From Voluntary to Mandatory: The Bibliometric and Meta‐Analytical Insights Into Effects of ESG Disclosure Practices and Regulations
通过文献计量和元分析，综合评估了ESG披露监管的影响，发现监管整体有微弱但积极的效果，且交易所规则比政府指令更有效。
ABSTRACT ESG disclosure regulations refer broadly to public‐authority regulations and stock‐exchange listing rules to govern ESG reporting practice. Despite their rapid proliferation, the effects of ESG disclosure regulations remain contested. To provide a comprehensive assessment, this study conducted a bibliometric analysis and a meta‐analysis on previous studies. Following PRISMA guidelines, we selected 929 journal articles related to the impacts of ESG disclosure practices and regulations for a bibliometric analysis, and 32 studies with 411 effect sizes, quantifying the effects of ESG disclosure regulations for a meta‐analysis. Results indicate that the trend and spatial coverage of the publications align with the development of ESG disclosure practices. Second, the topic evolution reveals shifts from CSR reporting to ESG disclosure, from voluntary disclosure to strategic disclosure, and from qualitative to quantitative methods. Third, the meta‐analysis yields an average effect size of 0.06 for ESG disclosure regulations, confirming a modest but positive regulatory impact. Meta‐regression further shows that government‐issued mandates are less effective than exchange‐led rules, yet all regulations enhance corporate transparency and ESG performance. We recommend that future studies investigate the mechanisms of regulations, examine how they shape public perceptions, and delve into dynamics around stakeholder interaction.