|dc.description.abstract||I utilize a keyword matching technique for comparing sustainability disclosure levels among
publicly listed U.S. firms. By computerized parsing of the 10-K form, filed with the U.S.
Securities Exchange Commission, I construct a sample of 88,464 firm-year sustainability disclosure
observations. I find significant cross-sectional variation in sustainability disclosure in 10-K
forms and document a steady increase in the form’s usage as a tool for sustainability reporting
since the 1990s. Several firm characteristics correlate with disclosure levels of sustainability
relating information. Primarily firm size, geographical dispersion, and industry show significant
variation in firm 10-K sustainability disclosure concurring with previous empirical work. After
controlling for several firm characteristics, I document a negative association between a firm’s
sustainability disclosure and stock returns in microcaps. The relation between sustainability
disclosure and stock returns is not statistically significant in the comparison of all firms. I
document several firm characteristics that explain cross-sectional variation in stock returns.
Furthermore, this paper provides insight on industry effects of sustainability disclosure levels,
and investigate stock return effects by environmental, social, and governance-related disclosure.||nb_NO