同步性
价格发现
业务
激励
公司治理
库存(枪支)
估价(财务)
股票价格
会计
货币经济学
市场效率
金融经济学
财务
经济
微观经济学
机械工程
古生物学
哲学
认识论
系列(地层学)
工程类
生物
期货合约
作者
Qiyu Zhang,Rong Ding,Ding Chen,Xiaoxiang Zhang
标识
DOI:10.1016/j.irfa.2023.102811
摘要
We examine the effect of mandatory environmental, social and governance (ESG) disclosure on firms' price discovery efficiency around the world. Using data from 45 countries between 2000 and 2020 and a difference-in-differences method, we find that mandatory ESG disclosure increases firm-level stock price non-synchronicity and timeliness of price discovery, suggesting more firm-specific information is incorporated into stock prices in a more timely manner. Mandatory ESG disclosure improves price discovery efficiency more in countries with strong demands for ESG information and in firms with poor disclosure incentives. Mandatory ESG disclosure also leads to other real market changes, such as lower stock returns, greater changes in institutional ownership and higher firm valuation.
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