This paper studies whether and how mandatory nonfinancial disclosure affects firms’ real decisions. I exploit a disclosure regulation enacted in California, which mandates that firms disclose how they conduct due diligence to address their suppliers’ human rights abuses. I find that treated firms increase their supply chain due diligence, and their suppliers’ human rights performance improves following the regulation. The effects are stronger when firms face greater pressure from non-governmental organizations (NGOs) and socially conscious shareholders, when customers have greater incentives to use the newly disclosed information, and when the regulation leads to a larger increase in information comparability. Collectively, the results suggest that mandatory nonfinancial disclosure can affect firms’ real decisions through market mechanisms and that stakeholder responses play a key role.

中文翻译：

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强制性非财务披露的真正影响：来自供应链透明度的证据

本文研究了强制性非财务信息披露是否以及如何影响公司的实际决策。我利用加利福尼亚颁布的一项披露法规，该法规要求公司披露他们如何进行尽职调查以解决供应商侵犯人权的问题。我发现经过处理的公司增加了他们的供应链尽职调查，并且他们的供应商的人权表现在监管之后得到了改善。当公司面临来自非政府组织 (NGO) 和具有社会意识的股东的更大压力时，当客户有更大的动机使用新披露的信息时，以及当监管导致信息可比性的更大提高时，效果会更强。集体，