気候関連財務開示に関する三つの論考：TCFD実施の系統的レビュー、質的探究、定量的影響評価

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:開示義務と環境パフォーマンスの因果的関連を、動的能力論と象徴的/実質的準拠の枠組みで実証した点が理論的貢献。

🏢実務担当者:開示を報告作業で終わらせず、ガバナンス・戦略・リスク管理に統合することが評価向上につながることを示す。

🏛政策担当者:開示義務化だけでは不十分で、企業の組織能力形成を促す制度設計が実質的準拠に重要という示唆。

This thesis investigates the conditions under which TCFD-aligned climate-related financial disclosure mandates are associated with improved environmental management. Essay One synthesises the literature on TCFD-aligned disclosure and identifies heterogeneity in compliance. Essay Two further explores the mechanisms behind this heterogeneity by examining organisational and contextual factors that drive or constrain compliance with emerging legislation. Essay Three investigates whether heterogeneity in compliance approaches is associated with variation in environmental performance ratings across the UK’s financial sector. Essay One presents a Systematic Literature Review (SLR) of over a decade of research on Climate-Related Financial Disclosure (CRFD) from the perspective of the Task Force on Climate-related Financial Disclosures (TCFD). It maps the evolution of voluntary disclosure practices, synthesises findings across geographies and industries, and identifies key gaps - including heterogeneity in compliance and implementation challenges. Building on these findings, Essay Two explores the reasons for heterogeneity in organisational responses to CRFD legislation through a qualitative study of Australian firms and external professionals. Twenty-six semi-structured interviews were conducted with firms, consultants, and assurance professionals to explore the organisational and institutional drivers and constraints that shape firms’ compliance approaches. Drawing on the Institutional-Based View (IBV), the Resource-Based View (RBV), and the Dynamic Capabilities (DC) framework, the study examines how firms navigate compliance challenges and resource constraints as they develop their dynamic capabilities. Data analysis was conducted using NVivo software to manage and organise the qualitative data, ensuring a systematic and thorough examination of the findings. First-order codes were developed from the interview transcripts, grouped into second-order themes, and aggregated into broader thematic dimensions. The findings provide strong evidence of heterogeneous responses: firms lacking dynamic capabilities tend to adopt a symbolic or minimal-compliance approach, whereas firms with stronger dynamic capabilities integrate compliance into their strategies and operations. Essay Two contributes to the literature by examining the mechanisms underlying heterogeneity in firm compliance approaches – specifically, the constraints and drivers shaping compliance in the Australian context. Unlike prior work that has predominantly focused on voluntary disclosure frameworks, Essay Two captures firm behaviour under a mandatory regulatory regime. It highlights how regulatory pressure interacts with organisational capabilities, offering a nuanced account of the drivers of substantive versus minimal or symbolic compliance. In doing so, it proposes a theoretical mechanism to explain heterogeneity in compliance behaviour - ranging from minimal or symbolic approaches to substantive ones. Essay Three empirically assesses whether heterogeneity in compliance is associated with varied environmental performance ratings. Using panel data from 34 UK financial firms over 2017 - 2024, the study examines how compliance approaches are associated with environmental performance ratings in the UK’s financial sector. Fixed-effects regression and System GMM were employed to examine the association between TCFD-aligned CRFD and environmental performance ratings. A comparative difference-in-differences approach was also employed to examine the association between the disclosure mandate and environmental performance ratings following its introduction. Essay Three advances the literature by assessing the association between climate reporting and environmental performance rating through the lens of the symbolic versus substantive compliance framework. The study finds that firms with higher levels of TCFD compliance exhibit stronger environmental performance ratings. Interpreted through the lens of the Dynamic Capabilities framework, this association is consistent with greater organisational capability to embed climate-related disclosure within governance, strategy, risk management, and environmental management practices, rather than treating disclosure solely as a reporting exercise. By grounding the analysis in an integrated theoretical framework, the study identifies the mechanisms that lead firms to adopt heterogeneous compliance approaches to legislation.

• openalex https://doi.org/10.25949/33470992.v1first seen 2026-09-11 04:59:37 · last seen 2026-09-11 04:59:38