The ESG Disclosure Premium
研究发现，首次披露环境、社会和治理（ESG）指标的企业，其股权估值更高，且披露八项关键环境与社会量化指标中的任何一项都能降低股权成本。该溢价随时间增长，尤其在2015年巴黎协定后，北美和新兴市场由负转正。
Do firms benefit from reporting sustainability information? We find that firms that initiate disclosure of environmental, social, and governance (ESG) metrics enjoy higher equity valuation today. Disclosing any of the eight key environmental and social quantitative measures that we identify in this article lowers firms’ cost of equity. The positive disclosure premium has increased over time and even turned from negative to positive in North America and emerging markets, particularly after the 2015 Paris Agreement. We identify differentiated rewards for disclosure initiation across sectors and reports current disclosure achievements—or lack thereof. We pinpoint substantial room for progress, specifically in emerging markets and less carbon-intensive sectors. This mapping points to areas of potentially fruitful engagement between firms and investors that would benefit all stakeholders.