Does Disclosure Type Matter? Climate‐Related Financial Disclosures and Corporate Performance
研究区分定量与定性气候披露对日本上市公司财务绩效的影响，发现定量披露提升资产回报率并降低权益成本，而定性披露效果较弱。
ABSTRACT Our study examines the financial implications of corporate climate‐related financial disclosures while distinguishing between quantitative and qualitative disclosures. We use a multiple‐period difference‐in‐differences approach to analyze Japanese firms listed on the Tokyo Stock Exchange Prime Market from 2019 to 2023. The findings show that quantitative disclosures are linked to stronger firm performance, reflected in a higher return on assets and lower cost of equity. In contrast, qualitative disclosures have weaker financial effects, suggesting that investors favor concrete, verifiable information. Further analysis shows that disclosing Scope 3 greenhouse gas emissions—particularly in industries deemed financially material for climate risks by the Sustainability Accounting Standards Board—is initially associated with lower profitability but eventually leads to higher market valuation and reduced weighted average cost of capital. The results emphasize precise, performance‐based disclosures in informing investor decisions and shaping policies.