Disclosure practices in a changing landscape: The role of ESG, executive turnover, and index investing

The three studies collected in this dissertation explore how firms’ voluntary disclosure policies evolve following changes inside and outside the firm. The first study shows that, in response to the growing prominence of ESG performance and information, firms have begun to organize and participate in ESG-focused investor events, which are investor relations events dedicated to ESG topics. The second study examines how changes to firm management drive changes in firms’ voluntary disclosure policies, as well as the differential responsibilities and influence of CEOs and CFOs. The third study investigates how index fund ownership affects investor events, as index investing is gaining importance in capital markets. As firms operate in a volatile environment, this dissertation offers timely insights into firms' flexibility in adjusting their voluntary disclosure policies, the consequences for investors, and the impact on capital markets.