Market myopia is a behavioural bias that causes investors to overvalue short-term earnings and undervalue long-term profits. This anomaly should not be compatible with sustainability disclosure mechanisms, the set of tools which firms use for reporting on their sustainable practices, and which contribute towards long-term performance improvements. Our aim is to study whether market myopia, as a symptom of market inefficiency, decreases with the implementation of sustainability disclosure mechanisms. We test for the presence of market myopia in a sample of firms listed on the S&P Europe 350 Index. For this purpose, we propose to use an adaptation of the valuation model for residual income under linear information dynamics developed by Felthan and Ohlson. Using the rating provided by RobecoSAM Sustainability Yearbook, we find market myopia to be less prevalent in companies classified as high sustainability reporters. An association is also found between persistent enforcement of sustainability disclosure mechanisms and a reduction of the market myopia effect.

市场近视是一种行为偏差，导致投资者高估短期收益而低估长期利润。这种异常不应该与可持续性披露机制兼容，可持续性披露机制是公司用来报告其可持续实践并有助于长期绩效改进的一套工具。我们的目的是研究作为市场无效率症状的市场近视是否会随着可持续性披露机制的实施而减少。我们测试了标准普尔欧洲 350 指数上市公司样本中是否存在市场近视。为此，我们建议对 Felthan 和 Ohlson 开发的线性信息动态下的剩余收入估值模型进行调整。使用 RobecoSAM 可持续发展年鉴提供的评级，我们发现，在被归类为高可持续性报告者的公司中，市场短视现象并不那么普遍。可持续性披露机制的持续执行与市场近视效应的减少之间也存在关联。