{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,7]],"date-time":"2026-05-07T06:25:58Z","timestamp":1778135158051,"version":"3.51.4"},"reference-count":152,"publisher":"MDPI AG","issue":"6","license":[{"start":{"date-parts":[[2021,3,23]],"date-time":"2021-03-23T00:00:00Z","timestamp":1616457600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100003093","name":"Ministry of Higher Education, Malaysia","doi-asserted-by":"publisher","award":["FRGS\/1\/2019\/SS01\/ UUM\/02\/27"],"award-info":[{"award-number":["FRGS\/1\/2019\/SS01\/ UUM\/02\/27"]}],"id":[{"id":"10.13039\/501100003093","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Sustainability"],"abstract":"<jats:p>The purpose of this study was to extend our understanding of how corporate social responsibility (CSR) disclosures impact capital market participants, specifically sell-side analysts. The sample of this study was based on a dataset from a panel of 285 Malaysian firms for the period of 2008\u20132013 (738 firm-year observations). This study employed ordinary least square regression. This study found that firms with better CSR disclosures are more likely to receive optimistic investment recommendations. Subsample analyses revealed that the CSR-recommendation nexus is more pronounced under a transparent information environment (i) when there is less family control and (ii) when a firm is audited by a prominent Big Four auditor. The results implied that analysts tend to give favorable stock recommendations to high CSR companies operating in a more transparent information environment. To gain analysts\u2019 confidence and make them more appreciative of the CSR disclosures, family firms with proactive CSR engagement are encouraged to switch to Big Four auditors or to seek assurance on their CSR reports. This study broadens our understanding of the factors influencing analysts\u2019 recommendations and the preferences of analysts towards CSR engagement in an emerging market. This paper expands the literature on how corporate responsibility disclosures impact analysts\u2019 final output, as reflected in the recommendation opinion, an area that has so far received little attention, particularly in emerging markets. Furthermore, this study also provides fresh evidence that analyst behavior towards CSR disclosures varies based on the strength of the firm\u2019s information environment.<\/jats:p>","DOI":"10.3390\/su13063568","type":"journal-article","created":{"date-parts":[[2021,3,23]],"date-time":"2021-03-23T23:59:41Z","timestamp":1616543981000},"page":"3568","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":32,"title":["Corporate Responsibility Disclosure, Information Environment and Analysts\u2019 Recommendations: Evidence from Malaysia"],"prefix":"10.3390","volume":"13","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-9909-9607","authenticated-orcid":false,"given":"Wan Nordin","family":"Wan-Hussin","sequence":"first","affiliation":[{"name":"Othman Yeop Abdullah Graduate School of Business, Universiti Utara Malaysia (Kampus Kuala Lumpur), Kuala Lumpur 50300, Malaysia"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2917-2749","authenticated-orcid":false,"given":"Ameen","family":"Qasem","sequence":"additional","affiliation":[{"name":"Accounting Department, College of Business Administration, University of Hail, Hail 55471, Saudi Arabia"},{"name":"Accounting Department, Faculty of Administrative Sciences, Taiz University, Taiz 9674, Yemen"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6724-6473","authenticated-orcid":false,"given":"Norhani","family":"Aripin","sequence":"additional","affiliation":[{"name":"Tunku Puteri Intan Safinaz School of Accountancy (TISSA-UUM), Universiti Utara Malaysia, Sintok, Kedah 06010, Malaysia"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-3242-1910","authenticated-orcid":false,"given":"Mohd Shazwan Mohd","family":"Ariffin","sequence":"additional","affiliation":[{"name":"Othman Yeop Abdullah Graduate School of Business, Universiti Utara Malaysia (Kampus Kuala Lumpur), Kuala Lumpur 50300, Malaysia"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2021,3,23]]},"reference":[{"key":"ref_1","first-page":"59","article-title":"Corporate sustainability and responsibility: Creating value for business, society and the environment","volume":"2","author":"Camilleri","year":"2017","journal-title":"Asian J. 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