サステナビリティ関連情報の開示と農業食品協同組合のリスク調整後財務業績
Disclosure of Sustainability-Related Information and Risk-Adjusted Financial Performance of Agri-Food Cooperatives (原題)
Cenaide Francieli Justen, R. Decourt, C. Macagnan, Bruno de Medeiros Teixeira
🤖 gxceed AI 要約
日本語
本研究は、農業食品協同組合におけるサステナビリティ開示の水準を、文化、環境、社会、経済の4つの柱に分けて分析し、リスク調整後財務業績（ROA、ROE）との関連を検証した。2020〜2022年の39協同組合のデータを用いた固定効果モデルの結果、総合開示指数は財務業績と有意な関連を示さなかったが、社会の柱は正で有意だった。正当性理論の観点から、社会開示がステークホルダーとの関係強化に寄与する可能性が示唆された。
English
This study analyzes sustainability disclosure levels of agri-food cooperatives across four pillars (cultural, environmental, social, economic) and their association with risk-adjusted financial performance (ROA, ROE). Using fixed-effects models on 39 cooperatives from 2020-2022, the aggregate disclosure index showed no significant association, but the social pillar was positive and significant, consistent with legitimacy theory.
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、協同組合（JA等）のサステナビリティ開示はまだ発展途上であり、SSBJ開示基準への対応が求められる中、本研究成果は協同組合特有のガバナンス構造を踏まえた開示の在り方を示唆する。日本の農業協同組合の開示実務に参考となる。
In the global GX context
Globally, this study contributes to the literature on sustainability disclosure in cooperatives, an under-researched sector. It highlights the importance of the social pillar, which may inform ISSB-aligned reporting for cooperatives and stakeholder engagement strategies.
👥 読者別の含意
🔬研究者:Provides evidence on sustainability disclosure and financial performance in cooperatives, extending legitimacy theory.
🏢実務担当者:Offers insights for cooperative managers on which disclosure dimensions may enhance stakeholder trust and legitimacy.
🏛政策担当者:Suggests that social disclosure may be valuable for cooperative governance, potentially informing reporting guidelines.
📄 Abstract（原文）
The cooperatives combine a pyramidal structure, in which few members concentrate decision-making power, with ownership dispersed among a broad membership base. This configuration favors adverse selection and moral hazard arising from information asymmetry between managers and stakeholders, which legitimacy theory suggests may be reduced through sustainability disclosure. The study advances the literature by combining three elements not yet integrated in research on cooperatives: the cultural pillar as an autonomous dimension of sustainability, disaggregated analysis by pillar, and risk-adjusted financial performance. The level of sustainability disclosure was analyzed from a stakeholder perspective, along with its association with financial performance. Forty-four expert-validated indicators were applied to 39 cooperatives listed in the 2022 World Cooperative Monitor that published complete reports over the 2020–2022 triennium, resulting in 117 observations, estimated by fixed effects with cluster-robust standard errors. Mean disclosure was 0.52, led by the environmental pillar (0.70), followed by the economic (0.62), social (0.47), and cultural (0.33) pillars. The aggregate index showed no statistically significant association with risk-adjusted financial performance, either for ROA or for ROE, whereas the social dimension remained positive and significant regardless of the metric used. This pattern is consistent with the propositions of legitimacy theory regarding the social pillar, although the underlying mechanisms of information asymmetry reduction and legitimacy strengthening were not directly measured in this study.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18168606first seen 2026-08-27 05:28:41 · last seen 2026-09-22 05:00:26
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