ESG Performance and Income Smoothing: An Analysis of Companies Belonging to the BRICS
ESGパフォーマンスと利益平滑化：BRICS諸国企業の分析 (AI 翻訳)
Carlos Henrique Silva do Carmo, Lívia Janaína Silva, Eduardo Flores, A. Ribeiro
🤖 gxceed AI 要約
日本語
本研究は、BRICS諸国（ブラジル、ロシア、インド、中国、南アフリカ）の非金融企業を対象に、ESGパフォーマンスが意図的な利益平滑化に与える影響を検証した。2016年から2021年の5,437観測値を使用した回帰分析の結果、ブラジルではESGスコアが高いほど利益平滑化が抑制される一方、インドと中国では逆の関係が見られ、国ごとに差異があることが示された。
English
This study examines the effect of ESG performance on intentional income smoothing among non-financial firms in BRICS countries (Brazil, Russia, India, China, South Africa) from 2016 to 2021. Using regression analysis on 5,437 firm-year observations, it finds that higher ESG scores are associated with lower income smoothing in Brazil, but the opposite in India and China, indicating country-specific institutional influences.
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
BRICS諸国におけるESGスコアと利益品質の関係を実証した点で、日本企業の新興国投資や子会社管理において、ESG情報のコンテクスト依存的な解釈の重要性を示唆する。SSBJ開示基準の国際比較においても参考となる。
In the global GX context
This paper contributes to the global debate on ESG disclosure quality by showing that the relationship between ESG performance and earnings management varies across emerging markets. It underscores the need for context-sensitive interpretation of ESG scores, particularly for cross-border investors and regulators harmonizing standards under ISSB.
👥 読者別の含意
🔬研究者:Provides cross-country evidence on how ESG performance affects earnings management, useful for studies on disclosure quality and institutional differences.
🏢実務担当者:Highlights that ESG scores may not uniformly signal earnings quality in emerging markets; investors should adjust due diligence.
🏛政策担当者:Suggests that regulatory frameworks (e.g., securities laws) influence the credibility of ESG disclosures; relevant for SSBJ or ISSB implementation in diverse institutional settings.
📄 Abstract（原文）
AbstractPurpose – The relationship between environmental, social, and governance (ESG) performance and earnings manegement in emerging markets remains uncertain, and its implications for income smoothing are not well understood. This study examines how ESG performance influences intentional income smoothing among BRICS firms (Brazil, Russia, India, China, and South Africa).Design – This study employs two measures of intentional income smoothing (overall and accrual-based) and the Refinitiv ESG Score to analyze non-financial firms listed on BRICS stock exchanges. The sample includes 1,071 firms and 5,437 observations over the period from 2016 to 2021. The models were estimated using multiple linear regression with random effects and industry controls. Findings – The influence of ESG performance on income smoothing varies across BRICS firms. The most consistent effect was observed among Brazilian companies, which exhibited lower levels of intentional income smoothing under both metrics. In India and China, the opposite relationship was observed. In Russia and South Africa, no effect was identified, suggesting that country-specific institutions shape the relationship between income smoothing mechanisms and ESG within the BRICS, either reinforcing disciplinary incentives or allowing persistent manipulation.Practical & Social implications – ESG scores appear to convey different information about earnings quality across the BRICS. Stakeholders should interpret ESG signals in a context-sensitive manner when assessing reporting risks in emerging markets.Keywords – ESG, CSR, Income Smoothing, Earnings Quality, BRICS.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.17524/repec.v20.e3678first seen 2026-07-18 08:07:24
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