Board Networks and Corporate Transparency: How Independent Director Centrality Drives <scp>ESG</scp> Disclosure Quality

取締役会ネットワークと企業の透明性：独立取締役の中心性がESG開示品質を促進する方法 (AI 翻訳)

Xin Huangfu

Corporate Social Responsibility and Environmental Management📚 査読済 / ジャーナル2026-05-06#ESGOrigin: US

🤖 gxceed AI 要約

日本語

本研究は、2015～2023年のS&P500企業データを用い、独立取締役のネットワーク中心性がESG開示品質に正の影響を与えることを実証。この効果は競争の激しい業界やメディア注目度の高い企業で強化され、非家族企業、大企業、ESG敏感産業、高規制セクターで顕著。取締役のネットワークポジションが開示戦略に重要であることを示唆。

English

Using S&P 500 panel data (2015-2023), this study shows that independent director network centrality positively affects ESG disclosure quality. The effect is stronger in competitive industries and firms with high media attention, and more pronounced in non-family firms, large firms, ESG-sensitive industries, and highly regulated sectors. Findings highlight the importance of board network positioning for disclosure strategies.

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

日本の企業統治改革やSSBJ基準によるESG開示強化の文脈で、取締役ネットワークの活用が開示品質向上に寄与する可能性を示す。取締役選任や指名委員会への実践的示唆を提供。

In the global GX context

This paper informs global ESG disclosure research by linking board network centrality to disclosure quality, relevant for frameworks like ISSB and SEC climate rules. It underscores the role of governance attributes in driving transparency, offering insights for investors and regulators.

👥 読者別の含意

🔬研究者:Provides empirical evidence linking board network centrality to ESG disclosure quality, opening new avenues for governance and disclosure research.

🏢実務担当者:Nomination committees and sustainability teams can use these findings to consider director network centrality when selecting board members to improve ESG disclosure.

🏛政策担当者:Regulators may note that network centrality, market competition, and media attention jointly shape disclosure quality, informing governance reforms.

📄 Abstract（原文）

ABSTRACT This study explores how independent director network centrality influences ESG disclosure quality and how this relationship is shaped by market competition and media attention. Based on a panel dataset of S&P 500 firms for the period 2015–2023, our results highlight that independent director network centrality is positively associated with ESG disclosure quality. This effect is significantly strengthened in more competitive industries and among firms receiving greater media attention. Heterogeneity analyses further reveal that the network effect is more pronounced in non‐family firms, larger firms, ESG‐sensitive industries, and highly regulated sectors. Our findings highlight the interconnectedness of board governance attributes, suggesting that a more comprehensive understanding of ESG disclosure outcomes may require examining director characteristics in conjunction with broader governance contexts. These findings will help nomination committees, institutional investors, and regulators refine governance recommendations and assist firms in developing effective strategies regarding board composition, director network positioning, and ESG oversight capacity.

🔗 Provenance — このレコードを発見したソース

crossref https://doi.org/10.1002/csr.70661first seen 2026-05-14 23:49:39

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