ESG Performance and Disclosure: A Cross-Country Analysis

ESG Performance and Disclosure: A Cross-Country Analysis

Florencio Lopez-de-Silanes, Joseph McCahery, Paul C. Pudschedl

Series number :

Serial Number: 

Date posted :

December 17 2019

Last revised :

December 17 2019
SSRN Share


  • ESG • 
  • Sustainable Finance • 
  • stewardship codes • 
  • Financial Performance • 
  • Disclosure

We use a unique dataset to examine the link between ESG disclosure and quality through a cross-country comparison of disclosure requirements and stewardship codes. We find a strong relationship between the extent of ESG disclosure and the quality of a firm’s disclosure. Furthermore, we find that ESG is correlated with decreased risk.

This result suggests that firms with good ESG scores are simply disclosing more information. Finally, we show that ESG scores have little or no impact on risk-adjusted financial performance.

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Real name:
Paul C. Pudschedl
Real name:
Florencio Lopez-de-Silanes
Research Member
Tilburg University Faculty of Law and Tilburg Law and Economics Center