Accounting信息披露 / Disclosure & TransparencyTop 1%

The Real Effects of ESG Disclosure Mandates: Evidence from the EU Taxonomy

Fischer M., Hoffmann A., Weber K.London Business SchoolJournal of Accounting and Economics(JAE)2025-10

Abstract

This study examines the real effects of the EU Taxonomy regulation on corporate investment and financing decisions. Using a difference-in-differences design, we find that mandatory ESG disclosure requirements lead to a significant reallocation of capital toward environmentally sustainable activities, with heterogeneous effects across industries and firm sizes.

AI SUMMARY

GENERATED

核心观点Key Findings

欧盟分类法规下的强制性ESG披露要求导致企业资本显著向环境可持续活动重新配置，但效果在不同行业和企业规模间存在异质性，高碳行业和大型企业的调整幅度更大。

研究方法Methodology

采用双重差分设计(DID)，以欧盟分类法规的实施为外生冲击，比较受规制企业与对照组在投资和融资决策上的差异，并进行行业和规模维度的异质性分析。

主要结论Conclusions

强制性ESG披露具有真实的经济效应，能够引导资本流向可持续领域。监管设计应考虑行业差异和企业规模，以优化政策效果。

关键词 Keywords

ESG披露欧盟分类法资本配置可持续金融双重差分

论文信息

METADATA

期刊Journal of Accounting and Economics

期刊缩写JAE

发表日期2025-10

学科会计学 (Accounting)

子领域信息披露 / Disclosure & Transparency

机构London Business School

排名Top 1%

引用格式

CITATION

Fischer, M., Hoffmann, A., Weber, K. (2025). The Real Effects of ESG Disclosure Mandates: Evidence from the EU Taxonomy. *Journal of Accounting and Economics*.

The Real Effects of ESG Disclosure Mandates: Evidence from the EU Taxonomy

Abstract

论文信息

引用格式

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