ESG强制披露效果的跨国研究（WP2021）

题目：The Effects of Mandatory ESG Disclosure Around the World

摘要：We examine the effects of mandatory ESG disclosure around the world using a novel dataset. Mandatory ESG disclosure increases the availability and quality of ESG reporting, especially among firms with low ESG performance. Mandatory ESG reporting helps to improve a firm’s financial information environment: analysts’ earnings forecasts become more accurate and less dispersed after ESG disclosure becomes mandatory. On the real side, negative ESG incidents become less likely, and stock price crash risk declines, after mandatory ESG disclosure is enacted. These findings suggest that mandatory ESG disclosure has beneficial informational and real effects.

1.主要故事（Main Story & Results）

本文主要是研究强制ESG披露带来的经济后果。研究发现强制性 ESG 披露提高了 ESG 报告的可得性和质量，尤其是在 ESG 绩效较低的公司中。强制性 ESG 报告有助于改善公司的财务信息环境：在 ESG 披露成为强制性后，分析师的盈利预测变得更加准确和更少分歧（信息方面）。 在现实方面，强制性 ESG 披露实施后，负面 ESG 事件的可能性降低，股价崩盘风险下降。 这些发现表明，强制性 ESG 披露具有有益的信息和实际影响。