全球强制披露环境、社会和公司治理信息的影响

IF 4.9 2区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting Research Pub Date : 2024-05-04 DOI:10.1111/1475-679X.12548

PHILIPP KRUEGER, ZACHARIAS SAUTNER, DRAGON YONGJUN TANG, RUI ZHONG

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引用次数: 0

摘要

我们汇编了全球强制性环境、社会和治理（ESG）信息披露的新数据集，以分析此类信息披露规定对股票流动性的影响。我们记录了环境、社会和治理披露规定对公司层面股票流动性的积极影响。如果披露要求是由政府机构实施，而不是以遵守或解释为基础，并由非正式机构强力执行，则这种效应最强。信息环境较弱的公司从 ESG 披露要求中获益更多。我们的研究结果支持这样一种观点，即环境、社会和治理信息披露监管能改善信息环境，并对资本市场产生有利影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

The Effects of Mandatory ESG Disclosure Around the World

查看原文本刊更多论文

The Effects of Mandatory ESG Disclosure Around the World

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.

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来源期刊

Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

7.80

自引率

6.80%

发文量

期刊介绍： The Journal of Accounting Research is a general-interest accounting journal. It publishes original research in all areas of accounting and related fields that utilizes tools from basic disciplines such as economics, statistics, psychology, and sociology. This research typically uses analytical, empirical archival, experimental, and field study methods and addresses economic questions, external and internal, in accounting, auditing, disclosure, financial reporting, taxation, and information as well as related fields such as corporate finance, investments, capital markets, law, contracting, and information economics.