... expectations and perceptions of the long-run earnings potential of a firm (Fried and Givoly, 1982; O’Brien 1988). Therefore, by examining the impact of CSR on investment recommendations and, ... forecasts of future earnings are considered a reasonable approximation of the market assessment of the future earnings power of the company. Thus, analysts’ investment recommendations reflect the ... social performance as one multidimensional construct capturing “a business organization’s configuration of principles of social responsibility, processes of social responsiveness, and policies,...