Environmental sustainability represents nowadays a significant factor for business sector. Firms carry out many initiatives to develop environmental practices. Investors increasingly consider environmental discloser by firms and integrate this disclosure into the investment decision-making...

Yoon and Serafeim (2022) provide a review of the history of materiality, a brief discussion of selected research, and a discourse on measurement noise. They do not address the results of our research, our critique of their analysis, or our evidence that the main finding of Khan, Yoon, and...