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CSRDおよびESRSに基づくルーマニアのサステナビリティ報告：上場企業の探索的マルチケーススタディ

Sustainability Reporting in Romania Under the CSRD and ESRS: An Exploratory Multiple Case Study of Listed Companies (原題)

Raluca Guse, Cătălina Gorgan, Elena-Mariana Glăvan, Gabriel Radu, Marcel Vulpoi

Sustainability📚 査読済 / ジャーナル2026-09-02#開示インフラOrigin: EU経営インパクト: 調達リスク対象セクター: cross_sector
DOI: 10.3390/su18178981
原典: https://doi.org/10.3390/su18178981

🤖 gxceed AI 要約

日本語

本論文は、CSRDとESRSに基づくルーマニア上場6社のサステナビリティ報告を分析した探索的ケーススタディである。70項目のカバレッジ指標と詳細な読解を組み合わせ、開示要件の充足度を評価。報告境界内のデータポイントは比較的カバーされるが、バリューチェーン依存のデータは不十分で、定量的目標設定や統合的な開示が欠如していることを示す。中東欧における初期のCSRD/ESRS報告サイクル分析として貴重。

English

This exploratory multiple case study analyzes sustainability statements of six top Romanian listed companies under CSRD and ESRS for FY2024-2025. Using a 70-item coverage index and qualitative reading, it finds that disclosure coverage is stable but value-chain datapoints are poorly covered, quantitative targets are lacking, and disclosures often consist of intentions or non-materiality declarations rather than substantive data. One of the first studies of CSRD/ESRS reporting in Central and Eastern Europe.

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、CSRD/ESRSの実務適用は欧州進出企業に影響する。本論文の「開示要件の質的充足」分析は、SSBJ適用や有報での開示品質向上に示唆を与える。特に、定量的目標設定やバリューチェーンScope 3データの課題は日本企業にも共通する。

In the global GX context

This study provides early empirical evidence on how companies operationalize CSRD/ESRS, highlighting gaps between formal compliance and substantive disclosure. It informs global discussions on disclosure quality, auditability, and the burden of reporting standards, relevant for ISSB and SEC rulemaking.

👥 読者別の含意

🔬研究者:Provides a novel empirical framework (coverage index + qualitative reading) for assessing CSRD/ESRS disclosure quality in CEE.

🏢実務担当者:Highlights common pitfalls in CSRD reporting—lack of quantitative targets and value-chain data—that companies should address.

🏛政策担当者:Shows that current CSRD implementation may lead to superficial disclosures, suggesting need for enforcement and guidance.

📄 Abstract（原文）

The Corporate Sustainability Reporting Directive (CSRD) was adopted in order to improve the quality of this type of reporting in the European Union. However, its scope and requirements were quickly softened in order to reduce the reporting burden on companies. This paper is an exploratory multiple case study of twelve sustainability statements published for the financial years 2024 and 2025 by six top Romanian companies in terms of capitalization. It aims to analyze how companies operationalize the structured disclosure requirements of the CSRD and the European Sustainability Reporting Standards (ESRS) in practice. A 70-item coverage index is combined with an in-depth reading of each statement. Findings indicate that the aggregate number of disclosure requirements is approximately the same in both years, and the datapoints that can be sourced inside the reporting boundary are better covered than those depending on value chain actors. Companies disclose heterogeneous reports, some of them including more substantive disclosures, while still failing to establish concrete, quantitative sustainability targets. In most cases, the story told by the sustainability statements is made up of isolated pieces instead of painting a complete picture. The qualitative reading shows that a covered datapoint is frequently a statement of intention, a deferral or a declaration of non-materiality rather than a substantive disclosure. To our knowledge, this is one of the first studies to analyze both CSRD and ESRS reporting cycles in a Central and Eastern European setting.

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