This study explores the impact of policy uncertainty, geopolitical risk, and sustainable disclosure (ESG) on corporate performance for the period 2014–21 across 23 countries. Using the System GMM technique, it uncovers a negative link between policy uncertainty, geopolitical risk, and corporate performance. Sustainable disclosure mitigates the influence of economic uncertainty and geopolitical risk on firm performance. The results are robust across the various other econometric methods (i.e. fixed effect, random effect and feasible generalized least squares) and alternative proxy used for sustainability disclosure. These findings have implications for policymakers and managers, highlighting the importance of aligning policies with sustainable disclosure practices. This study contributes to the literature by examining these factors on a cross-country scale, potentially among the first of its kind.

本研究探讨了 23 个国家 2014-21 年间政策不确定性、地缘政治风险和可持续披露 (ESG) 对企业绩效的影响。使用系统 GMM 技术，它揭示了政策不确定性、地缘政治风险和企业绩效之间的负联系。可持续披露减轻了经济不确定性和地缘政治风险对公司业绩的影响。结果在各种其他计量经济学方法（即固定效应、随机效应和可行的广义最小二乘法）和用于可持续性披露的替代代理中都是稳健的。这些发现对政策制定者和管理者具有影响，强调了使政策与可持续披露实践保持一致的重要性。这项研究通过在跨国范围内研究这些因素为文献做出了贡献，这可能是同类研究中的第一个。