Does Politics Influence Environmental, Social, and Governance Disclosure? Empirical Evidence From US Listed Firms
研究了公司政治意识形态和州政治意识形态如何影响ESG披露，发现自由派意识形态与更高的ESG披露相关，这源于满足利益相关者期望和应对社会与环境问题的需求。
ABSTRACT This study investigates the relations among firm political ideology, state political ideology, and environmental, social, and governance (ESG) disclosure. It is the first study to simultaneously explore both individual‐ and state‐level influences on ESG disclosure. Using panel regression models on a sample of firms in the United States of America from 2013 to 2020, the study finds that liberal ideology is associated with higher ESG disclosure. This behavior is driven by the desire to meet stakeholder expectations and operate in a supportive environment for addressing social and environmental issues. These findings remain consistent across various tests, demonstrating their robustness and reliability. The study contributes to the literature on informal political determinants of ESG disclosure, being potentially helpful for policymakers in developing more impactful regulations and recommendations to incentivize ESG disclosure. The findings may also assist firms in aligning their sustainability reporting with political contexts and stakeholder needs.