ESG disclosure regulation: in search of a relationship with the countries’ competitiveness

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This paper is devoted to the investigation of environmental, social and governance (ESG) disclosure regulation process and its possible connection with countries’ competitiveness as an integral part of countries’ Corporate Social and Environmental Responsibility (CSER) poliсy. ESG disclosure regulation criteria were examined according to their classification on Pension Fund Regulation, Stewardship Code, Government Corporate ESG disclosure, and Non-Government Corporate ESG disclosure by UNPRI in 2016 and for developed countries and developing and emerging countries separately. In order to find the relationship between ESG disclosure and the countries’ competitiveness (describing by Global Competitiveness Index), variety of statistical tests was applied (Student’s t-tests, ANOVA analysis, Mann-Whitney tests, simple average analysis and regression analysis with dummy variables). Research hypotheses about statistically significant differences in ESG disclosure regulation between developed countries and developing and emerging countries and the influence of ESG disclosure regulation on the overall competitiveness of the country were proved. ESG disclosure regulation became an effective instrument of countries CSER policy and tools for increasing their competitiveness.

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    • Figure B1. PFR
    • Figure B2. SC
    • Figure B3. GCESG
    • Figure B4. NGCESG
    • Table 1. Countries with the highest share of ESG disclosure in annual company reports and regulatory requirements for its compilation
    • Table 2. Overview of the results for ESG criteria
    • Table 3. Multiplied regression analysis: ranking in 50 largest economies (Y) and ESG disclosure regulation variables (X variables)
    • Table A1. Initial data set
    • Table C1. T-test of the differences between developed countries and developing and emerging countries
    • Table C2. ANOVA test of the differences between developed countries and developing and emerging countries
    • Table C3. Mann-Whitney tests of the differences between developed countries and developing and emerging countries
    • Table C4. Regression analysis with dummy variables of the differences between developed countries and developing and emerging countries*
    • Table D1. Correlation analysis of ESG disclosure regulation and overall competitiveness of the countries: case of all data set
    • Table D2. Correlation analysis of ESG disclosure regulation and overall competitiveness of the countries: case of developed countries
    • Table D3. Correlation analysis of ESG disclosure regulation and overall competitiveness of the countries: case of developing and emerging countries
    • Table E1. Granger causality test: rank (X) and PFR (Y)
    • Table E2. Granger causality test: rank (X) and SC (Y)
    • Table E3. Granger causality test: rank (X) and GCESG (Y)
    • Table E4. Granger causality test: rank (X) and NGCESG (Y)