Global Evolution of Environmental and Social Disclosure in Annual Reports

被引:3
作者
Lin, Yan [1 ]
Shen, Rui [2 ]
Wang, Jasmine [3 ]
Yu, Y. Julia [3 ]
机构
[1] Univ Macau, Taipa, Peoples R China
[2] Chinese Univ Hong Kong, Shenzhen, Peoples R China
[3] Univ Virginia, Charlottesville, VA USA
关键词
ESG disclosure; nonfinancial information; textual analysis; machine learning; EARNINGS MANAGEMENT; TEXTUAL ANALYSIS; RESPONSIBILITY; INCENTIVES;
D O I
10.1111/1475-679X.12575
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We study environmental and social (E&S) disclosures in annual reports. Using the word embedding model to examine over 210,000 annual reports from 24,271 public firms in 30 international countries/regions between 2001 and 2020, we create an E&S dictionary that allows us to document trends in annual report E&S disclosure. Specifically, we find: (1) increases in length and boilerplate language and (2) decreases in specificity. Our results also suggest that E&S disclosure quality improves after the adoption of voluntary ESG reporting frameworks but deteriorates after disclosure mandates. Our findings provide systematic evidence on the evolution of E&S disclosure in annual reports over the past two decades and shed light on how voluntary and mandatory standards have shaped global E&S reporting practices.
引用
收藏
页码:1941 / 1988
页数:48
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