This paper examines the effects of environmental, social and governance (ESG) disclosure on investment efficiency …, although there is no evidence of any impact on new capital raised in equity markets. In addition, investment efficiency gains …

This study investigates the strategic disclosure of a downstream firm’s information regarding cost-reducing investment … convey an aggressive investment (i.e., lower marginal costs) to a rival downstream firm when the products are sufficiently … differentiated. Moreover, we show that the downstream firm may disclose its information and pursue its investment at a minimum level …

Theory suggests a commitment to voluntary disclosure may improve firm investment over time. Our findings support this … argument. We document that voluntary disclosure commitment is associated with the more profitable exercise of firm investment … opportunities. Additionally, prior research hypothesizes that voluntary disclosure can reduce both under- and over-investment. We …

stand to significantly influence both the preference for and timing of disclosures. Interestingly, while investment …