ポルトガルにおけるCSRDの影響：初年度のエビデンスと適用の決定要因

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

🔬研究者:CSRD遵守度の決定要因を定量化した初期実証として、開示規制の移行コスト研究に有用。

🏢実務担当者:ESRS対応では環境開示が最も遅れやすく、先行開示経験と体制整備が遵守度を左右する点を参考にできる。

🏛政策担当者:強制開示への移行で既存報告経験が遵守を促すため、段階的導入と支援策の設計に示唆を与える。

The growing importance of Environmental, Social and Governance (ESG) issues has transformed traditional corporate reporting, challenging the historical focus on financial disclosure alone. While financial reports long served as the main communication tool between companies and stakeholders, growing concerns regarding climate change, social inequalities, business ethics and corporate responsibility revealed the limitations of purely financial information in assessing long-term value creation. Consequently, non-financial disclosure emerged as a key element of corporate transparency, initially supported by voluntary frameworks such as the Global Reporting Initiative (GRI) and the International Integrated Reporting Framework. However, the lack of standardisation led to heterogeneous reporting practices, limiting comparability and reliability. To address these issues, the European Union (EU) shifted from a voluntary to a mandatory sustainability reporting framework. The Non-Financial Reporting Directive (NFRD) represented an important first step, although prior studies identified limitations regarding reporting quality and comparability (Anguiano-Santos et al., 2024; Radu et al., 2023). In response, the EU approved the Corporate Sustainability Reporting Directive (CSRD) in 2022, introducing substantial changes to corporate reporting. The CSRD expands the scope of companies subject to disclosure obligations, incorporates the double materiality principle, requires external assurance, and mandates compliance with the European Sustainability Reporting Standards (ESRS) developed by EFRAG. This study analyses the impact of the CSRD in Portugal during its first year of implementation. The research examines 46 companies listed on Euronext Lisbon, including 28 firms previously covered by the NFRD. Using quantitative content analysis, a compliance index based on 88 ESRS disclosure requirements was developed. The results reveal a relatively low overall compliance level (mean = 0.390), suggesting that Portuguese companies are still adapting to the new framework. Firms previously subject to the NFRD presented significantly higher compliance levels, indicating that prior experience facilitates adaptation. Governance disclosures achieved the highest compliance, whereas environmental disclosures showed the lowest. Regression results identify leverage as a negative determinant of compliance, while sustainability reporting practices, PSI index inclusion and prior NFRD experience positively influence compliance levels. The study contributes to the emerging literature on CSRD implementation and highlights implications for companies, auditors and policymakers regarding sustainability integration and reporting practices.

• semanticscholar https://papers.academic-conferences.org/index.php/ecmlg/article/download/5004/5056first seen 2026-10-31 05:51:45 · last seen 2026-11-06 05:46:43