Mandatory ESG disclosure, information asymmetry, and litigation risk: Evidence from initial public offerings
利用全球各国强制性ESG披露法规的逐步实施，研究发现ESG强制披露显著降低了IPO折价，其机制是减少了信息不对称和诉讼风险，且在高环境、社会和治理关注的国家效果更强。
Abstract I use the staggered adoption of mandatory environmental, social, and governance (ESG) disclosure regulations around the world to explore the impact of ESG disclosure on initial public offering (IPO) underpricing. I find robust evidence that underpricing is substantially lower in countries with ESG disclosure mandates. High‐quality disclosure environments moderate and tougher liability standards amplify the negative association between ESG disclosure mandates and underpricing, which suggests that ESG disclosure mandates reduce information asymmetry and litigation risk. The impact of ESG disclosure mandates on underpricing is stronger in countries with more pronounced environmental, social, and governance concerns.