Stock Exchange ESG Disclosure Guidance and Corporate Carbon Mitigation: International Evidence
研究证券交易所采用ESG披露指引对企业碳减排的实际影响，发现上市企业直接碳排放减少，但多框架并用时效果减弱，对自愿披露、发展中国家等场景更有效。
ABSTRACT This study investigates the tangible impact of the adoption of environmental, social, and governance (ESG) disclosure guidance by stock exchanges on corporate carbon mitigation, focusing on six major frameworks: the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), the Task Force on Climate Related Financial Disclosures (TCFD), the International Integrated Reporting Council (IIRC), the Climate Disclosure Standards Board (CDSB), and the CDP. Using an international sample of large companies, results show that firms listed on exchanges with ESG guidance exhibit greater carbon mitigation, especially for Scope 1 (direct) emission mitigation. However, the mitigation effect weakens when multiple frameworks are concurrently adopted. The cross‐sectional analysis reveals that mitigation effects concentrate in voluntary disclosure settings, developing countries, low‐carbon industries, and civil law systems. Our findings underscore the importance of harmonized ESG disclosure guidance in shaping corporate environmental behavior.