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Climate Regulation and ESG Disclosure in Maritime Transport

Xakousti Afroditi Merika & Theodore Syriopoulos

European Financial Management2026https://doi.org/10.1111/eufm.70062article
AJG 3ABDC A
Weight
0.50

Abstract

This paper investigates whether climate policy signals influence ESG disclosure quality in maritime transport, a capital‐intensive industry responsible for roughly 3% of global CO₂ emissions. Using panel data from 126 listed shipping firms between 2009 and 2023, we construct an author‐based disclosure quality index and treat the IMO's 2018 Initial GHG Strategy as an environmental information shock. Difference‐in‐differences and dynamic panel estimations show significant improvements in disclosure quality from 2019 onward. Firms with stronger innovation and tighter financial constraints respond more intensively, while weaker profitability reduces persistence. Results underscore the capital‐market relevance of credible ESG disclosure in shipping globally.

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https://doi.org/https://doi.org/10.1111/eufm.70062

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@article{xakousti2026,
  title        = {{Climate Regulation and ESG Disclosure in Maritime Transport}},
  author       = {Xakousti Afroditi Merika & Theodore Syriopoulos},
  journal      = {European Financial Management},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/eufm.70062},
}

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Climate Regulation and ESG Disclosure in Maritime Transport

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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