Is the medium the message? Social disclosure channels and firm risk

[2608.15212] Is the medium the message? Social disclosure channels and firm risk Skip to main content Search Submit Donate Log in Search arXiv Press Enter to search · Advanced search Quantitative Finance > Risk Management arXiv:2608.15212 (q-fin) [Submitted on 15 Aug 2026] Title: Is the medium the message? Social disclosure channels and firm risk Authors: Andreas G. F. Hoepner , Blerita Korca , Frank Schiemann , Fabiola I. Schneider View a PDF of the paper titled Is the medium the message? Social disclosure channels and firm risk, by Andreas G. F. Hoepner and 3 other authors View PDF Abstract: Investors interpret social disclosures from a risk perspective, yet relevant information can reach them through channels that differ sharply in regulatory enforcement and materiality: SEC filings, sustainability reports, or financial reports. We analyse how social disclosure via each channel relates to idiosyncratic risk. Studying S&P 1,500 constituents, we distinguish between initiated and continued disclosure along the three disclosure channels. We find first-time disclosure of social issues via SEC filings is related to increased idiosyncratic firm risk, highlighting that unexpected information is published. Continuous disclosure of social issues is related to lower idiosyncratic risk for sustainability and financial reports, which is in line with the literature. The SEC filing effect is robust for downside idiosyncratic risk measures, the separation of social disclosure into human capital, product liabilities, and stakeholder engagement, and for propensity score matching. Our findings suggest that the risk impacts of sustainability disclosure depend on the newness of information and disclosure channels. Subjects: Risk Management (q-fin.RM) ; Physics and Society (physics.soc-ph); General Finance (q-fin.GN) Cite as: arXiv:2608.15212 [q-fin.RM] (or arXiv:2608.15212v1 [q-fin.RM] for this version) https://doi.org/10.48550/arXiv.2608.15212 Focus to learn more arXiv-issued DOI via DataCite Submission history From: Andreas Hoepner PhD [ view email ] [v1] Sat, 15 Aug 2026 12:56:16 UTC (605 KB) Full-text links: Access Paper: View a PDF of the paper titled Is the medium the message? Social disclosure channels and firm risk, by Andreas G. F. Hoepner and 3 other authors View PDF view license Current browse context: q-fin.RM < prev | next > new | recent | 2026-08 Change to browse by: physics physics.soc-ph q-fin q-fin.GN References & Citations NASA ADS Google Scholar Semantic Scholar export BibTeX citation Loading... BibTeX formatted citation × loading... Data provided by: Bookmark Bibliographic Tools Bibliographic and Citation Tools Bibliographic Explorer Toggle Bibliographic Explorer ( What is the Explorer? ) Connected Papers Toggle Connected Papers ( What is Connected Papers? ) Litmaps Toggle Litmaps ( What is Litmaps? ) scite.ai Toggle scite Smart Citations ( What are Smart Citations? ) Code, Data, Media Code, Data and Media Associated with this Article alphaXiv Toggle alphaXiv ( What is alphaXiv? ) Links to Code Toggle CatalyzeX Code Finder for Papers ( What is CatalyzeX? ) DagsHub Toggle DagsHub ( What is DagsHub? ) GotitPub Toggle Gotit.pub ( What is GotitPub? ) Huggingface Toggle Hugging Face ( What is Huggingface? ) ScienceCast Toggle ScienceCast ( What is ScienceCast? ) Demos Demos Replicate Toggle Replicate ( What is Replicate? ) Spaces Toggle Hugging Face Spaces ( What is Spaces? ) Spaces Toggle TXYZ.AI ( What is TXYZ.AI? ) Related Papers Recommenders and Search Tools Link to Influence Flower Influence Flower ( What are Influence Flowers? ) Core recommender toggle CORE Recommender ( What is CORE? ) Author Venue Institution Topic About arXivLabs arXivLabs: experimental projects with community collaborators arXivLabs is a framework that allows collaborators to develop and share new arXiv features directly on our website. Both individuals and organizations that work with arXivLabs have embraced and accepted our values of openness, community, excellence, and user data privacy. arXiv is committed to these values and only works with partners that adhere to them. Have an idea for a project that will add value for arXiv's community? Learn more about arXivLabs . Which authors of this paper are endorsers? | Disable MathJax ( What is MathJax? ) We gratefully acknowledge support from our major funders , member institutions , , and all contributors. About · Help · Contact · Subscribe · Copyright · Privacy · Accessibility · Operational Status (opens in new tab) Major funding support from

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