论文标题
标准化可持续性指标的强制性披露：欧盟分类法规的案例
Mandatory Disclosure of Standardized Sustainability Metrics: The Case of the EU Taxonomy Regulation
论文作者
论文摘要
可持续性报告使投资者能够做出明智的决定，并希望促进向绿色经济的过渡。欧盟的分类法规制定了规则，以辨别可持续活动并确定所得的绿色收入，该收入对许多公司来说是强制性的。在一个实验中，我们探讨了投资者相对于可持续性评级而获得的标准化指标。我们发现，如果两个指标不同意，则绿色收入对投资概率的影响更大。如果他们同意，强大的评级会对投资概率产生增量影响。这种影响对投资者态度的差异是有力的。我们的发现表明，强制性标准化的可持续性指标是引导投资的有效手段，它可以补充而不是替代可持续性评级。
Sustainability reporting enables investors to make informed decisions and is hoped to facilitate the transition to a green economy. The European Union's taxonomy regulation enacts rules to discern sustainable activities and determine the resulting green revenue, whose disclosure is mandatory for many companies. In an experiment, we explore how this standardized metric is received by investors relative to a sustainability rating. We find that green revenue affects the investment probability more than the rating if the two metrics disagree. If they agree, a strong rating has an incremental effect on the investment probability. The effects are robust to variation in investors' attitudes. Our findings imply that a mandatory standardized sustainability metric is an effective means of channeling investment, which complements rather than substitutes sustainability ratings.
