The value relevance of corporate sustainability performance (CSP) has been studied from different theoretical perspectives, yielding inconclusive evidence. Therefore, it is imperative to revisit corporate sustainability performance relevance for investors. This study explores the value relevance of corporate sustainability performance by studying the impact that the quality of sustainability reporting has on it. It employed the panel data of 247 firms from 2012 to 2016 for the best 30 green capital markets ranked by the Global Green Economy Index. The results indicated that investors value corporate sustainability performance (achieved through social, economic, and corporate governance dimensions only) and the quality of sustainability reporting. However, the environmental dimension of CSP lacks financial materiality for investors. Furthermore, the quality of sustainability reporting plays an instrumental role in the value relevance of the corporate governance dimension because it is perceived as an alternative corporate governance mechanism by investors. The findings are useful for practitioners, regulators, and other stakeholders interested in understanding the value relevance of corporate sustainability performance and quality of sustainability reporting.

中文翻译：

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可持续发展报告质量对企业可持续发展绩效价值相关性的影响

已从不同的理论角度研究了企业可持续发展绩效（CSP）的价值相关性，并得出了不确定的证据。因此，有必要重新审视投资者对公司可持续发展绩效的相关性。本研究通过研究可持续发展报告质量对其影响的价值，探索了公司可持续发展绩效的价值相关性。它采用了2012年至2016年间247家公司的面板数据，以全球绿色经济指数排名的前30个最佳绿色资本市场。结果表明，投资者重视公司可持续发展绩效（仅通过社会，经济和公司治理维度实现）和可持续发展报告的质量。但是，CSP的环境维度对投资者而言缺乏财务重要性。此外，可持续发展报告的质量在公司治理维度的价值相关性中起着重要作用，因为它被投资者视为替代性公司治理机制。该发现对有兴趣了解公司可持续发展绩效和可持续发展报告质量的价值相关的从业者，监管者和其他利益相关者很有用。