ESG Disclosure and Firm Performance: Institutional Differences Between Western European and Central and Eastern European Firms
ESG開示と企業業績：西欧と中東欧企業の制度的差異 (AI 翻訳)
Kristina Rudžionienė, Greta Keliuotytė-Staniulėnienė, Rasa Kanapickienė, Mantas Valukonis, Rūta Klimaitienė
🤖 gxceed AI 要約
日本語
本論文は、西欧（WE）と中東欧（CEE）の企業におけるESG開示と企業財務業績（CFP）の関連を比較分析。BloombergのESG開示スコアを用い、ROA、ROEなどとの関係を検証。結果、ESG開示はROA・ROEと負の相関、株主利回りと正の相関を示し、CEE企業でより強い負の関連が観察された。
English
This paper examines the association between ESG disclosure and corporate financial performance across Western European and Central and Eastern European firms using Bloomberg ESG scores from 2013-2024. Results show a negative association with ROA and ROE, a positive association with shareholder yield, and stronger negative effects in CEE countries, highlighting institutional differences.
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
日本企業にとって、欧州域内でもESG開示と業績の関連に地域差があることは、グローバル投資家対応やSSBJに基づく開示戦略を検討する上で参考になる。特にCEEのような新興市場での負の関連は、日本市場への示唆を含む可能性がある。
In the global GX context
This study provides comparative evidence on ESG disclosure and performance across European institutional contexts. For global disclosure scholarship, it underscores that the ESG–CFP link varies by region and metric, informing debates on the materiality of ESG disclosure under ISSB and CSRD.
👥 読者別の含意
🔬研究者:This paper contributes to the ESG–CFP literature by comparing Western and Eastern European firms, showing regional and metric-dependent effects.
🏢実務担当者:Insights on how ESG disclosure associates differently with financial metrics can help firms tailor their reporting strategies to regional investor expectations.
🏛政策担当者:The observed regional differences suggest that one-size-fits-all ESG disclosure mandates may have heterogeneous economic impacts, relevant for harmonization efforts like CSRD.
📄 Abstract（原文）
This paper examines the association between ESG disclosure and corporate financial performance (CFP) and assesses whether this association differs across selected Western European (WE) and Central and Eastern European (CEE) countries. Using Bloomberg database data for 4553 firms from selected WE and CEE countries over 2013-2024, bivariate and multivariate panel regression models (constant, fixed, and random effects) are constructed. The Bloomberg ESG disclosure score is selected as an independent variable, while return on assets (ROA), return on equity (ROE), EBITDA margin, net profit margin, the price-to-book ratio, and shareholder yield are selected as dependent variables. The results reveal that ESG disclosure appeared to be negatively associated with ROA and ROE, positively associated with shareholder yield, and not significantly associated with the remaining performance measures; moreover, regional differences are observed only for selected accounting-based measures, with a stronger negative association in CEE countries. This research contributes to the existing literature by providing comparative evidence across WE and CEE and demonstrating that the association between ESG disclosure and CFP varies by performance measures and institutional environments.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.20944/preprints202607.0201.v1first seen 2026-07-18 06:03:40
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