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.
We present a model in which firms compete for workers who have a taste for a nonpecuniary job attribute, such as purpose, sustainability, ES/CSR, or...
We examine the effects of the sudden abolition of trading commissions by major online brokerages in 2019, which lowered stock market entry costs for...