The impact of direct environmental, social, and governance reporting: Empirical evidence in European‐listed companies in the agri‐food sector
研究了2010-2018年间57家欧洲上市农业食品公司的ESG信息披露对盈利能力和市场价值的影响，发现环境和社会信息披露与盈利能力正相关，而治理信息披露与市场价值负相关。
Abstract Companies are continuously pressured for the dissemination of environmental, social, and governance (ESG) information, because of the constant debate on the issue of corporate sustainability, considered a critical and very important topic for society; despite this pressure, ESG's disclosure practices vary considerably from company to company, both in quantity and quality. The study aims to address the issue and verify the effectiveness of ESG reporting through the influence that the ESG disclosure has on profitability and value of listed European agri‐food companies. The results obtained, studying a sample of 57 European‐listed companies (EU28) in the agri‐food sector observed in the period 2010–2018, show that the ESG disclosure practices of the companies impact corporate profitability; specifically, evidence is provided for the existence of a positive relationship between profitability and disclosure practices of strictly environmental and social information and a negative effect between company market value and disclosure practices relating to governance. These results suggest that greater transparency and accountability help to improve business profitability.