Essays on Non-Financial Transparency and Performance

The three essays collected in this dissertation relate to firms’ non-financial reporting and performance. The first essay shows that, contrary to widespread academic and practitioner claims, ESG ratings did not serve as a share price resilience factor during the COVID-19 pandemic. The second essay investigates the non-financial transparency of private equity and debt firms, an increasingly economically important but less heavily regulated part of the financial sector. The third essay highlights the importance of broad-based employee share ownership for the extent and consequences of firms’ voluntary non-financial reporting practices. As regulators and policymakers are debating the mandating of non-financial reporting, the three studies collectively offer nuanced and timely insights on the determinants and consequences of firms’ non-financial reporting and performance.