I study whether mandated reporting generates real effects for firms that already voluntarily disclose the mandated information. My setting is a regulation requiring firms to disclose greenhouse gas emissions (GHGE). I find that firms voluntarily disclosing GHGE prior to the regulation reduce GHGE levels and intensity following mandated reporting. The change in a voluntary discloser’s GHGE ranking after mandated reporting predicts its subsequent GHGE reductions. In addition, the GHGE ranking of a voluntary discloser’s industry predicts the firm’s GHGE reductions. These effects are stronger for firms that perceive higher reputational and regulatory risks from climate change. The results suggest that mandated reporting provides voluntary disclosers with information about first-time disclosers that allows them to (1) set competitive benchmarks and (2) preempt and/or prepare for future regulation. While prior research focuses on first-time disclosers, my study shows that mandated reporting can improve corporate social responsibility outcomes among voluntary disclosers.

我研究了强制性报告是否会对已经自愿披露强制性信息的公司产生实际影响。我的设定是一项要求企业披露温室气体排放量（GHGE）的法规。我发现，在法规出台之前，企业自愿披露GHGE会降低GHGE的水平和强度。强制报告后自愿披露者GHGE排名的变化预测了其随后GHGE的下降。此外，自愿披露者行业的GHGE排名可以预测该公司的GHGE减少。对于那些认为来自气候变化的声誉和监管风险更高的公司，这些影响会更强。结果表明，强制性报告为自愿披露者提供了有关首次披露者的信息，使他们能够（1）设定竞争基准和（2）抢占和/或为将来的监管做准备。尽管先前的研究集中于首次披露者，但我的研究表明，强制性报告可以改善自愿披露者的企业社会责任结果。