The International Sustainability Standards Board’s (ISSB’s) validation of Scope 3 greenhouse gas emissions disclosure requirements represents a pivotal advancement in sustainability reporting. This study examines the implications of this validation for US-listed manufacturing firms’ stock valuations, taking into account the moderating effect of supplier complexity. Employing the event study methodology and cross-sectional regression analysis, our study reveals a positive market response to the ISSB’s validation. Moreover, we observe that supplier concentration complexity and supplier spatial complexity mitigate this positive impact, while supplier horizontal complexity does not exert a significant effect on this positive impact. This highlights the critical role of supply chain optimization in fostering sustainable business practices. Our study contributes to the literature by empirically assessing the impact of Scope 3 emissions disclosure on firm performance and exploring the moderating role of supplier complexity, thereby enhancing our understanding of sustainability disclosures within supply chain operations. Our findings offer crucial insights for manufacturers, investors, and policymakers as they navigate the complex dynamics between sustainability disclosures, supply chain management, and stock valuations.

中文翻译：

---

ISSB 范围 3 温室气体排放验证对美国制造商库存估值的影响：分析供应商复杂性的作用


国际可持续发展准则理事会 （ISSB） 对范围 3 温室气体排放披露要求的验证代表了可持续发展报告的关键进步。本研究考察了这种验证对美国上市制造公司股票估值的影响，同时考虑到供应商复杂性的调节作用。我们的研究采用事件研究方法和横断面回归分析，揭示了市场对 ISSB 验证的积极反应。此外，我们观察到供应商集中复杂性和供应商空间复杂性减轻了这种积极影响，而供应商横向复杂性对这种积极影响没有显著影响。这凸显了供应链优化在促进可持续商业实践方面的关键作用。我们的研究通过实证评估范围 3 排放披露对公司绩效的影响并探索供应商复杂性的调节作用，从而增强我们对供应链运营中可持续性披露的理解，从而为文献做出贡献。我们的研究结果为制造商、投资者和政策制定者在应对可持续发展披露、供应链管理和股票估值之间的复杂动态方面提供了重要见解。