ESG Disclosure Quality and Stock Price Informativeness: Evidence from Listed Firms in the S&P 500
ESG情報開示の質と株価情報性：S&P500上場企業からの証拠 (AI 翻訳)
Dr. Swapna Kurian
🤖 gxceed AI 要約
日本語
本研究は、S&P500企業を対象に、ESG開示の質が株価情報性に与える影響を分析。BloombergのESG開示スコアと株価非同調性を用いたパネル回帰分析の結果、高品質なESG開示が情報非対称性を低減し、株価への情報組み入れを促進することが示された。特にガバナンス開示の効果が最も強く、次いで環境・社会の順である。
English
This study examines the impact of ESG disclosure quality on stock price informativeness for S&P 500 firms from 2012-2023. Using Bloomberg scores and price non-synchronicity, panel regressions show a positive association, with governance disclosure having the strongest effect. Results imply that comprehensive ESG reporting reduces information asymmetry and enhances price discovery.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJ基準の策定や統合報告書の普及が進む中、ESG開示の質が資本市場に与える影響を示す本分析は、日本企業の開示戦略や投資家対応に示唆を与える。ただし、米国市場を対象としており、日本の機関投資家構造や開示制度との違いに留意が必要。
In the global GX context
This study provides empirical support for the global movement toward mandatory ESG disclosure, such as the ISSB standards and SEC climate rule. It shows that disclosure quality, especially on governance, can improve stock price informativeness, reducing information asymmetry. The findings are relevant for regulators and firms worldwide.
👥 読者別の含意
🔬研究者:Empirical evidence on the link between ESG disclosure quality and stock price informativeness using a large US sample.
🏢実務担当者:Highlights that governance disclosure is particularly value-relevant for investors; consider enhancing governance transparency.
🏛政策担当者:Supports mandatory ESG disclosure to improve market efficiency; note that governance dimension has strongest effect.
📄 Abstract（原文）
Abstract - This study investigates the relationship between Environmental, Social, and Governance (ESG) disclosure quality and stock price informativeness among S&P 500 firms from 2012 to 2023. Drawing on signaling theory and information asymmetry frameworks, we hypothesize that higher-quality ESG disclosure enhances the incorporation of firm-specific information into stock prices. Using Bloomberg ESG disclosure scores as our primary measure of disclosure quality and stock price non-synchronicity (1-R²) as a proxy for price informativeness, we employ panel regression analysis with firm and year fixed effects. Our findings indicate a significant positive relationship between ESG disclosure quality and stock price informativeness, suggesting that comprehensive sustainability reporting reduces information asymmetry and facilitates more efficient price discovery. The effect is more pronounced for firms with higher institutional ownership, greater analyst coverage, and in industries with higher environmental sensitivity. Subsample analysis reveals that the governance dimension of ESG disclosure exhibits the strongest association with price informativeness, followed by environmental and social dimensions. These results are robust to alternative measures of informativeness, including idiosyncratic volatility and future earnings response coefficients. Our study contributes to the literature by providing empirical evidence on the informational value of voluntary sustainability disclosure in developed markets. Key Words: ESG disclosure; Stock price informativeness; Information asymmetry; Price synchronicity; S&P 500
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.55041/isjem05234first seen 2026-05-14 22:07:33
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