ESG Bond Issuance and Financial Reporting Quality : Evidence from Accrual-Based Earnings Management
ESG債券発行と財務報告の品質：発生主義による利益調整の証拠 (AI 翻訳)
B. Keum
🤖 gxceed AI 要約
日本語
本研究は、韓国市場の非金融企業8,541社年データを用いて、ESG債券発行企業は非発行企業に比べて利益調整が有意に低いことを実証。発行後もその傾向が持続し、ESG債券が会計情報の質のシグナルとして機能することを示唆。外部監視と報告義務が規律付けメカニズムとして働く可能性を指摘。
English
Using 8,541 firm-year observations from Korean non-financial firms (2019-2024), this study finds that ESG bond issuers exhibit significantly lower accrual-based earnings management than non-issuers, and this effect persists post-issuance. The results suggest ESG bond issuance can serve as a credible signal of accounting quality and a disciplining mechanism for financial reporting behavior through enhanced monitoring and reporting obligations.
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
日本ではサステナビリティ関連債（グリーンボンド、トランジションボンド等）の発行が増加する中、本論文はESG債発行が会計情報の質とリンクすることを示し、SSBJや有報での開示制度設計に示唆を与える。特に、外部検証と事後報告の重要性を実証的に裏付ける。
In the global GX context
Globally, as ESG bond markets expand amid growing scrutiny of greenwashing, this paper provides empirical evidence that ESG bond issuance is associated with higher financial reporting quality. This supports the credibility of ESG bonds and underscores the role of post-issuance reporting and external verification, relevant for ISSB and CSRD disclosure frameworks.
👥 読者別の含意
🔬研究者:Provides empirical evidence linking ESG bond issuance to earnings quality, extending the signaling theory literature in sustainable finance.
🏢実務担当者:Shows that issuing ESG bonds can signal higher accounting quality to investors and stakeholders, potentially lowering information asymmetry.
🏛政策担当者:Supports the implementation of rigorous post-issuance reporting and external verification for ESG bonds to enhance market integrity.
📄 Abstract（原文）
[Purpose] This study empirically examines the relationship between corporate ESG bondissuance and financial reporting quality, focusing on accrual－based earnings management. Whileexisting research has primarily focused on capital market reactions, this study investigateswhether ESG bond issuance functions as a signal of superior accounting information qualityand whether this characteristic persists in the post－issuance period. [Methodology] This study analyzes 8,541 firm－year observations of non－financial companieslisted on the KOSPI and KOSDAQ markets from 2019 to 2024. Discretionary accruals areestimated using the modified Jones model and the performance－adjusted model, and panelregressions including industry and year fixed effects are employed. [Findings] The empirical results show that ESG bond issuers exhibit significantly lowerlevels of earnings management compared to non－issuers, and relatively lower earningsmanagement is also observed in the post－issuance period. These findings suggest that ESGbond issuance can function as a credible signal of accounting information quality and operatesas a disciplining mechanism on financial reporting behavior through enhanced externalmonitoring and post－issuance reporting obligations. [Implications] This study extends understanding of the informational role of ESG bonds byanalyzing them from an accounting quality perspective and provides empirical evidence forthe credibility debate surrounding ESG bonds. From a policy perspective, the findingsdemonstrate that external verification and post－issuance reporting systems for ESG bonds canbe linked to corporate financial reporting transparency, thereby offering policy implicationsfor future institutional design and disclosure guideline improvements related to ESG bonds.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.29189/kaiaair.44.1.10first seen 2026-07-18 07:46:11
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。