As
an archival study, we can only provide evidence on associations,
not causality (see, e.g., Alewine, 2010). Exploring
how individuals perceive disclosure (and potentially,
membership in indexes such as the DJSI) in relation to
reputation using an experimental or qualitative design
could add evidence along this dimension. Also, we focus
only on relative large US companies, and as such, the
extent to which the relations we show hold in other
settings cannot be generalized