The Effects of Mandatory ESG Disclosure Around the World
研究全球强制性环境、社会和治理（ESG）披露对股票流动性的影响，发现其能提升流动性，尤其在政府执行和强监管环境下效果更显著，对信息环境较差的企业帮助更大。
ABSTRACT We compile a novel data set on mandatory environmental, social, and governance (ESG) disclosure around the world to analyze the stock liquidity effects of such disclosure mandates. We document a positive effect of ESG disclosure mandates on firm‐level stock liquidity. The effects are strongest if the disclosure requirements are implemented by government institutions, not on a comply‐or‐explain basis, and coupled with strong enforcement by informal institutions. Firms with weaker information environments benefit more from ESG disclosure mandates. Our results support the view that ESG disclosure regulation improves the information environment and has beneficial capital market effects.