key":"2025102807065318100_ref036","doi-asserted-by":"crossref","first-page":"65","DOI":"10.1016\/j.jaccpubpol.2018.01.003","article-title":"The influence of business strategy on annual report readability","volume":"37","author":"Lim","year":"2018","journal-title":"Journal of Accounting and Public Policy"},{"key":"2025102807065318100_ref037","doi-asserted-by":"crossref","first-page":"237","DOI":"10.1016\/j.esp.2023.01.004","article-title":"Stance constructions in CEO statements of CSR reports of Chinese and US companies","volume":"70","author":"Liu","year":"2023","journal-title":"English for Specific Purposes"},{"issue":"2","key":"2025102807065318100_ref038","doi-asserted-by":"crossref","first-page":"345","DOI":"10.1111\/j.1467-8683.2007.00565.x","article-title":"Is corporate sustainability a value-increasing strategy for business?","volume":"15","author":"Lo","year":"2007","journal-title":"Corporate Governance: An International Review"},{"issue":"1","key":"2025102807065318100_ref039","doi-asserted-by":"crossref","first-page":"17","DOI":"10.1007\/s10551-012-1617-7","article-title":"The value relevance of reputation for sustainability leadership","volume":"119","author":"Louren\u00e7o","year":"2014","journal-title":"Journal of Business Ethics"},{"issue":"4","key":"2025102807065318100_ref040","doi-asserted-by":"crossref","first-page":"1453","DOI":"10.2308\/accr-50725","article-title":"Restoring the tower of babel: How foreign firms communicate with U.S. Investors","volume":"89","author":"Lundholm","year":"2014","journal-title":"The Accounting Review"},{"issue":"1","key":"2025102807065318100_ref041","doi-asserted-by":"crossref","first-page":"56","DOI":"10.1016\/j.jacceco.2015.03.001","article-title":"Signaling through corporate accountability reporting","volume":"60","author":"Lys","year":"2015","journal-title":"Journal of Accounting and Economics"},{"issue":"3","key":"2025102807065318100_ref042","doi-asserted-by":"crossref","first-page":"338","DOI":"10.1111\/beer.12347","article-title":"CEO personality and language use in CSR reporting","volume":"30","author":"Mahmoudian","year":"2021","journal-title":"Business Ethics, the Environment and Responsibility"},{"key":"2025102807065318100_ref043","doi-asserted-by":"crossref","DOI":"10.1111\/emre.12690","article-title":"Early adoption of non-financial disclosure in family firms","author":"Manzi","year":"2024"},{"issue":"9","key":"2025102807065318100_ref044","doi-asserted-by":"crossref","first-page":"1103","DOI":"10.1002\/smj.1957","article-title":"Using private management standard certification to reduce information asymmetries in corrupt environments","volume":"33","author":"Montiel","year":"2012","journal-title":"Strategic Management Journal"},{"issue":"4","key":"2025102807065318100_ref045","doi-asserted-by":"crossref","DOI":"10.1007\/s10551-016-3429-7","article-title":"Corporate social responsibility report narratives and analyst forecast accuracy","volume":"154","author":"Muslu","year":"2017","journal-title":"Journal of Business Ethics"},{"issue":"2","key":"2025102807065318100_ref046","doi-asserted-by":"crossref","first-page":"166","DOI":"10.1016\/j.jcae.2017.05.002","article-title":"Assessing social and environmental performance through narrative complexity in CSR reports","volume":"13","author":"Nazari","year":"2017","journal-title":"Journal of Contemporary Accounting and Economics"},{"issue":"12","key":"2025102807065318100_ref047","first-page":"78","article-title":"Strategy and society: the link between competitive advantage and corporate social responsibility","volume":"84","author":"Porter","year":"2006","journal-title":"Harvard Business Review"},{"issue":"3","key":"2025102807065318100_ref048","doi-asserted-by":"crossref","first-page":"493","DOI":"10.1007\/s10551-011-0735-y","article-title":"Signaling sustainability leadership: empirical evidence of the value of DJSI membership","volume":"101","author":"Robinson","year":"2011","journal-title":"Journal of Business Ethics"},{"issue":"4","key":"2025102807065318100_ref049","first-page":"105","article-title":"Analysts\u2019 forecasts","volume":"5","author":"Schipper","year":"1991","journal-title":"Accounting Horizons"},{"issue":"1","key":"2025102807065318100_ref050","doi-asserted-by":"crossref","DOI":"10.1177\/2329488416675456","article-title":"Measuring the readability of sustainability reports","volume":"57","author":"Smeuninx","year":"2016","journal-title":"International Journal of Business Communication"},{"issue":"3","key":"2025102807065318100_ref051","doi-asserted-by":"crossref","first-page":"355","DOI":"10.2307\/1882010","article-title":"Job market signaling","volume":"87","author":"Spence","year":"1973","journal-title":"The Quarterly Journal of Economics"},{"issue":"3","key":"2025102807065318100_ref052","doi-asserted-by":"crossref","first-page":"434","DOI":"10.1257\/00028280260136200","article-title":"Signaling in retrospect and the informational structure of markets","volume":"92","author":"Spence","year":"2002","journal-title":"American Economic Review"},{"issue":"3","key":"2025102807065318100_ref053","doi-asserted-by":"crossref","first-page":"479","DOI":"10.1007\/s10551-014-2404-4","article-title":"The signaling effect of corporate social responsibility in emerging economies","volume":"134","author":"Su","year":"2016","journal-title":"Journal of Business Ethics"},{"issue":"1","key":"2025102807065318100_ref054","doi-asserted-by":"crossref","first-page":"66","DOI":"10.1002\/csr.1440","article-title":"CSR performance and the readability of CSR reports: Too good to be true?","volume":"25","author":"Wang","year":"2018","journal-title":"Corporate Social Responsibility and Environmental Management"},{"key":"2025102807065318100_ref055","volume-title":"Introduction to Robust Estimation and Hypothesis Testing","author":"Wilcox","year":"2021","edition":"5th ed"},{"issue":"2","key":"2025102807065318100_ref056","doi-asserted-by":"crossref","first-page":"642","DOI":"10.1214\/aos\/1176350366","article-title":"High breakdown-point and high efficiency robust estimates for regression","volume":"15","author":"Yohai","year":"1987","journal-title":"The Annals of Statistics"},{"issue":"5","key":"2025102807065318100_ref057","doi-asserted-by":"crossref","first-page":"547","DOI":"10.1108\/SAMPJ-11-2016-0086","article-title":"The relationship between CSR disclosure and competitive advantage","volume":"8","author":"Yu","year":"2017","journal-title":"Sustainability Accounting, Management and Policy Journal"}],"container-title":["Sustainability Accounting, Management and Policy Journal"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/SAMPJ-04-2024-0345\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/sampj\/article-pdf\/16\/6\/1534\/10397146\/sampj-04-2024-0345en.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"syndication"},{"URL":"https:\/\/www.emerald.com\/sampj\/article-pdf\/16\/6\/1534\/10397146\/sampj-04-2024-0345en.pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,28]],"date-time":"2025-10-28T11:08:07Z","timestamp":1761649687000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.emerald.com\/sampj\/article\/16\/6\/1534\/1255915\/Institutionally-endorsed-reputation-for-CSR"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,3,17]]},"references-count":57,"journal-issue":{"issue":"6","published-print":{"date-parts":[[2025,10,30]]}},"URL":"https:\/\/doi.org\/10.1108\/sampj-04-2024-0345","relation":{},"ISSN":["2040-8021","2040-803X"],"issn-type":[{"value":"2040-8021","type":"print"},{"value":"2040-803X","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,3,17]]}}}