当前位置: X-MOL 学术Journal of Accounting Research › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
The Effects of Mandatory ESG Disclosure Around the World
Journal of Accounting Research ( IF 4.446 ) Pub Date : 2024-05-04 , DOI: 10.1111/1475-679x.12548
PHILIPP KRUEGER 1 , ZACHARIAS SAUTNER 2 , DRAGON YONGJUN TANG 3 , RUI ZHONG 4
Affiliation  

We compile a novel data set on mandatory environmental, social, and governance (ESG) disclosure around the world to analyze the stock liquidity effects of such disclosure mandates. We document a positive effect of ESG disclosure mandates on firm‐level stock liquidity. The effects are strongest if the disclosure requirements are implemented by government institutions, not on a comply‐or‐explain basis, and coupled with strong enforcement by informal institutions. Firms with weaker information environments benefit more from ESG disclosure mandates. Our results support the view that ESG disclosure regulation improves the information environment and has beneficial capital market effects.

中文翻译:

全球强制 ESG 披露的影响

我们编制了关于全球强制性环境、社会和治理 (ESG) 披露的新颖数据集,以分析此类披露要求对股票流动性的影响。我们记录了 ESG 披露要求对公司层面股票流动性的积极影响。如果披露要求由政府机构实施,而不是在“遵守或解释”的基础上实施,并辅以非正式机构的强有力执行,那么效果最为强烈。信息环境较弱的公司从 ESG 披露要求中受益更多。我们的研究结果支持了 ESG 披露监管改善信息环境并对资本市场产生有益影响的观点。
更新日期:2024-05-04
down
wechat
bug