Strategic Implications of Mandatory ESG Assurance and Its Impact on Competitive Advantage: Evidence From European Market Reactions
強制的なESG保証の戦略的影響と競争優位への影響：欧州市場の反応からの証拠 (AI 翻訳)
Zelalem Abay
🤖 gxceed AI 要約
日本語
EUのCSRDによるESG報告の強制保証制度の導入に対する株式市場の反応をイベントスタディで分析。市場は負の反応を示し、特に自主保証を行っていた企業で顕著。規制が自主保証による競争優位を損なう可能性を示唆。
English
This study examines market reactions to the EU's mandatory ESG assurance requirement under CSRD using event study. Results show negative market reaction, especially for firms that previously adopted voluntary assurance, losing on average €49.7 million per firm. The regulatory shift may erode competitive advantage from voluntary assurance.
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SSBJが2025年に適用開始予定であり、保証制度の強制化が議論されている。本論文は、自主保証を行ってきた企業に対する規制の影響を示しており、日本の企業や規制当局にとって示唆に富む。
In the global GX context
This paper provides empirical evidence on market costs of mandatory assurance requirements, relevant for global jurisdictions like SEC climate rules and ISSB implementation. It highlights that voluntary first-movers may lose competitive advantage.
👥 読者別の含意
🔬研究者:Provides event-study methodology and signaling theory application to mandatory assurance impact.
🏢実務担当者:Highlights potential negative market reaction to mandatory assurance; firms should reassess strategic use of voluntary assurance.
🏛政策担当者:Shows mandatory assurance may erode benefits of voluntary leadership; consider transition periods.
📄 Abstract（原文）
The EU has recently introduced, for the first time, a market‐wide mandatory assurance requirement for sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD). The directive mandates that affected firms obtain independent third‐party assurance for their ESG reports. This study examines the equity market's reaction to this shift in the assurance regime using an event study methodology. The findings reveal a significant negative market reaction, suggesting that the market anticipates costs of the directive to outweigh its associated benefits. Notably, firms that previously adopted voluntary assurance as a strategic tool experienced significantly pronounced negative reactions. In economic terms, firms in the pre‐directive voluntary regime lost an additional €49.7 million on average per firm relative to firms in the mandatory regime, highlighting the material valuation consequences of the regulatory shift. This finding is consistent with the directive's potential to erode the competitive advantage these firms gained through voluntary assurance in the separating equilibrium. The study's unique contribution lies in its ability to isolate the strategic response of firms with pre‐directive voluntary assurance experience. This provides further insight into how the regulatory approach may be perceived to undermine the differentiation benefits associated with voluntary assurance, as explained by signaling theory and voluntary disclosure theory.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.71190first seen 2026-07-16 06:01:10
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