Danilo V. Mascia
University of Leeds, UK

Abstract:

Using a unique hand-collected dataset on firms’ voluntary adoption of Sustainability Accounting Standards Board (SASB) standards, this seminar examines whether SASB adoption reduces disagreement in ESG ratings across agencies. The analysis shows that the structured, financially material disclosures associated with SASB adoption significantly decrease ESG rating disagreement compared with general ESG reporting. The effect is found to be stronger for firms with high financial reporting opacity and low institutional ownership. Finally, the seminar discusses evidence that SASB adoption influences stock returns through a reduction in information uncertainty. These findings contribute to the debate on disclosure comparability and to the growing literature on the institutional, theoretical and market implications of ESG standardization.

Danilo V. Mascia holds the Chair in Banking and Finance at the University of Leeds. His research focuses on banking, sustainable finance and SME finance, with publications in leading journals including the Journal of Corporate Finance and British Journal of Management. He is an Associate Editor of the European Journal of Finance (since October 2022), and the International Review of Financial Analysis (since June 2026). At Leeds University Business School, he serves as Deputy Director of the PhD Accounting and Finance programme, and Deputy Director of the International Banking Institute. He previously directed the MSc Banking and International Finance programme. His work bridges academic research, teaching and policy engagement. He contributed to the UK Government’s Kalifa Review of UK FinTech and has advised the Italian Ministry of Finance on the implementation of the “Do No Significant Harm” principle for sovereign green bonds. He has received several awards and commendations for his research, teaching, student support and PhD supervision.