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Substance over symbolism: ESG disclosure, pricing efficiency, and firm market power
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DOI：10.1016/j.frl.2026.110624.png)
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Abstract
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• We split ESG disclosure into substantive and symbolic by text verifiability. • Substantive, not symbolic, ESG disclosure raises firm markups. • The effect runs through greater capital-market pricing efficiency. • Gains are larger under high institutional ownership and separation. • Substantive disclosure shows positive industry-level peer spillovers.
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