Krüger et al (2023)

Krüger, Philipp, Zacharias Sautner, Dragon Yongjun Tang, and Rui Zhong.  “The Effects of Mandatory ESG Disclosure Around the World.”  Working paper (Swiss Finance Institute Research Paper No. 21-44), 2021 (revised 2023).

From the author's abstract:  "We compile a novel dataset on mandatory environmental, social, and governance (ESG) disclosure around the world to analyze the stock liquidity effects of such disclosure mandates. We document a significant positive effect of ESG disclosure mandates on firm-level stock liquidity. The effects are strongest if the disclosure requirements are implemented by government institutions—not on a comply-or-explain basis—and coupled with strong enforcement by informal institutions. Firms with weaker information environments benefit the most from ESG disclosure mandates..."

Link:  https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3832745