Economic Consequences of Mandatory ESG Reporting

Felipe Aldunate Anfossi, Jonathan Berkovitch, Doron Israeli, Mauricio Larrain Errázuriz

Research output: Working paper


We provide early evidence on the capital-market effects around the introduction of mandatory ESG standards reporting. We exploit the staggered introduction of SASB (Sustainability Accounting Standards Board) standards in Chile: in 2023, only the largest firms had the obligation to disclose financial statements using SASB standards. We find an increase in the stock market response to disclosure of annual reports for SASB-reporting firms. We find no effect on stock market liquidity of those firms.
Original languageAmerican English
StateIn preparation - 2024


  • ESG
  • SASB
  • Reporting
  • MArket efficiency


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