開示飽和を超えて：企業サステナビリティ報告における収穫逓減の理論

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

🔬研究者:開示の限界効用を理論化した枠組みは、開示量と情報価値の関係を実証的に検証する研究設計の出発点となる。

🏢実務担当者:開示拡大が常に有益とは限らないという視点は、マテリアリティと簡潔性を重視した報告書設計の判断材料になる。

🏛政策担当者:開示義務の拡大を検討する際、情報の質・効率とステークホルダーの認知コストを考慮する根拠を提供する。

The rapid expansion of corporate sustainability reporting has substantially increased the volume and complexity of information available to stakeholders, raising fundamental questions about whether additional disclosure continues to generate commensurate informational value.A conceptual framework, termed the Corporate Disclosure Saturation Theory (CDST), is developed to explain how the informational benefits of sustainability disclosure may change as disclosure volume, breadth, and complexity increase.Drawing on a theorydriven synthesis of research on sustainability reporting, integrated reporting (IR), stakeholder information needs, disclosure relevance, measurement, and reporting challenges, the framework proposes that the marginal value of additional disclosure may initially increase as information gaps are reduced but may subsequently diminish once a context-dependent saturation threshold is approached or exceeded.Beyond this threshold, excessive, repetitive, fragmented, or increasingly complex disclosure may impose greater cognitive and interpretive costs on stakeholders, potentially contributing to sustainability reporting fatigue and weakening the decision-usefulness of reported information.The proposed framework further integrates legitimacy theory and stakeholder theory to explain why disclosure may continue to expand even when its marginal informational value declines.From a legitimacy perspective, continued disclosure may be encouraged by institutional expectations, reputational considerations, and pressures to demonstrate organisational accountability, whereas stakeholder theory highlights the importance of aligning disclosure with the information needs, material interests, and decision contexts of diverse stakeholder groups.The framework therefore shifts attention from the quantity of sustainability disclosure towards its informational efficiency, relevance, and usability.The conceptual boundaries and limitations of disclosure saturation and reporting fatigue are also considered, particularly given the absence of a universally observable or measurable saturation point.The CDST provides a basis for future empirical investigation into the conditions under which additional sustainability disclosure ceases to enhance stakeholder decision-making and may instead generate diminishing or negative informational returns.Practical implications are identified for reporting professionals seeking to balance transparency with materiality, comprehensibility, and stakeholder usefulness.

• openalex https://doi.org/10.56578/jafas120305first seen 2026-09-22 04:40:25