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Non-Financial Reporting & Corporate Governance: Explaining American Divergence & Its Implications for Disclosure Reform

Author

Listed:
  • Harper Ho Virginia

    (University of Kansas School of Law, 1535 W. 15 St, Lawrence, KS 66045, USA)

Abstract
Non-financial reporting reforms have moved ahead around the world as governments work to advance sustainable development and improve environmental, social, and governance (“ESG”) risk management by firms and investors In the United States, however, non-financial reporting reforms face resistance and have lagged behind. This article offers an overview of the state of non-financial reporting in the U.S. and explains why the U.S. approach still diverges so visibly from the reform path adopted by other governments around the world. It then suggests potential directions for non-financial disclosure reform that take account of the U.S. institutional context. The article concludes by considering the implications of the United States’ market-driven approach for non-financial reporting reform and for the future of sustainable finance more broadly.

Suggested Citation

  • Harper Ho Virginia, 2020. "Non-Financial Reporting & Corporate Governance: Explaining American Divergence & Its Implications for Disclosure Reform," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 10(2), pages 1-29, July.
    • Handle: RePEc:bpj:aelcon:v:10:y:2020:i:2:p:29:n:3
    DOI: 10.1515/ael-2018-0043
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    Citations

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    Cited by:

    1. Nurul Jannah Mustafa Khan & Hasani Mohd Ali, 2023. "Regulations on Non-Financial Disclosure in Corporate Reporting: A Thematic Review," Sustainability, MDPI, vol. 15(3), pages 1-23, February.
    2. Goodell, John W. & Corbet, Shaen & Hou, Yang (Greg) & Hu, Yang & Oxley, Les, 2024. "Isolating defensive corporate ESG effects: Evidence from purely domestic anti-COVID-19 measures," Journal of Financial Stability, Elsevier, vol. 71(C).

    More about this item

    Keywords

    securities law; corporate governance; disclosure; ESG; non-financial; reporting; path dependency; private ordering; shareholder primacy; shareholder wealth maximization;
    All these keywords.

    JEL classification:

    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M38 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Government Policy and Regulation
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation
    • N2 - Economic History - - Financial Markets and Institutions

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