The Impact of ESG Disclosure on Firm Value in Food Companies: A Literature Review

This study analyzes the impact of Environmental, Social, and Governance (ESG) accounting information disclosure on firm value in food companies through a critical literature review. The food industry is closely connected to ESG factors such as consumer health, environmental impact, and supply chain ethics, making the analysis of ESG disclosure effects particularly important. As global emphasis on sustainability intensifies, understanding the value-creation potential of ESG disclosures has become crucial for food companies. Focusing on the evolving landscape of sustainability reporting, this study critically reviews and synthesizes prior empirical and theoretical findings published primarily over the last decade (2015–2024), while also integrating seminal foundational studies to provide comprehensive theoretical context, that examine the relationship between ESG disclosure practices and firm value. The review highlights that high-quality ESG accounting information disclosure generally exerts positive effects on food companies’ market value, credit ratings, and intangible assets. The quality and specificity of disclosure emerge as key determinants. In particular, materiality-based disclosures focusing on industry-specific ESG issues such as food safety and supply chain transparency show stronger associations with firm value compared to generic sustainability reporting. These findings provide important implications for food companies’ ESG strategy development and disclosure policies, suggesting that strategic ESG disclosure serves.