Corporate ESG performance and the capital market information environment

Since China began to disclose ESG performance in 2011, we selected A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2022 as the research sample. The samples were further excluded from special treatment companies, companies in the financial industry, and those with missing data. The final sample contained 17,752 firm-year observations. All continuous variables are winsorized at the 1% level to avoid outlier effects. ESG data are from the Wind database, and financial data are from the China Securities Market and Accounting Research database.