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The Effect of ESG Disclosure on Firm Performance: Does Earnings Management Matter?

ESG情報開示が企業業績に与える影響：利益調整は重要なのか？ (AI 翻訳)

Amr Moharram, Waleed M. Al‐ahdal, Shayuti Mohamed Adnan, Khaled Hussainey, H. Hashim

Business Strategy and the Environment📚 査読済 / ジャーナル2026-02-24#ESGOrigin: Global
DOI: 10.1002/bse.70669
原典: https://doi.org/10.1002/bse.70669

🤖 gxceed AI 要約

日本語

本研究は、エジプト市場におけるESG開示と企業業績（ROA、トービンのQ）の関係を分析し、発生主義および実体的利益調整の調整効果を検討した。自己構築したESG指数を用いたパネルデータ分析の結果、ESG開示はROAと正の関係、トービンのQと負の関係を示した。利益調整はこれらの関係を弱めることが明らかになり、ESG情報の信頼性向上には財務報告の誠実性が重要であることが示唆された。

English

This study examines the relationship between ESG disclosure (ESGD) and firm performance (ROA and Tobin's Q) in the Egyptian market, focusing on the moderating role of accrual and real earnings management. Using a self-constructed ESGD index and panel data from 71 nonfinancial firms (2016-2022), it finds that ESGD positively affects ROA but negatively affects Tobin's Q. Earnings management negatively moderates these relationships, highlighting the importance of financial reporting integrity for ESG credibility.

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

エジプト市場の分析であるが、ESG開示の信頼性に利益調整が影響する点は、日本のSSBJ基準導入や有報での非財務情報開示拡大においても示唆に富む。日本の企業実務では、ESG情報と財務情報の整合性が投資家対応でますます重要になっており、本結果はその背景となる理論的根拠を提供する。

In the global GX context

While focused on Egypt, this paper provides global insights into how earnings management can undermine the credibility of ESG disclosure. For international disclosure frameworks like ISSB and CSRD, the findings underscore the need to consider interactions between financial reporting quality and non-financial disclosure. It adds emerging market evidence to the debate on whether ESG efforts truly reflect firm value.

👥 読者別の含意

🔬研究者:Researchers should note the moderating role of earnings management on the ESG-firm performance relationship, particularly in emerging markets.

🏢実務担当者:Corporate sustainability teams should ensure that ESG disclosure is backed by integrity in financial reporting to maintain credibility with investors.

🏛政策担当者:Regulators should consider the interplay between ESG disclosure and earnings quality when designing disclosure standards.

📄 Abstract（原文）

This study investigates the relationship between environmental, social, and governance disclosure (ESGD) and firm performance, focusing on its impact on firm profitability (return on assets; ROA) and firm value (Tobin's Q), while considering the moderating roles of accrual earnings management (AEM) and real earnings management (REM) within the Egyptian context. The study uses panel data from 71 nonfinancial firms listed in the EGX 100 index over the period 2016–2022 (497 firm‐year observations) and analyzes the data using fixed‐effects regression with Driscoll and Kraay standard errors. Based on a self‐constructed ESGD index including 85 indicators, ESG data were collected from multiple sources. The findings indicate that although ESGD is positively associated with firm profitability (ROA), consistent with stakeholder and legitimacy theories, it is negatively associated with firm value (Tobin's Q), suggesting that ESG efforts are valued differently by internal and external stakeholders. Moreover, AEM negatively moderates both the ESGD–ROA and ESGD–Tobin's Q relationships, indicating that managerial opportunism, as emphasized by agency theory, may distort the performance relevance of ESGD across both operational and market dimensions. However, REM negatively moderates only the ESGD–Tobin's Q relationship, suggesting that agency‐driven real activity manipulation primarily weakens the market's perception of ESGD credibility. This study offers novel evidence from the underresearched Egyptian context, being the first to examine how both AEM and REM moderate the ESGD–firm performance relationship in an emerging market. It contributes to the research debate on ESGD and firm performance by highlighting how credible ESG reporting and financial reporting integrity shape both profitability and market valuation under managerial discretion. The findings offer insights for policymakers seeking to strengthen ESGD regulations, for managers aiming to align ESG initiatives with operational outcomes, and for investors evaluating the credibility of ESG information in the presence of earnings management concerns.

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