本文精选了会计学领域国际顶刊《Journal of Accounting Research》近期发表的论文，提供会计学领域最新的学术动态。

The Role of Information in Building a More Sustainable Economy: A Supply and Demand Perspective

原刊和作者：

Journal of Accounting Research Volume 62, Issue 5

HENRY L. FRIEDMAN （UCLA）

GAIZKA ORMAZABAL （IESE Business School）

Abstract

Interest in sustainability information, from investors, managers, researchers, and others, has been expanding rapidly. We discuss recent advances and open questions related to sustainability reporting and disclosure through the lens of a supply and demand framework. Our discussion builds on prior research on financial reporting and highlights unique aspects of the provision of sustainability information.

Link: https://doi.org/10.1111/1475-679X.12581

ESG Disclosures in the Private Equity Industry

原刊和作者：

Journal of Accounting Research Volume 62, Issue 5

JEFFERSON ABRAHAM （London Business School）

MARCEL OLBERT （London Business School）

FLORIN VASVARI （London Business School）

Abstract

This paper offers the first systematic evidence on environmental, social, and governance (ESG) disclosures provided by a large global sample of private equity (PE) firms. Using historical websites from 2000 to 2022, we develop and validate a novel dictionary-based measure of voluntary PE firm ESG disclosures. Descriptive statistics reveal an increasing time trend in these disclosures, with social topics becoming as important as environmental topics recently. Multivariate analyses show that the demand for ESG information from fund investors is a significant determinant of PE firms’ ESG disclosures. Leveraging data on PE firms’ portfolio companies, we document that more PE firm ESG disclosures are associated with better ESG outcomes at the portfolio company level, suggesting that voluntary ESG disclosures align with real actions for the average PE firm.

Link: https://doi.org/10.1111/1475-679X.12570

Diversity Washing

原刊和作者：

Journal of Accounting Research Volume 62, Issue 5

ANDREW C. BAKER （Berkeley Law School）

DAVID F. LARCKER （Stanford University）

CHARLES G. McCLURE （The University of Chicago）

DURGESH SARAPH （Independent Scholar）

EDWARD M. WATTS （Yale School of Management）

Abstract

We provide large-sample evidence on whether U.S. publicly traded corporations use voluntary disclosures about their commitments to employee diversity opportunistically. We document significant discrepancies between companies' external stances on diversity, equity, and inclusion (DEI) and their hiring practices. Firms that discuss DEI excessively relative to their actual employee gender and racial diversity (“diversity washers”) obtain superior scores from environmental, social, and governance (ESG) rating organizations and attract more investment from institutional investors with an ESG focus. These outcomes occur even though diversity-washing firms are more likely to incur discrimination violations and have negative human-capital-related news events. Our study provides evidence consistent with growing allegations of misleading statements from firms about their DEI initiatives and highlights the potential consequences of selective ESG disclosures.

Link: https://doi.org/10.1111/1475-679X.12542

The Financially Material Effects of Mandatory Nonfinancial Disclosure

原刊和作者：

Journal of Accounting Research Volume 62, Issue 5

BRIAN GIBBONS （Oregon State University）

Abstract

Complaints from institutional investors suggest that principles-based disclosure regimes that rely on financial materiality standards produce inadequate nonfinancial environmental and social (E&S) information. Using the staggered introduction of 40 country-level regulations that mandate disclosure, I document that reporting E&S information relates to increased investment from institutional owners and has material effects on firms’ investment and financing decisions. Firms mandated to disclose E&S information allocate more investment toward long-term, innovative projects and raise more equity capital. Evidence indicates that disclosure attracts long-term–oriented institutional clientele with E&S preferences, which then feeds back on firm decision making. Although the effects of nonfinancial disclosure are similar to those of improved financial disclosure, this clientele mechanism is unique. Taken together, these results suggest that jurisdictions that rely solely on financial materiality disclosure standards create nonfinancial information frictions with material effects on investors and firm decision making.

Link: https://doi.org/10.1111/1475-679X.12499

Comply or Explain: Do Firms Opportunistically Claim Trade Secrets in Mandatory Environmental Disclosure Programs?

Journal of Accounting Research Volume 62, Issue 5

YILE (ANSON) JIANG （The University of Hong Kong）

Abstract

This paper studies whether firms opportunistically make proprietary claims in mandatory environmental disclosure programs with trade secret exemption rules. Examining the mandatory chemical disclosure program in the fracking industry, I find evidence of opportunistic withholding of information among operators that are less likely to have trade secrets. Specifically, I find that these operators claim fewer chemicals as trade secrets when the operating site is in close proximity to water quality monitors. This is only observed among publicly traded operators that face a higher cost of societal backlash when disclosing pollutant information. Further analyses suggest that these operators are concerned about external environmental monitoring, which deters them from opportunistic information withholding. Regarding public and private operators that are more likely to have trade secrets, I do not find strong evidence that their information withholding varies with the monitoring conditions.

Link: https://doi.org/10.1111/1475-679X.12583