Abstract
ESG scores are an important indicator of a company's performance in the areas of environmental, social responsibility and corporate governance, and non-financial information as the basis for a company's ESG score has received increasing attention in recent years. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2022, the study finds that disclosing non-financial information that is more similar to that of other companies in the same industry reduces a company's ESG score, while the higher the readability and forward-looking content of the disclosure, the higher the ESG score. Mechanism tests suggest that the act of digital transformation causes firms to disclose non-financial information that affects ESG scores. Other analyses show that higher similarity of non-financial information in non-high-tech firms has a greater impact on ESG scores, while firms with different firm sizes and internal control quality respond differently to ESG scores. This study reveals the characteristics of non-financial information disclosure in detail, enriches the related research on the influencing factors of ESG scores, provides theoretical support and practical value for the principles and directions of non-financial information disclosure of listed companies, and provides ideas and directions for the vigorous development and improvement of ESG scores.
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