ESG disclosure and performance: A cross-country analysis

Joseph Mc Cahery, Paul Pudschedl, Florencio Lopez-de-Silanes

Research output: Contribution to journalArticleScientificpeer-review

Abstract

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.
Original languageEnglish
JournalSingapore Journal of Legal Studies
Publication statusAccepted/In press - 2019

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