18 Jun 2026
Against the backdrop of growing interest in ESG and sustainable development, designing and implementing effective social responsibility practices has become a practical challenge for listed companies. While financial analysts are traditionally seen as providers of financial information to investors, new research from International Business School Suzhou (IBSS) at Xi’an Jiaotong-Liverpool University (XJTLU) reveals that analysts play an important role in sharing knowledge and influencing corporate social responsibility (CSR) practices across firms.
Recently, the research paper Analyst coverage overlaps and similarity in corporate social activities, co-authored by Dr Lili Jiu from IBSS, XJTLU, Dr Xi Rao and Zhilu Zheng from Chongqing University, was published in the leading international accounting journal The British Accounting Review, an ABDC-A* top journal representing the highest international academic standard in accounting.
Based on data from Chinese listed firms between 2008 to 2023, the study found that firms covered by the same analyst tend to adopt more similar CSR activities. This finding suggest that analysts not only support capital markets through financial information, but also help spread CSR experience, regulatory trends and industry norms across organisations, encouraging the adoption of best practices.
The study further shows that this effect is particularly strong when shared analysts are CSR‑focused, highly specialised and well-respected within the industry. It is especially evident in operational CSR areas such as employee welfare, supply chain management and environmental governance. The influence of shared analysts was also found to be stronger among state-owned enterprises and firms with more complex operations or those undergoing restructuring.
This research challenges the traditional perception of analysts and provides new evidence that they can act as important CSR knowledge brokers in capital markets. The findings offer valuable insights for organisations seeking to strengthen their ESG strategies and for policymakers working to promote sustainable development.
About the author
Dr Lili Jiu joined Xi’an Jiaotong-Liverpool University in 2022 as an Assistant Professor of Accounting. She previously worked as a postdoctoral research fellow at The Chinese University of Hong Kong and Hong Kong Baptist University. Her research focuses on accounting information quality, auditing, and supply chain management. Her work has been published in a range of leading international accounting journals.
About the Journal
The British Accounting Review is a leading international peer-reviewed accounting journal published by Elsevier. It is ranked as JCR Q1 and ABDC-A*, focusing on cutting-edge issues including accounting theory, empirical accounting and corporate governance. Known for its rigorous review process and high academic standards, it is widely recognised as a top publication venue in accounting and finance worldwide.
18 Jun 2026