in general, our reputation analysis while limited to perceptions of environmental reputation, indicate that standalone CSR reporting in the retail industry may have played a role in improving the perceptions of those companies environmental reputations. Of course, whether this was the intent of those firms management cannot be ascertained. Furtheer. Like the relation to attracting consumers, it would appear that enhanced reputation would be desirable for all retail companies, and yet the issuance the reports is limited to publicly traded fims. As such, we argue that, as discussed above, companies may choose to issue the reports to increase their appeal to socially responsible investors