作者：Ma Zhong, Yunfu Zhu, Ruiqian Li
题名：Mandatory sustainability reporting guidelines, ESG performance and market reaction: evidence from China
期刊：Applied Economics Letters, 2025
摘要：This study investigates the reaction of the Chinese market to firms with varying levels of environmental, social and governance (ESG) performance following the announcement by regulators regarding the adoption of mandatory sustainability reporting guidelines in 2025. Applying an event study design, we find that: (1) the mandatory announcement triggers significant positive abnormal returns for firms with better ESG performance; (2) financing constraints and slack resources enhance and weaken the positive reaction, respectively; (3) higher performance in social and governance dimensions has more significant positive reaction than environment dimension. These findings suggest that the mandatory guidelines strengthen the market preference for firms with higher ESG performance.
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