Understanding the Sustainability Reporting Landscape and Research Opportunities in Accounting
区分经济增长、经济发展与可持续发展，讨论ESG术语及股东至上视角在可持续性报告中的不适用性，指出可持续性披露应关注外部性而非仅投资者需求，并探讨会计与测量的关键作用及研究机会。
ABSTRACT I first distinguish the terms economic growth, economic development, and sustainable development. I then discuss the term ESG and why this term is used with respect to the corporation. I follow with a discussion of the shareholder primacy perspective and how this perspective plays a defining role in corporate law, corporate governance, and asset management. I argue that the shareholder primacy perspective is not appropriate for sustainability reporting because when a firm pollutes the environment, reduces biodiversity, or has inequitable social policies, it does not bear the full cost of its action; society and the planet does. Therefore, providing sustainability disclosures that are relevant to investors misses the point that sustainability disclosures are motivated by the desire of other stakeholders to learn about externalities. I discuss the different standard setters in the sustainability space and how accounting and measurement play key roles. I close with a discussion of research opportunities. Data Availability: Data are publicly available from sources indicated in the text. JEL Classifications: K22; L21; M41; M48; Q56; Q58.