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レーダーの下に留まる：米国におけるサステナビリティ開示の事例

Staying under the radar: The case of sustainability disclosures in the US (原題)

Khrystyna Bochkay, Thorsten Sellhorn, Katharina Weiß

Crossrefプレプリント2026-01-01#開示インフラOrigin: US経営インパクト: 調達リスク対象セクター: cross_sector
DOI: 10.2139/ssrn.7220660
原典: https://doi.org/10.2139/ssrn.7220660

🤖 gxceed AI 要約

日本語

米国企業が反ESGの流れにどう開示を調整したかを2020〜2025年の10-Kで分析。2024年以降、ESG・ネットゼロ・DEI等の政治的用語やSBTi・SASB・TCFD等の枠組み言及が減少し、中立的表現へ移行。トピックや業界用語は比較的安定し、当初は「ESGカモフラージュ」的だが2025年には開示の実質も弱まり、広範な後退との区別は未確定。

English

Using 2020–2025 10-K filings and SASB adoption data, the authors test whether US firms camouflage ESG reporting amid the anti-ESG turn. From 2024, firms drop politically salient terms (ESG, net zero, DEI) and named frameworks (SBTi, SASB, TCFD) while topic coverage stays stable. By 2025 disclosure substance also weakens, so camouflage cannot yet be distinguished from broader retrenchment.

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

米国の反ESG圧力が開示の「見た目」と「実質」を分離させる現象は、SSBJ基準導入と有報・統合報告書対応を進める日本企業にとっても、政治的風向きと開示品質の関係を考える上で示唆に富む。

In the global GX context

Directly informs ISSB/TCFD adoption debates: it shows framework affiliation can be decoupled from disclosure substance under political pressure, a key risk for global convergence and comparability of sustainability reporting.

👥 読者別の含意

🔬研究者:政治的圧力下で開示の形式と実質が乖離するメカニズムを実証する枠組みを提供する。

🏢実務担当者:ESG用語や枠組み言及の削減が開示品質の低下と受け取られないよう、実質的な情報発信の維持が重要。

🏛政策担当者:反ESGの政治的圧力が開示の実質を損ない得る点を、基準設計・強制開示の議論に反映すべき。

📄 Abstract（原文）

We examine how US firms adjust sustainability reporting in response to the recent anti-ESG turn, testing whether firms engage in ESG camouflage: reducing visible ESG markers while preserving disclosure substance, or instead retrench more broadly. Using 10-K reports from 2020-2025 and data on firms' adoption of SASB standards, we investigate changes across different dimensions of sustainability disclosure and document four key patterns. First, beginning in 2024, firms reduce the use of politically salient ESG terminology (e.g., "ESG," "net zero," "DEI") and shift toward more neutral, operationally framed language. Second, they reduce visible affiliation with sustainability frameworks, reflected in fewer references to named standards and related concepts (e.g., SBTi, SASB, TCFD) and a decline in formal SASB adoption among US firms relative to firms outside the US. Third, broader measures of disclosure content change less sharply, with topic coverage and industry-specific terminology remaining relatively stable. Fourth, by 2025, disclosure substance, as proxied by the length of sustainability-related text and mentions of company actions in that text, weakens as well. Taken together, the patterns suggest firms initially adjust the appearance of sustainability reporting more strongly than its substance, consistent with ESG camouflage. However, by 2025, substance weakens as well, and we cannot (yet) fully distinguish camouflage from a broader retrenchment in disclosure.

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