Evaluating the Relationship Between Environmental, Social, and Governance Disclosures and Corporate Investment Decisions: A Review of Existing Literature
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Abstract
Environmental, social, and governance (ESG) disclosure has moved from the margins of corporate reporting to the centre of capital market debate. Regulators on several continents introduced or proposed mandatory sustainability reporting regimes between 2014 and 2022, and investors now routinely state that ESG information informs how they allocate capital. Yet the question of whether, and through which channels, ESG disclosure shapes the investment decisions that firms themselves make has received less integrated attention than its links with firm value or stock returns. This paper reviews the theoretical and empirical literature published up to 2022 on the relationship between ESG disclosure and corporate investment decisions, covering investment efficiency, the level and composition of capital expenditure, innovation, and access to and cost of the capital that funds investment. Drawing on agency, information asymmetry, signalling, stakeholder, and legitimacy theories, the review organises the evidence around three transmission channels: an information channel, a financing channel, and a stakeholder channel. The weight of the evidence indicates that credible, material ESG disclosure is associated with lower information asymmetry, a lower cost of equity and debt, fewer financing constraints, and reduced over- and under-investment. The evidence is not uniform, however. Some studies find that ESG activity can reflect managerial agency problems and distort capital allocation, and the benefits depend strongly on disclosure quality, materiality, assurance, the institutional setting, and the reliability of ESG ratings. The synthesis is extended with applied and emerging-market studies, largely from Sub-Saharan Africa, on governance and control systems, data governance, environmental and social management, sustainable procurement, and capital allocation tools, which clarify the organisational infrastructure on which credible ESG disclosure depends. The review closes by identifying gaps in measurement, causal identification, and geographic coverage, particularly in emerging and African markets, and proposes an agenda for future research and practical implications for managers, investors, and regulators.
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