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Insights into the Link Between Sustainability Disclosure and Financial Performance: A Systematic Review and Meta-Analytic Approach

サステナビリティ開示と財務パフォーマンスの関連性に関する洞察：系統的レビューとメタ分析アプローチ (AI 翻訳)

Valentin Burcă, Oana Bogdan, T. Cilan, C. Nicolaescu, R. Almași, Melinda Luca, Luminita Mazuru

Sustainability📚 査読済 / ジャーナル2026-04-17#ESGOrigin: Global
DOI: 10.3390/su18084019
原典: https://doi.org/10.3390/su18084019

🤖 gxceed AI 要約

日本語

本論文は、サステナビリティ報告(SR)が企業のサステナビリティパフォーマンス(CSP)と財務パフォーマンス(CFP)の関係に及ぼす影響を、メタ分析により検証した。2014～2024年の高質会計ジャーナル掲載19論文を分析し、SRにはCFPに対する有意な媒介効果がある一方、調整効果は確認されなかった。特に任意開示の方が強制開示より効果が高く、SRが単なるコンプライアンスではなく価値創造のコミュニケーションチャネルであることを示唆する。

English

This meta-analysis of 19 high-quality accounting journal articles (2014-2024) examines whether sustainability reporting (SR) moderates or mediates the relationship between corporate sustainability performance and financial performance. Results find a significant mediating effect of SR, especially in voluntary disclosure settings, suggesting SR serves as a crucial communication channel for value creation rather than mere conformity. The study informs standard-setters and managers on the role of SR disclosure regulation.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本では、SSBJ基準の適用や有報でのサステナビリティ情報開示が進む中、任意開示の効果が強制開示よりも高いという本結果は、開示規制の設計に一石を投じる。強制開示の拡大が必ずしも企業価値向上に直結しない可能性を示唆しており、日本企業の実務や政策立案において考慮すべき点を提供する。

In the global GX context

This meta-analysis directly addresses the ongoing global debate on mandatory vs voluntary sustainability disclosure. With ISSB, CSRD, and SEC advancing mandatory rules, the finding that voluntary reporting yields stronger positive effects on financial performance challenges the assumption that mandating disclosure automatically improves outcomes. Standard-setters should consider how to design regulations that preserve the communicative and value-creating role of sustainability reporting.

👥 読者別の含意

🔬研究者:Provides a rigorous meta-analytic synthesis of SR's mediating role in the CSP-CFP link, offering a clear foundation for future research on disclosure mechanisms.

🏢実務担当者:Confirms that sustainability reporting is not just a compliance exercise but a value-creation tool; companies should invest in voluntary, substantive disclosure.

🏛政策担当者:Suggests that mandatory reporting may not automatically yield financial benefits; careful calibration is needed to avoid undermining the communicative function of SR.

📄 Abstract（原文）

Recent global events have slowed progress toward achieving the Sustainable Development Goals (SDGs), making robust sustainability reporting (SR) systems critical for monitoring and corrective actions. While research on the link between corporate sustainability performance (CSP) and corporate financial performance (CFP) is extensive, the specific role of sustainability reporting as a communication channel remains insufficiently explored. Therefore, the objective of this paper is to address this gap in the literature by assessing the relevance of sustainability reporting for modeling the relationship between CSP and CFP. In this study, a univariate meta-analysis based on a PRISMA screening framework was performed to assess the unidirectional relationship between SR and CFP, specifically investigating whether SR acts as a moderating or mediating factor in the CSP-CFP nexus. The analysis is limited to 19 high-quality articles published in top-tier accounting journals between 2014 and 2024 to minimize publication bias and ensure reliability. The meta-analysis reveals no statistically significant moderating effect of SR on CFP. Instead, the results confirm a significant mediating effect, particularly when considering the presence of sustainability reports rather than just their specific content. These findings suggest that SR serves as a vital catalyst for corporate communication, providing more positive effects in voluntary compared to mandatory disclosure settings. This paper has both theoretical and practical implications, which are mainly relevant to standard-setters for assessing the efforts of SR disclosure regulation, and is of fundamental importance to managers as it indicates that SR does not relate solely to the practice of conformity, but rather to essential channels of communication and value creation.

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