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Do Task Force on Climate-related Financial Disclosures Adoption and Sustainable Development Goals Integration Moderate the Climate Change Financial Disclosure and Firm Performance Relationship? Evidence from Top-emitting Nations

気候関連財務情報開示（TCFD）の採用とSDGs統合が気候変動財務開示と企業業績の関係を調整するか？主要排出国からの証拠 (AI 翻訳)

S. G. Maji, Rituraj Boruah

Global Business Review📚 査読済 / ジャーナル2026-01-30#TCFDOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1177/09721509251415306
原典: https://doi.org/10.1177/09721509251415306

🤖 gxceed AI 要約

日本語

本研究は、主要排出国（中国、米国、インド、日本）の200社を対象に、気候関連財務情報開示（CCFD）と企業業績（FP）の関係を検証し、TCFDフレームワークの採用とSDGs統合の調整効果を分析した。固定効果・変量効果・操作変数法を用いた結果、CCFDはFPに正の影響を与え、コーポレートガバナンスがその関係を強化することが示された。TCFD採用とSDGs統合は企業業績を向上させ、利害関係者理論を支持する。

English

This study examines the relationship between climate-related financial disclosure (CCFD) and firm performance (FP) in top-emitting countries (China, USA, India, Japan) using a sample of 200 firms from 2019-2023. Results show CCFD positively impacts FP, with corporate governance enhancing this effect. TCFD adoption and SDG integration improve performance, supporting legitimacy and stakeholder theories. The study provides novel evidence on moderating roles of TCFD and SDGs.

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

日本企業にとって、SSBJ開示基準への対応が迫られる中、TCFD採用と企業業績の関連を示す本研究成果は、開示の実務的価値を裏付ける。また、主要排出国比較により、日本企業の開示水準の相対的位置づけを把握する手がかりとなる。

In the global GX context

This study contributes to global disclosure scholarship by providing empirical evidence from top-emitting nations on the financial benefits of TCFD adoption and SDG integration. It supports the business case for climate disclosure, relevant for ISSB and CSRD implementation, and highlights the role of corporate governance in enhancing disclosure effectiveness.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the moderating role of TCFD and SDGs in the CCFD-firm performance link, with a novel governance variable.

🏢実務担当者:Supports business case for adopting TCFD and integrating SDGs to improve performance and stakeholder trust.

🏛政策担当者:Highlights need for harmonized regulations to enhance transparency and manage climate risks, based on cross-country evidence.

📄 Abstract（原文）

This study examines the relationship between climate change financial disclosure (CCFD) and firm performance (FP), and the moderating role of firms’ adoption of the Task Force on Climate-related Financial Disclosures (TCFD) framework and Sustainable Development Goals (SDGs), focusing on top-emitting countries—China, the USA, India and Japan. The study analyzes a sample of 200 non-financial firms from these countries over the period 2019–2023. CCFD is measured using a manual content analysis technique, with a four-point scale ranging from 0 to 3 based on sustainability report disclosures aligned with the TCFD framework. Fixed effects (FE), random effects (RE) and instrumental variable (IV) two-stage least squares (2SLS) models are employed to ensure robustness. The study reveals a significant positive impact of CCFD on FP, with corporate governance (CG) efficiency enhancing this relationship. Firms adopting the TCFD framework and integrating SDGs into their corporate strategies show improved performance, supporting the legitimacy and stakeholder theories. The findings suggest that firms in top-emitting countries should adopt TCFD, SDGs and stronger CG mechanisms to improve climate-related disclosures and build stakeholder trust. Policymakers should focus on implementing harmonized regulations to enhance transparency, manage climate risks effectively and reduce information asymmetry. This study also emphasizes the importance of embedding sustainability into corporate practices, highlighting how CCFD can align business objectives with societal well-being, thereby enhancing corporate accountability and contributing to social benefits. This is the first study to explore the relationship between CCFD and FP in top-emitting countries, examining the moderating effects of TCFD and SDGs adoption and incorporating CG as a novel variable.

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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。