Heterogeneous impact of ESG Disclosure:A meta-analysis

IF 9.7 1区环境科学与生态学 Q1 ENGINEERING, ENVIRONMENTAL

Journal of Cleaner Production Pub Date : 2025-05-23 DOI:10.1016/j.jclepro.2025.145804

Ke Wang , Yuxin Bai , Zhanfeng Dong , Junming Zhu

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引用次数: 0

Abstract

ESG disclosure is considered as an innovative mechanism to evaluate and manage the sustainable performance and potential of firms, but its actual impact is unclear. In this study, a systematic literature review (SLR) and meta-analysis were conducted to thoroughly examine the research progress and impacts of ESG disclosure. Based on the meta-analysis of literature from 2004 to 2024, ESG disclosure significantly influences seven key areas of enterprises: their general risk, risk in stock price crash, financial performance, sustainability, technological innovation, investment efficiency, and cost. Notably, ESG disclosure substantially mitigates risk-related factors and costs of enterprises, particularly in reducing the risk of sharp declines in share prices. Currently, research predominantly focuses on firm financial performance, with less attention given to the broader social, economic, and environmental impacts. Future studies should delve deeper into the mechanisms of ESG disclosure, the heterogeneity of impacts, and a broader research scope to include more pragmatic issues. Furthermore, this paper calls for the enhancement of international ESG disclosure standard harmonization and the augmentation of ESG risk identification capabilities.

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ESG信息披露的异质性影响：一个元分析

ESG信息披露被认为是一种评估和管理企业可持续绩效和潜力的创新机制，但其实际影响尚不清楚。本研究采用系统文献综述（SLR）和荟萃分析的方法，对ESG披露的研究进展及其影响进行了全面考察。基于2004 - 2024年文献的meta分析，ESG披露显著影响了企业的一般风险、股价暴跌风险、财务绩效、可持续性、技术创新、投资效率和成本七个关键领域。值得注意的是，ESG披露大大减轻了企业的风险相关因素和成本，特别是在降低股价急剧下跌的风险方面。目前，研究主要集中在公司的财务业绩上，很少关注更广泛的社会、经济和环境影响。未来的研究应深入探讨ESG信息披露的机制、影响的异质性以及更广泛的研究范围，包括更多的务实问题。此外，本文还呼吁加强国际间ESG披露标准的协调，提高ESG风险识别能力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Cleaner Production 环境科学-工程：环境

CiteScore

20.40

自引率

9.00%

发文量

4720

审稿时长

111 days

期刊介绍： The Journal of Cleaner Production is an international, transdisciplinary journal that addresses and discusses theoretical and practical Cleaner Production, Environmental, and Sustainability issues. It aims to help societies become more sustainable by focusing on the concept of 'Cleaner Production', which aims at preventing waste production and increasing efficiencies in energy, water, resources, and human capital use. The journal serves as a platform for corporations, governments, education institutions, regions, and societies to engage in discussions and research related to Cleaner Production, environmental, and sustainability practices.