ESG PERFORMANCE AND DISCLOSURE: A CROSS-COUNTRY ANALYSIS

ESG PERFORMANCE AND DISCLOSURE: A CROSS-COUNTRY ANALYSIS

We use a unique dataset to examine the link between environmental, social and governance (“ESG”) disclosure and quality through a cross-country comparison of disclosure requirements and stewardship codes. We find a strong relationship between the extent of ESG disclosure and the quality of a firm’s...

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Veröffentlicht in:Singapore journal of legal studies 2020-03 (2020), p.217-241
Hauptverfasser: Lopez-de-Silanes, Florencio, McCahery, Joseph A, Pudschedl, Paul C
Format: Artikel
Sprache:eng
Schlagworte:
Capital market
CLIMATE CHANGE
Climatic changes
COMPANIES
CORPORATE GOVERNANCE
Corporation reports
Disclosure
ENVIRONMENTAL PLANNING
Financial performance
Governance
INVESTMENTS
Risk factors
Social investing
Social responsibility of business
Special Feature
Stockholders
SUSTAINABLE DEVELOPMENT
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Beschreibung
Zusammenfassung:We use a unique dataset to examine the link between environmental, social and governance (“ESG”) disclosure and quality through a cross-country comparison of disclosure requirements and stewardship codes. We find a strong relationship between the extent of ESG disclosure and the quality of a firm’s disclosure. Furthermore, we find that ESG is correlated with decreased risk. This result suggests that firms with good ESG scores are simply disclosing more information. Finally, we show that ESG scores have little or no impact on risk-adjusted financial performance.
ISSN:0218-2173