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Effects of Non-financial Information Disclosure on Firm Performance and Firm Value

Yun Kyung Kim 1

1한국경제연구원

Accredited

ABSTRACT

This study examines the effects of ESG disclosure which provides firms’ non-financial information on firm performance and firm value. By using Korean listed firms during 2011-2017 with Bloomberg ESG Disclosure Score, we find that only disclosure on Governance is negatively associated with return on assets but the effects of total ESG, Environment and Social information are not statistically significant. Furthermore, none of ESG Disclosure has a statistically significant relationship with firm value. Results imply that disclosure of non-financial information does not improve corporate financial performance and the market does not perceive ESG information as important as financial information.

Citation status

* References for papers published after 2023 are currently being built.