FINANCIAL PERFORMANCE AND SUSTAINABILITY TRANSPARENCY: LOGISTIC AND BAYESIAN ANALYSIS OF ESG REPORTING
財務業績とサステナビリティの透明性：ESG報告のロジスティックおよびベイズ分析 (AI 翻訳)
ANDREEA-ROXANA CROCNAN
🤖 gxceed AI 要約
日本語
本論文は、ルーマニアで事業を行うイタリア系企業300社を対象に、財務業績とESG開示の関係を分析。ロジスティック回帰とベイズ推定を用い、業績と開示の間にU字型の関係があることを発見。低業績企業と高業績企業の両方が開示しやすい傾向を示し、正当性と評判戦略の役割を明らかにした。
English
This paper examines the relationship between financial performance and ESG disclosure among 300 Italian-owned firms in Romania. Using logistic regression and Bayesian estimation, it finds a U-shaped relationship: both poorly performing and highly profitable firms are more likely to disclose, highlighting legitimacy and signaling motives.
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
本稿はCSRD対応を含むEU規制下でのESG開示の決定要因を分析。日本企業が欧州子会社で開示戦略を考える際の参考となる。特に、業績不振時と好調時の両方で開示意欲が高まる点は、日本企業のグローバル開示方針に示唆を与える。
In the global GX context
This paper contributes to the global ESG disclosure literature by providing empirical evidence from an Eastern European context, relevant for CSRD implementation. The U-shaped relationship between performance and disclosure offers insights for regulators and firms designing sustainability reporting strategies.
👥 読者別の含意
🔬研究者:Provides rare empirical evidence on ESG disclosure determinants in an understudied region, using robust Bayesian methods.
🏢実務担当者:Corporate sustainability teams can use the findings to understand when firms are likely to disclose ESG information, informing reporting strategy.
🏛政策担当者:Regulators can consider how financial performance influences disclosure behavior, which may affect the design of mandatory reporting frameworks.
📄 Abstract（原文）
Amid tightening regulatory frameworks, exemplified by the EU Corporate Sustainability Reporting Directive (CSRD), understanding the determinants of Environmental, Social, and Governance (ESG) disclosure has become a critical concern for both scholars and practitioners. This paper explores the interplay between ESG reporting practices and financial performance in a sample of 300 Italian-owned firms operating in Romania over the period 2012–2022. A novel dataset was developed by integrating information from the Bureau van Dijk Orbis database with publicly available corporate reports, providing an original empirical basis for this study. Financial performance was distilled using Principal Component Analysis (PCA), while ESG disclosure was specified as a binary dependent variable. The analysis employed logistic and probit regression models, supplemented with Bayesian estimation techniques to ensure robustness. Results reveal a U-shaped relationship between firm performance and the likelihood of ESG reporting: both underperforming and highly profitable companies are more inclined to disclose sustainability information, either as a legitimacy mechanism or as a reputational signaling strategy. Additionally, group-level ESG commitments, firm size, and sectoral risk exposure emerges as significant predictors of disclosure behavior. This research contributes to the literature by offering rare insights into an understudied Eastern European context, with implications for multinational corporate governance and sustainability policy design. Future investigations should extend this framework to dynamic modeling and incorporate qualitative evidence to better understand the motivations behind ESG transparency.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.24818/cike2025.16first seen 2026-05-14 23:48:50
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