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The SEC’s Office of Chief Accountant appears to be taking a hard look these days at statements of cash flows. In “The Statement of Cash Flows: Improving the Quality of Cash Flow...
STIPULATION OF SETTLEMENT - Form 8-K - Insurance News insurancenewsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancenewsnet.com Daily Mail and Mail on Sunday newspapers.
STIPULATION OF SETTLEMENT - Form 8-K - Insurance News insurancenewsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancenewsnet.com Daily Mail and Mail on Sunday newspapers.
We investigate the effectiveness of corporate social responsibility (CSR) disclosure in protecting corporate reputation following financial restatements. As expected under legitimacy theory, firms can signal their legitimacy via nonfinancial disclosure after the negative effects of financial restatements. Our results show that restating firms make substantial improvements to overall CSR disclosure quality by changing their standalone reports to a more conservative tone, increasing readability and report length, even though they strategically disclose less forward-looking and sustainability-related content. Such improvements are more pronounced in restating firms with prior low-quality CSR disclosure. Moreover, restating firms with CSR disclosure have smaller forecast errors than non-CSR disclosers, yet the change in CSR disclosure after restatements does not further improve analyst forecast accuracy. Finally, we find that compared with nondisclosers, restating firms with CSR disclosure suffer smaller firm value losses. Overall, the evidence supports the view that consistent CSR reporting alleviates reputational damage and plays an insurance-like or value protection role during crisis periods.
Plug Power Inc. (NASDAQ:PLUG), FuelCell Energy (NASDAQ:FCEL), Bloom Energy Corporation (NASDAQ:BE) and Ballard Power Systems (NASDAQ:BLDP) were all up in triple-digits as a growing section of Wall Street punters including Bank of America declared that the industry had reached a tipping point and was finally ready to take off. Meanwhile, the EU made major commitments to invest in green hydrogen. But maybe Wall Street rushed its fences. Hydrogen stocks have been stinking the place out this year, with the leading stocks down in double-digits at a time when their oil and gas peers have been soaring.