Research on the Differential Impact of Information Disclosure Quality on Corporate Performance—Analysis Based on Three Dimensions of Environment, Society and Governance

Based on the data of A-share listed companies in China from 2010 to 2024, this study uses A panel model to analyze and finds that higher ESG disclosure quality is generally conducive to improving corporate performance. From a multi-dimensional perspective, the promoting effect of governance disclosure is the strongest, mainly due to the reduction of agency costs. Social disclosure also has a positive impact, but to a lesser extent, and the path lies in improving stakeholder relationships. Environmental disclosure does not bring significant financial returns in the short term, and its value may need to be manifested over the long term. This indicates that the influence mechanisms and timeliness of each dimension of ESG are different, and enterprises and policy-making need to adopt differentiated strategies.