ESG performance and disclosure: A cross-country analysis

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

    Research output: Working paperDiscussion paperScientificpeer-review


    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
    Number of pages51
    Publication statusPublished - 2019

    Publication series

    NameTILEC Discussion Paper Series
    NameECGI Working Paper Series in Law


    • ESG
    • Sustainable Finance
    • Stewardship Codes
    • Disclosure
    • Financial Performance


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