{"title":"高影响力经济体的ESG披露、法律制度和市场价值：利益相关者资本主义视角","authors":"Prachi Lohia, Santi Gopal Maji","doi":"10.1002/csr.70026","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>The debate over whether environmental, social, and governance (ESG) disclosures drives financial performance continues to captivate corporate research. This study delves into this critical issue by focusing on high-impact nations—countries distinguished by their substantial greenhouse gas emissions, ecological footprints, and economic power—while considering their distinct legal frameworks. Leveraging the legal origins theory within civil and common law contexts, we analyse data from 281 large firms across six high-impact nations spanning 2013 to 2022. Based on appropriate panel regression techniques and robust analyses, the findings highlight the financial relevance of ESG in the high-impact nations and also underlines the significant role of such countries' legal system in determining this relationship. This research is a novel attempt to highlight the strategic value of ESG transparency in key regions and the inherent role of legal systems, by adopting the standardised ‘Stakeholder Capitalism Metrics’ and offers actionable insights for firms, policymakers, and investors.</p>\n </div>","PeriodicalId":48334,"journal":{"name":"Corporate Social Responsibility and Environmental Management","volume":"32 5","pages":"6181-6199"},"PeriodicalIF":9.1000,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"ESG Disclosures, Legal Systems and Market Value in High-Impact Economies: A Stakeholder Capitalism Perspective\",\"authors\":\"Prachi Lohia, Santi Gopal Maji\",\"doi\":\"10.1002/csr.70026\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n \\n <p>The debate over whether environmental, social, and governance (ESG) disclosures drives financial performance continues to captivate corporate research. This study delves into this critical issue by focusing on high-impact nations—countries distinguished by their substantial greenhouse gas emissions, ecological footprints, and economic power—while considering their distinct legal frameworks. Leveraging the legal origins theory within civil and common law contexts, we analyse data from 281 large firms across six high-impact nations spanning 2013 to 2022. Based on appropriate panel regression techniques and robust analyses, the findings highlight the financial relevance of ESG in the high-impact nations and also underlines the significant role of such countries' legal system in determining this relationship. This research is a novel attempt to highlight the strategic value of ESG transparency in key regions and the inherent role of legal systems, by adopting the standardised ‘Stakeholder Capitalism Metrics’ and offers actionable insights for firms, policymakers, and investors.</p>\\n </div>\",\"PeriodicalId\":48334,\"journal\":{\"name\":\"Corporate Social Responsibility and Environmental Management\",\"volume\":\"32 5\",\"pages\":\"6181-6199\"},\"PeriodicalIF\":9.1000,\"publicationDate\":\"2025-06-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Social Responsibility and Environmental Management\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/csr.70026\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Social Responsibility and Environmental Management","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/csr.70026","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
ESG Disclosures, Legal Systems and Market Value in High-Impact Economies: A Stakeholder Capitalism Perspective
The debate over whether environmental, social, and governance (ESG) disclosures drives financial performance continues to captivate corporate research. This study delves into this critical issue by focusing on high-impact nations—countries distinguished by their substantial greenhouse gas emissions, ecological footprints, and economic power—while considering their distinct legal frameworks. Leveraging the legal origins theory within civil and common law contexts, we analyse data from 281 large firms across six high-impact nations spanning 2013 to 2022. Based on appropriate panel regression techniques and robust analyses, the findings highlight the financial relevance of ESG in the high-impact nations and also underlines the significant role of such countries' legal system in determining this relationship. This research is a novel attempt to highlight the strategic value of ESG transparency in key regions and the inherent role of legal systems, by adopting the standardised ‘Stakeholder Capitalism Metrics’ and offers actionable insights for firms, policymakers, and investors.
期刊介绍：
Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas.
The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.
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