Do the Sustainability Metrics Curtail Managerial Opportunism? Evidence from an Emerging Market
サステナビリティ指標は経営者の利己的行動を抑制するか？新興市場からの証拠 (AI 翻訳)
Manu Abraham
🤖 gxceed AI 要約
日本語
本研究は、インド企業82社を対象に、ESG指標と利益操作（EM）の双方向関係を分析。Governance（G）ピラーがEM抑制に最も有効であり、Environmental（E）とSocial（S）は限定的。パンデミック期には総EMは低下したが、企業は当期発生高を業績シグナルとして利用。SEBIに対し、統合的ESG格付け制度の構築を提言。
English
This study examines the bidirectional relationship between ESG metrics and earnings management in 82 Indian firms (FY2018-2024). It finds that the Governance pillar is most effective in curbing managerial opportunism, while Environmental and Social pillars have limited impact. During the pandemic, total earnings management decreased, but firms used accruals to signal performance. The authors recommend SEBI develop an integrated ESG rating mechanism for standardization.
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
インドのESG開示と利益操作の関係を示す実証研究。日本のSSBJや有報でのESG開示拡大に際し、Governanceの重要性を再確認する点で参考になる。環境・社会指標の開示強化が投資家保護に直結しない可能性を示唆。
In the global GX context
This paper provides emerging-market evidence on how ESG metrics affect managerial behavior, relevant for global ESG disclosure standard-setters (ISSB, CSRD). It highlights that governance metrics have stronger disciplining effects than environmental or social ones, suggesting caution in expecting environmental disclosure alone to curb opportunism.
👥 読者別の含意
🔬研究者:Useful for studies on ESG disclosure and earnings management dynamics, especially in emerging markets.
🏢実務担当者:Corporate sustainability teams should note that governance metrics may be more impactful on managerial behavior than environmental or social scores.
🏛政策担当者:Indian regulators (SEBI) can consider integrated ESG ratings; global policymakers can learn that governance effectiveness varies across markets.
📄 Abstract（原文）
The present study examines the bidirectional relationship between earnings management (EM) and the three dimensions of the ESG (environmental, social and governance) framework. The modified Jones model and Roychowdhury model were used for estimating the EM proxies. The study covers 82 companies (492 firm-year observations) during the period FY 2018–2019 to FY 2023–2024. The study reveals that among the three pillars of ESG, the governance (G) pillar is more effective than the environmental (E) and social (S) pillars in regulating managerial discretion. Even though the total EM was lower during the pandemic period, firms used current accruals as a tool to signal their performance. Findings of the study can aid policymakers and managers in enhancing the disclosure of environmental and social initiatives in India. Also, SEBI should consider the compilation of an integrated ESG rating mechanism to ensure standardization and consistency in reporting E, S and G engagements of the entity, as it can promote long-term prospects of the investors.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1177/09711023251403270first seen 2026-05-14 22:30:41
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