Industry or Location? Peer Effects in ESG Disclosure and Its Economic Consequences
基于2013-2022年中国A股上市公司面板数据，研究发现ESG披露存在显著的行业同伴效应，企业更倾向于模仿同行业而非同地区公司，且主要通过环境维度提升公司价值，在竞争较弱或制度较弱的市场中效应更明显。
ABSTRACT Drawing on panel data spanning 2013–2022, this study investigates the propensity of A‐share listed companies in China to engage in mimetic ESG disclosure practices. The research aims to ascertain not only the prevalence of such imitation but also its economic consequences. The findings reveal significant peer effects in ESG disclosure, with companies showing a tendency to imitate their industry counterparts more so than those in their regional sphere. This industry peer effect is particularly pronounced and is found to enhance firm value, predominantly through the environmental (E) dimension. The study further observes that in markets with lower competition, as well as in the Midwest region, the impact of the ESG disclosure peer effects on firm value is especially pronounced. This study reconceptualizes peer effects in ESG disclosure as strategic benchmarking, empirically demonstrating that its value‐enhancing impact operates primarily through the Environmental pillar within industry networks and is significantly amplified in less competitive or institutionally weaker contexts.