Non-Financial Reporting & Corporate Governance : Explaining American Divergence & Its Implications for Disclosure Reform

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

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Original languageEnglish
Article number20180043
Journal / PublicationAccounting, Economics and Law
Issue number2
Online published8 Jan 2020
Publication statusPublished - Jul 2020
Externally publishedYes


Non-financial reporting reforms have moved ahead around the world as governments work to advance sustainable development and improve environmental, social, and governance ("ESG") risk management by firms and investors In the United States, however, non-financial reporting reforms face resistance and have lagged behind. This article offers an overview of the state of non-financial reporting in the U.S. and explains why the U.S. approach still diverges so visibly from the reform path adopted by other governments around the world. It then suggests potential directions for non-financial disclosure reform that take account of the U.S. institutional context. The article concludes by considering the implications of the United States' market-driven approach for non-financial reporting reform and for the future of sustainable finance more broadly.

Research Area(s)

  • corporate governance, disclosure, ESG, non-financial, path dependency, private ordering, reporting, securities law, shareholder primacy, shareholder wealth maximization