This study examines effects of using multiple CSR pronouncements on agency problems/agency costs. A sample of 2605 firms-year observations that voluntarily use CSR pronouncements is drawn from across 24 countries. Firms that apply more CSR pronouncements are found to be associated with lower levels of agency costs. These results are robust after testing for endogeneity arising from omitted variables and reverse causality. Findings suggest that use of multiple CSR pronouncements have a disciplining role for managers, and hence should be of interest to preparers and users of CSR reports, regulators, standard-setters, and academics.