Environmental, Social, and Governance Information Disclosure: Who Discloses Wins?

ABSTRACT

As Environmental, Social, and Governance (ESG) Information Disclosure (ESG‐ID) transitions from voluntary to mandatory disclosure, its drivers and impacts have become focal points of discussion. Existing research, however, lacks integration, which, in turn, has led to fragmented theoretical and practical insights. This study conducts a multi‐layered systematic literature review on ESG‐ID following the Scientific Procedures and Rationales for Systematic Literature Reviews (SPAR‐4‐SLR) protocol. At Layer 1, a broad bibliometric analysis is performed on 1507 articles retrieved from Scopus and Web of Science to delineate the field's developmental trajectory. At Layer 2, a TCCM‐ADO‐based content analysis is applied to 437 articles published in ABDC A*/A‐ranked journals, uncovering the theoretical underpinnings (T), contextual settings (C), characteristic patterns (C), and methodological approaches (M) that inform ESG‐ID research while simultaneously examining the antecedents (A), disclosure decisions (D), and outcomes (O) of ESG‐ID. Through this review, an integrated knowledge framework was established to serve as a reference point for the theoretical advancement and practical application of ESG‐ID. Notably, the framework posits that firms' ESG disclosure choices regarding strategy, form, and quality are driven and impeded by internal and external antecedents . These choices translate into economic, informational, and relational outcomes through specific transmission mechanisms. Key mediators include analyst attention, corporate culture, financing constraints, green innovation, information transparency, and profit sustainability. Disclosure effectiveness may be conditioned by key moderators such as ownership structure, digital transformation, industry exposure, and public attention. However, the positive impact of ESG‐ID is not universal, as such disclosure may lose its effectiveness or even lead to negative consequences when assurance is insufficient or greenwashing is detected.