Publications
Publications
- September 2025
- Review of Accounting Studies
Disclosure Standards and Communication Norms: Evidence of Voluntary Sustainability Standards as a Coordinating Device for Capital Markets
By: Khrystyna Bochkay, Jeffrey Hales and George Serafeim
Abstract
In this paper, we examine how the development of voluntary sustainability standards has affected the nature of information covered in conference calls. Using industry-specific dictionaries of sustainability terms contained in the disclosure standards developed by the Sustainability Accounting Standards Board (SASB), we find a significant increase in coverage of sustainability topics identified as relevant to investors in SASB standards, particularly for entities that had little or no coverage of sustainability issues historically. This trend begins around the time when SASB released a provisional disclosure standard for a given company’s industry and continues in the years after. We also find a stronger impact of SASB standards on conference call content for firms operating in industries with greater ex-ante uncertainty about which sustainability topics are more likely to be financially material. Overall, our paper provides timely evidence as jurisdictions around the world consider whether to support sustainability reporting in their capital markets and, if so, how.
Keywords
Voluntary Disclosure; Accounting Standards; Sustainability Reporting; Sustainability Standards; ESG; ESG Disclosure; Accounting; Corporate Disclosure; Environmental Sustainability; Corporate Social Responsibility and Impact; Standards; United States
Citation
Bochkay, Khrystyna, Jeffrey Hales, and George Serafeim. "Disclosure Standards and Communication Norms: Evidence of Voluntary Sustainability Standards as a Coordinating Device for Capital Markets." Review of Accounting Studies 30, no. 3 (September 2025): 3021–3064.