低炭素政策圧力下における選択的CSR開示：新制度派理論と資源依存理論に基づくダブル機械学習分析
Selective Corporate Social Responsibility Disclosure Under Low-Carbon Policy Pressure: A Double Machine Learning Analysis Based on New Institutional Theory and Resource Dependence Theory (原題)
Tianyuan Rao, Heng Tan
🤖 gxceed AI 要約
日本語
中国A株企業40,409社・年のデータを用い、都市レベルの低炭素政策圧力とCSR開示の関連をダブル機械学習（DML）で分析。政策圧力の強化はCSR開示を低下させ、政府の環境重視・補助金減少・資金制約が媒介経路となる。東部地域・若い企業・現金保有の少ない企業で顕著であり、低炭素ガバナンスの意図せざる帰結を示す。
English
Using 40,409 Chinese A-share firm-year observations (2007–2022), this study applies double machine learning to examine how city-level low-carbon policy pressure affects CSR disclosure. Stronger policy pressure is associated with lower CSR disclosure, mediated by government environmental attention, reduced subsidies, and tighter financing constraints—an unintended consequence of low-carbon governance.
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
中国の低炭素政策が企業の開示行動に与える意図せざる影響を示し、日本企業がSSBJ・有報での気候関連開示を強化する際、政策圧力と資源制約のバランスをどう取るかを考える材料となる。規制強化が必ずしも開示拡充につながらない点は、日本国内の開示制度設計にも示唆を与える。
In the global GX context
This paper adds to global disclosure scholarship by showing that intensifying low-carbon policy can paradoxically reduce broader CSR disclosure, highlighting legitimacy-resource trade-offs relevant to ISSB/CSRD implementation debates. It cautions that disclosure mandates may produce selective rather than comprehensive reporting, especially under financing constraints.
👥 読者別の含意
🔬研究者:DMLと制度理論・資源依存理論を組み合わせ、政策圧力と開示の非線形・異質な関係を識別する実証手法の参考になる。
🏢実務担当者:政策圧力下で開示範囲を戦略的に絞る企業行動のリスクを理解し、SSBJ対応での開示の一貫性確保に活かせる。
🏛政策担当者:低炭素政策が企業の開示を抑制しうる unintended consequence を踏まえ、補助金・資金制約への配慮ある制度設計が求められる。
📄 Abstract（原文）
Using 40,409 firm-year observations for Chinese A-share firms from 2007 to 2022, this study examines the association between city-level low-carbon policy pressure and CSR disclosure through double machine learning (DML). Departing from studies that focus primarily on discrete low-carbon policy shocks, this study examines whether increasing policy intensity reshapes firms’ broader social responsibility disclosure. New Institutional Theory (NIT) and Resource Dependence Theory (RDT) provide complementary explanations for firms’ responses to policy pressure, highlighting the trade-off between legitimacy demands and resource constraints. The results indicate that stronger low-carbon policy pressure is associated with lower CSR disclosure, and this finding remains stable across alternative specifications. Mechanism analysis identifies greater government environmental attention, lower government subsidies, and tighter financing constraints as key channels. The negative association is particularly pronounced for firms in eastern China, younger firms, and those with lower cash holdings. This study highlights a potential unintended consequence of low-carbon governance and offers an interpretation of firms’ selective responses by jointly considering institutional pressure and resource constraints.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su182211491first seen 2026-11-13 05:10:18
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