Non-Financial Reporting, Double Materiality, and Business Model Evaluation: An Empirical Study of ESG Ratings in Europe
非財務報告、二重重要度、ビジネスモデル評価：欧州におけるESG格付けの実証研究 (AI 翻訳)
Shami, Anis
🤖 gxceed AI 要約
日本語
本論文は、欧州の上場企業366社の年次報告書（2020-2022年）を用いて、非財務報告フレームワークと二重重要度（DM）の採用がESG格付けに与える影響を分析。結果として、報告フレームワークの採用は高いESG格付けと関連するが、DMの早期採用はまだ有意な影響を示さない。報告慣行が持続可能なビジネスモデルの評価に果たす役割を実証する。
English
This paper analyzes the impact of non-financial reporting frameworks and double materiality (DM) on ESG ratings using annual reports of 366 European listed companies from 2020-2022. Findings show that adoption of reporting frameworks is associated with higher ESG ratings, but early adoption of DM does not yet have a significant impact. It demonstrates how reporting practices affect evaluations of sustainable business models.
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
日本でもSSBJ基準や有価証券報告書でのサステナビリティ情報開示が進む中、二重重要度の概念や非財務報告フレームワークの効果を欧州事例で示す本論文は、日本の開示制度設計や企業対応に示唆を与える。特に、二重重要度の早期採用がまだESG格付けに反映されていない点は、日本企業の戦略立案に参考となる。
In the global GX context
This European study provides empirical evidence on how non-financial reporting frameworks and double materiality influence ESG ratings. As global frameworks like ISSB and CSRD gain traction, understanding the lag between adoption and market recognition is crucial for policymakers and investors worldwide.
👥 読者別の含意
🔬研究者:Provides longitudinal evidence on the relationship between reporting practices and ESG ratings, contributing to business model and disclosure literature.
🏢実務担当者:Corporate sustainability teams can use the findings to understand how adopting reporting frameworks may affect ESG ratings, though double materiality's impact is not yet significant.
🏛政策担当者:Regulators can note that while reporting frameworks improve ESG ratings, double materiality adoption may take time to show effects, informing implementation timelines.
📄 Abstract（原文）
Purpose: This paper investigates the adoption of non-financial reporting (NFR) standards and the double materiality (DM) principle, and their possible implications on external performance measures, namely ESG ratings. By doing so, it positions reporting practices as mechanisms that affect disclosure quality and the transparency and accountability of firms’ business models. Design/Methodology/Approach: Longitudinal analysis over three years (2020–2022) was conducted using the 366 European listed companies' annual reports. Descriptive statistics and ordinary least squares regressions were employed to analyze the association between reporting practices, DM adoption, and ESG ratings from several rating agencies. Findings: The results show that the adoption of non-financial reporting frameworks is associated with higher ESG ratings among European firms. However, the early adoption of double materiality does not yet have a significant impact on ESG performance at this stage. Research implications: The study contributes to the business model literature by demonstrating how reporting practices and regulatory development build external representations of firms' value creation, delivery, and capture. It highlights the role of disclosure frameworks and double materiality as institutional forces with the capacity to transform business models to meet stakeholder and regulatory pressures. Originality/Value: This study is one of the first longitudinal tests that empirically analyze the impact of non-financial reporting frameworks and DM on ESG ratings, and which sheds new light on how they impact evaluation of sustainable business model.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.54337/jobm.v13i2.9251first seen 2026-07-18 05:09:12
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