ESG Performance and Disclosure: A Cross-Country Analysis

By J. M. Cahery, Florencio Lopez‐de‐Silanes, Paul C. Pudschedl. Social Science Research Network, 2019

119 citations recorded by the source corpus.

We use a unique dataset to examine the link between 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.

Subfields: Strategy and Management

View Paper: https://www.semanticscholar.org/paper/f902ceeaecc7147241767867fc43f7d983110cf1

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In Strategy and Management

1. R. Gibson Brandon
2. Philipp Krueger
3. P. Schmidt
4. Caroline Flammer
5. Chitru S. Fernando

Citations in the corpus

• ESG Rating Disagreement and Stock Returns (2019, background): “Such ratings also increasingly shape investment decisions of institutional investors representing trillions of dollars in assets under management (Gibson, Glossner, Krueger, Matos, and Steffen 2021; GSIA 2016; USSIF 2020; PRI 2018).”