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ドイツのサステナビリティ報告書の可読性：ESGパフォーマンスと監査委員会特性の役割

Readability of German Sustainability Reports: The Role of ESG Performance and Audit Committee Characteristics (原題)

Julian Kordisch, Reiner Quick

Corporate Social Responsibility and Environmental Management📚 査読済 / ジャーナル2026-11-02#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: 10.1002/csr.71136
原典: https://doi.org/10.1002/csr.71136

🤖 gxceed AI 要約

日本語

ドイツCDAX上場企業524社・年（2017〜2022年）を対象に、ESGパフォーマンスと監査委員会の特性（規模・開催回数・出席率・女性比率）がサステナビリティ報告書の可読性にどう影響するかを検証。ESGパフォーマンスが高いほど可読性が高く、特に社会（S）項目が寄与。監査委員会が大きいほど可読性は低下し、開催回数が多いほど向上する。外部保証の有無で効果が異なる点も示した。

English

Using 524 firm-year observations of German CDAX firms (2017–2022) required to report sustainability, this study examines whether ESG performance and audit committee characteristics (size, meetings, attendance, gender diversity) relate to report readability, measured via a German Flesch Reading Ease adaptation. Higher ESG performance—driven by the social pillar—is associated with greater readability; larger audit committees lower readability while more meetings raise it. Assurance context matters: with external assurance, larger ACs reduce and gender diversity increases readability.

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

SSBJ基準・有価証券報告書でのサステナビリティ開示が拡大する日本では、開示の「質」＝可読性を監査委員会のガバナンス特性と結びつける本知見は、開示統制や保証制度設計を考える上で示唆に富む。

In the global GX context

As CSRD and ISSB push mandatory sustainability reporting, this paper links disclosure quality (readability) to audit committee governance and assurance—directly relevant to global debates on assurance readiness and greenwashing risk in narrative ESG disclosure.

👥 読者別の含意

🔬研究者:ESG開示の可読性をガバナンス特性と結びつける実証枠組みとして、開示品質研究に有用。

🏢実務担当者:監査委員会の構成・開催頻度・外部保証の選択が報告書の読みやすさに影響することを示す実務的示唆。

🏛政策担当者:開示の質を担保する保証制度や監査委員会規制の設計に示唆を与える。

📄 Abstract（原文）

ABSTRACT This paper examines whether firms' environmental, social and governance (ESG) performance and audit committee (AC) characteristics—size, number of meetings, attendance rate at meetings, and gender diversity—are associated with the readability of sustainability reports. We measure readability by the German adaptation of the Flesch Reading Ease Score. Drawing on a sample of 524 firm‐year observations of German CDAX firms from 2017 to 2022 obliged to prepare a sustainability report (i.e., large PIEs with more than 500 employees), we estimate multivariate OLS regression models and conduct split‐sample analyses based on whether firms obtain voluntary external assurance. We find that higher ESG performance is associated with greater readability, driven by the social pillar. On average, larger ACs are associated with lower readability, whereas more AC meetings are positively associated with readability. The assurance context matters: among firms that engage an external assurance provider, larger ACs are linked to lower readability, while greater AC gender diversity is positively associated with readability. Among firms without external assurance, where reports are subject to supervisory board review, AC size remains negatively associated, and gender diversity remains positively associated with readability. In contrast, the number of meetings and attendance are each positively associated with readability in this context.

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