This paper discusses targeted transparency regulation by securities regulators: corporate disclosure regulation aimed at nudging firms towards changing their business activities in socially desirable ways. Using Corporate Social Responsibility disclosures and other prominent examples, we first document disclosure regulators’ public policy objectives. Based on a framework that develops the causal chain linking a disclosure mandate to the desired corporate action, we review empirical evidence on the effectiveness of targeted transparency implemented via securities regulation. The paper concludes with a discussion of opportunities and challenges for future research in this area.

中文翻译：

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通过有针对性的透明度法规来塑造公司行为：框架和现有证据的审查

本文讨论了证券监管机构的有针对性的透明度监管：公司披露监管旨在旨在促使公司以社会上可取的方式改变其业务活动。利用企业社会责任披露和其他突出的例子，我们首先记录披露监管者的公共政策目标。基于建立将披露要求与所需公司行为联系起来的因果链的框架，我们回顾了通过证券监管实施的目标透明性有效性的经验证据。本文最后讨论了该领域未来研究的机遇与挑战。