Mandatory TCFD Disclosure and Corporate Financial Performance: Evidence From UK Non‐Financial Firms
研究了英国强制性TCFD框架对非金融企业财务绩效的因果影响，发现该政策显著提升了资产收益率和净资产收益率，尤其对大型和高能耗企业效果更强。
ABSTRACT The escalating urgency of climate change has intensified calls for transparent corporate reporting on climate‐related risks and opportunities. This study examines the causal impact of the United Kingdom's mandatory Task Force on Climate‐Related Financial Disclosures (TCFD) framework on the financial performance of non‐financial firms. Using a DiD approach with firm and year fixed effects and a validated parallel‐trends assumption, we find that the TCFD mandate significantly enhances profitability, as measured by Return on Assets (ROA) and Return on Equity (ROE). The effect is strongest among larger firms and varies by energy intensity, with more pronounced ROE gains for high energy‐intensive firms. Mechanism analysis indicates that TCFD compliance initially reduces asset utilisation efficiency, reflecting strategic investments in long‐term sustainability capabilities. The findings provide robust causal evidence that mandatory climate disclosure delivers both financial and strategic value: It aligns transparency with improved corporate performance and fosters organisational adaptation to climate‐related risks. For policymakers, the results highlight that well‐designed disclosure regimes can mobilise private‐sector innovation and accountability in support of national climate goals. For firms, the evidence demonstrates that climate transparency can serve as a strategic asset—enhancing resilience, investor confidence and long‐term competitiveness in a transitioning economy.