Section 1502 of the Dodd–Frank Act requires SEC-registered issuers to conduct supply chain due diligence and submit conflict minerals disclosures (CMDs) that indicate whether their products contain tantalum, tin, tungsten, or gold (3TG) sourced from the Democratic Republic of the Congo (DRC) or its neighboring countries (“covered countries”). Consistent with the reputational cost hypothesis, we find that heightened public attention to CMDs increases responsible sourcing. After Section 1502 takes effect, we find higher demand for 3TG products processed in certified smelters, decreased conflicts in covered countries’ mining regions relative to other regions, and reduced sensitivity of conflict risk to conflict minerals’ price spikes. Finally, we find that conflicts decrease in Eastern DRC territories with prevalent 3T (tantalum, tin, and tungsten) mines but increase in territories with prevalent gold mines. Overall, our findings highlight the real effects of enhanced supply chain transparency regulation.

中文翻译：

---

供应链透明度监管的实际影响：来自《多德-弗兰克法案》第 1502 条的证据

《多德-弗兰克法案》第 1502 条要求在 SEC 注册的发行人进行供应链尽职调查并提交冲突矿物披露 (CMD)，表明其产品是否含有源自民主共和国的钽、锡、钨或金 (3TG)刚果（金）或其邻国（“涵盖国家”）。与声誉成本假设一致，我们发现公众对 CMD 的关注度提高会增加负责任的采购。第 1502 条生效后，我们发现对经过认证的冶炼厂加工的 3TG 产品的需求增加，所涉及国家矿区相对于其他地区的冲突减少，冲突风险对冲突矿产价格飙升的敏感性降低。最后，我们发现，在 3T（钽、锡和钨）矿盛行的刚果民主共和国东部地区，冲突有所减少，但在金矿盛行的地区，冲突有所增加。总体而言，我们的研究结果凸显了加强供应链透明度监管的实际效果。