Can nonfinancial disclosure (NFD) benefit companies? - Evidence from the 2016 Hong Kong “Comply or Explain” mandatory environmental, social, and governance (ESG) disclosure policy
Juan Xu,
Shinji Kaneko,
Daisaku Goto
Abstract:This empirical study investigates whether mandatory nonfinancial disclosure (NFD) impacts financial performance using the Hong Kong 2016 “Comply or Explain” mandatory ESG disclosure policy. We use a total of 4712 observations from balanced panel data obtained from combined sources: Refinitiv and manually collected databases from 2013 to 2020. We employ the difference-in-difference (DID) as an identification strategy to explore the average treatment effect on the treated (ATET) of mandatory ESG disclosure polic… Show more
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