Does It Pay Off to Disclose Sustainability Information? The Effect of ESG Disclosure on ESG Controversies in European Banks
研究了2015至2022年欧洲银行ESG披露与争议的关系，发现充分披露反而可能增加争议，欧盟成员身份也有正向影响，对投资者和政策制定者有启示。
ABSTRACT This paper empirically investigates the relationship between specific dimensions of ESG disclosure and ESG controversies. We analyze an unbalanced panel sample of European banks between 2015 and 2022, implementing the GMM‐SYS version of the Arellano‐Bond estimator for dynamic panels. The study results indicate that banks disclosing full information are more likely to face scandals. In addition, EU membership has a positive impact on the ESG controversies. Overall, our research suggests that while transparency is intended to enhance accountability, it may also lead to heightened scrutiny and the exposure of more controversies. Our study, therefore, sheds new light on current knowledge on ESG disclosure and controversies, integrating theoretical, practical, policy, and investor perspectives.