Testing the Transformative Promise: Voluntary Integrated Reporting and Its ESG Consequences
変革の約束を検証する：任意の統合報告とそのESGへの影響 (AI 翻訳)
Asif Mushtaq Syed, Mohi-ud-Din Sangmi
🤖 gxceed AI 要約
日本語
本研究は任意の統合報告（IR）採用が企業のESGパフォーマンスを向上させるかを検証。2008～2023年の世界459社を対象に、傾向スコアマッチングと差分の差分法を用いた。結果は、IR採用がESGスコアに有意な改善をもたらさず、形式的な採用にとどまる可能性を示唆。政策立案者への警告として、新たなサステナビリティ基準（ISSB、ESRS）において実質的な統合を促進する仕組みが必要。
English
This study tests whether voluntary integrated reporting (IR) improves ESG performance using a global sample of 459 firms (2008-2023) with quasi-experimental methods. Results show no significant effect, suggesting symbolic adoption for legitimacy. The findings caution policymakers that new sustainability standards (ISSB, ESRS) need mechanisms to ensure substantive integration beyond compliance.
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SSBJや有報での統合報告が進むが、本論文は任意のIRがESG改善に結びつかない可能性を示す。日本の開示実務においても、強制力や実質的な統合思考を促す仕組みの重要性を再認識させる。
In the global GX context
In the global context of ISSB and CSRD, this paper empirically shows that voluntary IR fails to improve ESG performance. It highlights the risk of symbolic disclosure and argues that regulatory drivers are necessary to achieve substantive change. This is critical for policymakers designing mandatory sustainability reporting frameworks.
👥 読者別の含意
🔬研究者:Provides robust null results on IR-ESG link using advanced econometrics, challenging the assumed benefits of voluntary disclosure.
🏢実務担当者:Suggests that simply adopting IR without regulatory pressure may not improve ESG; firms should focus on integrated thinking and substantive changes.
🏛政策担当者:Empirical caution that voluntary standards may not drive real change; mechanisms like mandatory assurance or penalty may be needed.
📄 Abstract（原文）
ABSTRACT This study investigates whether the voluntary adoption of integrated reporting (IR) leads to significant improvements in a firm's environmental, social, and governance (ESG) performance. Grounded in theories of informational and transformative change, the research proposes that IR, through integrated thinking, should enhance ESG performance. Using a global sample of 459 firms (6803 firm‐year observations) from 2008 to 2023, this study employs a robust quasi‐experimental design combining propensity score matching with multiple difference‐in‐differences estimators, including staggered two‐way fixed effects and dynamic interaction‐weighted models. The results reveal a consistent and statistically insignificant effect of voluntary IR adoption on firms' aggregate ESG scores, as well as on the individual ESG pillars. This null result is robust across legal origins (common vs. civil law) and institutional clusters. The findings indicate that, absent regulatory compulsion, IR adoption does not reliably enhance ESG performance—a result consistent with symbolic adoption for legitimacy. Accordingly, the findings provide an important empirical caution for policymakers. As new sustainability standards emerge, such as the IFRS sustainability disclosure standards issued by the International Sustainability Standards Board and the European Sustainability Reporting Standards (ESRS), mechanisms are needed to ensure that these frameworks promote substantive strategic integration rather than merely compliance‐oriented disclosure.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/bse.70977first seen 2026-06-06 04:50:53
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