DOI: 10.5176/2251-1997_AF18.68
Authors: Prof. Ser-Huang Poon, Irina Goloshchapova, Mr. Matthew Pritchard, Mr. Phil Reed
Abstract: This paper performs topic modelling using all publicly available CSR (Corporate Social Responsibility) reports for all constituent firms of the main stock market indices of 15 industrialized countries included in MSCI Europe for the sample period from 1999 to 2016. Our text mining results and LDA analyses indicate that “employees safety”, “employees training support”, “carbon emission”, “human right”, “efficient power”, and “healthcare medicines” are the common topics reported by publicly listed companies in Europe and the UK. There is a clear sector bias with industrial firms emphasizing “employee safety”, Utilities concentrating on “efficient power” while consumer discretionary and consumer staples highlighting “food waste” and “food packaging”. In order to produce these results, we used a battery of python code to organise the hundreds of reports downloaded from Bloomberg and the internet, the latest R-algorithm to estimate LDA (Latent Dirichlet Allocation) model and the LDAvis interactive tool to visualise and refine the LDA model. JEL-Classification: C11, C51, C55, C81, C88, I3, L5, Q1
Keywords: Corporate Social Responsibility, Environment Social and Governance, Latent Dirichlet Allocation, Topic Modelling
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