Does Mandatory ESG Disclosure Move Stock Prices? Evidence from the European Union's Corporate Sustainability Reporting Directive

日本語

本論文は、EUのCSRD（企業持続可能性報告指令）が株価に与える影響を実証的に分析する。強制的なESG開示が市場評価に与える効果を検証し、開示規制の投資家への情報提供機能を明らかにする。

English

This paper empirically analyzes the impact of the EU's Corporate Sustainability Reporting Directive (CSRD) on stock prices. It examines the market effects of mandatory ESG disclosure, shedding light on the information function of disclosure regulation for investors.

日本のGX文脈において

日本ではSSBJ開示基準の適用が迫る中、強制開示が市場に与える影響を示す本研究成果は、日本の開示制度設計や企業の情報開示戦略に示唆を与える。

In the global GX context

As the EU's CSRD sets a global benchmark for mandatory sustainability reporting, this study provides evidence on how such regulation moves markets, informing global policy debates on disclosure effectiveness.