---
res:
  bibo_abstract:
  - <jats:p> Companies disclosing negative aspects in sustainability reports often
    employ legitimation strategies to present mishaps in a favorable light. In incentivized
    experiments, we find that nonprofessional investors divest from companies with
    a negative sustainability-related incident, and that symbolic legitimation (which
    only evasively explains a negative incident) is not a strong enough signal to
    counter this divestment behavior. Even substantial legitimation (which reports
    on measures and behavioral change) mitigates the divestment decisions only if
    the company reports on concrete remediation actions in morally charged situations,
    such as social or environmental incidents. We elaborate these results in light
    of signaling and screening theory, and suggest the conceptual extension of “costly
    signals” to what we call “valuable signals.” We argue that valuable signals need
    be not only costly for the sender from an economic perspective but also perceived
    as appropriate by the receiver from a noneconomic perspective. </jats:p>@eng
  bibo_authorlist:
  - foaf_Person:
      foaf_givenName: Rüdiger
      foaf_name: Hahn, Rüdiger
      foaf_surname: Hahn
  - foaf_Person:
      foaf_givenName: Daniel
      foaf_name: Reimsbach, Daniel
      foaf_surname: Reimsbach
      foaf_workInfoHomepage: http://www.librecat.org/personId=100169
  - foaf_Person:
      foaf_givenName: Peter
      foaf_name: Kotzian, Peter
      foaf_surname: Kotzian
  - foaf_Person:
      foaf_givenName: Madeleine
      foaf_name: Feder, Madeleine
      foaf_surname: Feder
  - foaf_Person:
      foaf_givenName: Barbara E.
      foaf_name: Weißenberger, Barbara E.
      foaf_surname: Weißenberger
  bibo_doi: 10.1177/0007650319872495
  bibo_issue: '4'
  bibo_volume: 60
  dct_date: 2019^xs_gYear
  dct_isPartOf:
  - http://id.crossref.org/issn/0007-6503
  - http://id.crossref.org/issn/1552-4205
  dct_language: eng
  dct_publisher: SAGE Publications@
  dct_subject:
  - Social Sciences (miscellaneous)
  - Business
  - Management and Accounting (miscellaneous)
  dct_title: Legitimation Strategies as Valuable Signals in Nonfinancial Reporting?
    Effects on Investor Decision-Making@
...