Do Sustainable Development Goal Disclosure Matter? Unpacking Value Relevance in the European Context
研究了欧洲上市公司可持续发展目标披露质量与公司价值的关系，发现高质量披露能提升市场价值，尤其当披露实质而非象征性时，对管理者、监管者和投资者有参考价值。
ABSTRACT This study explores the value relevance of Sustainable Development Goal (SDG) disclosures by European listed firms, responding to calls for greater integration of sustainability into corporate strategy and reporting. Drawing on agency theory and voluntary disclosure theory, we examine whether the quality of SDG‐related disclosures affects firm value, and how the environmental, social, and economic dimensions of such disclosures influence investor perceptions. Using a sample of European firms and a disclosure quality index, our results show that high‐quality SDG disclosures are positively associated with market value, particularly when disclosures are substantive rather than symbolic. This study contributes to the growing discourse on the financial implications of non‐financial disclosure, offering practical insights for corporate managers, regulators, and investors. It underscores the importance of credible and comprehensive SDG reporting in capital markets, particularly in light of evolving stakeholder expectations and regulatory pressures.