This paper empirically examines the impact and underlying mechanisms of disclosing environmental,social,and governance(ESG)information on firm risk in Chinese A-share listed companies from 2011 to 2020.The results reveal that proactive ESG disclosure reduces risk for firms,and this effect is enhanced by media and analyst attention.The analysis of mechanisms demonstrates that ESG disclosure mitigates firm risk by improving stakeholder identification,reducing information asymmetry,and managing ESG risks.Additionally,heterogeneity tests indicate that the risk reduction from ESG disclosure is particularly significant for non-state-owned enterprises and firms in the growth and mature stages.This paper helps understand the inherent logic of risk management in enterprises through ESG strategies,and provides empirical evidence for regulatory bodies to strengthen ESG disclosure guidelines,thereby enhancing the overall quality of listed companies.
国家科技期刊平台
NSTL
万方数据
维普
