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

Cite this

Mc Cahery, J., Lopez-de-Silanes, F., & Pudschedl, P. (2019). ESG performance and disclosure: A cross-country analysis. (TILEC Discussion Paper Series ; Vol. 2019, No. 032), (ECGI Working Paper Series in Law; Vol. 2019, No. 481).