Climate Regulation and ESG Disclosure in Maritime Transport
研究了气候政策信号（如IMO 2018年温室气体战略）如何影响航运公司ESG披露质量，发现政策冲击后披露质量显著提升，且创新强、财务约束紧的公司反应更积极。
ABSTRACT This paper investigates whether climate policy signals influence ESG disclosure quality in maritime transport, a capital‐intensive industry responsible for roughly 3% of global CO₂ emissions. Using panel data from 126 listed shipping firms between 2009 and 2023, we construct an author‐based disclosure quality index and treat the IMO's 2018 Initial GHG Strategy as an environmental information shock. Difference‐in‐differences and dynamic panel estimations show significant improvements in disclosure quality from 2019 onward. Firms with stronger innovation and tighter financial constraints respond more intensively, while weaker profitability reduces persistence. Results underscore the capital‐market relevance of credible ESG disclosure in shipping globally.