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新興市場における持続可能性と報告品質：ESGパフォーマンス、成長機会、イノベーションの調整的役割

Sustainability and reporting quality in emerging markets: ESG performance, growth opportunities, and the moderating role of innovation (原題)

Xiaoxi Сhen, Saira Kharuddin, Jalila Johari

Business Performance Review📚 査読済 / ジャーナル2026-09-07#ESGOrigin: CN対象セクター: cross_sector
DOI: 10.22495/bprv4i4p3
原典: https://doi.org/10.22495/bprv4i4p3

🤖 gxceed AI 要約

日本語

中国A株上場企業のパネルデータ（2018-2022年、3,094社年）を用いて、ESGパフォーマンスが裁量的会計発生高を減少させ、利益操作を抑制することを実証。一方、成長機会は利益操作を増加させるが、イノベーション能力がその影響を緩和する。ステークホルダー理論、エージェンシー理論、RBVを統合した分析で、新興市場の報告品質向上に示唆を与える。

English

Using panel data of Chinese A-share listed firms (2018-2022, 3,094 firm-years), this study finds that higher ESG performance reduces discretionary accruals, curbing earnings management, while growth opportunities increase it. Innovation capacity strengthens ESG's effect and weakens growth pressures. Integrating stakeholder, agency, and RBV theories, it offers insights for improving reporting quality in emerging markets.

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

日本ではSSBJ開示や有報でのサステナビリティ情報が拡充される中、ESG情報の質と財務報告の信頼性の関係は重要。本研究成果は、日本企業のイノベーション投資が開示品質向上に寄与する可能性を示唆し、投資家対応や統合報告書の充実に示唆を与える。

In the global GX context

Globally, as ISSB and CSRD frameworks emphasize decision-useful sustainability information, this study links ESG performance to financial reporting quality, showing that innovation moderates earnings management. It extends the ESG-earnings management literature to emerging markets, offering evidence for regulators and investors on the interplay between sustainability and transparency.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG-earnings management nexus with innovation as moderator in China, extending theory integration.

🏢実務担当者:Highlights that strong ESG performance and innovation capacity can reduce earnings manipulation, informing corporate governance and reporting strategies.

🏛政策担当者:Suggests that promoting ESG and innovation may enhance financial reporting quality, relevant for emerging market regulators.

📄 Abstract（原文）

Despite increasing research on environmental, social, and governance (ESG) performance and financial reporting quality, the moderating role of innovation in ESG–earnings management linkages remains underexplored, particularly in emerging markets like China (Shen et al., 2023; Del Gesso & Lodhi, 2025). This study addresses this gap by exploring the impact of ESG performance, growth opportunities, and the moderating effect of innovation capacity on earnings management among Chinese A-share listed companies. The study employs firm fixed-effects regression models with year fixed effects and clustered standard errors. Using a panel dataset of 3,094 firm-year observations from 2018 to 2022, the study finds that higher ESG performance reduces discretionary accruals, indicating reduced earnings manipulation. Conversely, greater growth opportunities demonstrate increased earnings manipulation. Innovation capacity strengthens the effect of ESG on earnings management and weakens the adverse impact of growth pressures. These findings integrate stakeholder theory, agency theory, and the resource-based view (RBV), offering insights into how internal capabilities and external expectations shape financial reporting behaviour. The study contributes to the evolving discourse on corporate transparency and sustainable governance and provides practical implications for regulators, investors, and managers seeking better financial reporting quality and sustainable corporate development in emerging economies like China.

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