The Impact of Sustainability Expenditures on ESG Performance: The Moderating Role of Financial Reporting Quality
持続可能性支出がESGパフォーマンスに与える影響：財務報告品質の調整役割 (AI 翻訳)
M. Altin, Mawih Kareem Al Ani, Khaled Hussainey, Dalia Štreimikienė
🤖 gxceed AI 要約
日本語
本研究は、英国の177社（2014-2023年）のパネルデータを用いて、持続可能性支出とESGパフォーマンスの関係を分析し、財務報告品質（価値関連性と利益平滑化）の調整効果を検証した。環境支出、環境投資、研究開発支出はESGパフォーマンスに正の影響を与え、この効果は財務報告品質によって強化されることを明らかにした。
English
This study analyzes the impact of sustainability expenditures on ESG performance using UK firm-level panel data from 2014-2023 (177 firms). It finds that environmental expenditure, environmental investments, and R&D positively affect ESG performance, and that financial reporting quality moderates this relationship, with value relevance amplifying and income smoothing supporting strategic consistency.
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
英国企業のデータではあるが、財務報告品質がサステナビリティ投資の有効性を高めるという示唆は、日本企業の有報・統合報告書におけるESG情報開示の質向上に応用可能。SSBJ基準との関連でも、透明性の高い開示が投資効果を高める点は重要。
In the global GX context
This paper contributes to global ESG disclosure literature by linking financial reporting quality to the effectiveness of sustainability expenditures. It supports ISSB's emphasis on decision-useful information and highlights that transparent reporting amplifies the ESG impact of sustainability investments.
👥 読者別の含意
🔬研究者:Shows that accounting quality moderates the ESG-sustainability expenditure link, suggesting further research into disclosure mechanisms.
🏢実務担当者:Aligning high-quality financial reporting with sustainability expenditures can enhance ESG performance; improve internal controls and reporting processes.
🏛政策担当者:Regulators should promote clearer disclosure standards to maximize the impact of mandated sustainability spending.
📄 Abstract（原文）
This study examines the relationship between sustainability expenditures and Environmental, Social, and Governance performance, emphasizing the moderating role of Financial Reporting Quality, proxied by value relevance and income smoothing. Using a panel of 1770 firm‐year observations from 177 industrial, energy, and basic materials firms in the United Kingdom over the period 2014–2023, the study employs Fixed Effects regressions as the main estimation strategy, complemented by Heckman correction for sample selection bias and GMM to address potential endogeneity. The results indicate that Environmental Expenditure, Environmental Expenditure Investments, and Research and Development expenditures have a positive and significant impact on ESG performance. This effect is significantly moderated by FRQ; value relevance amplifies the impact of sustainability expenditures, while income smoothing supports long‐term strategic consistency. These findings highlight the importance of transparent, informative reporting to enhance the effectiveness of sustainability investments. The study contributes to the ESG literature by showing that sustainability expenditures function as strategic investments rather than mere costs. From a practical perspective, the results suggest that managers should align sustainability strategies with high‐quality financial reporting practices, while policymakers should promote clearer disclosure standards to improve ESG outcomes.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70588first seen 2026-05-05 23:23:08
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。