持続可能性報告の質と企業投資活動のトレードオフ：政治の安定性は重要か？
The Trade‐Off Between Sustainability Reporting Quality and Corporate Investment Activity: Does Political Stability Matter? (原題)
Daniel Aghanya, Ved Dilip Beloskar, Nikhil Sapre, Obinna Ugwu
🤖 gxceed AI 要約
日本語
G7とBRICSの3647社を対象に、持続可能性報告の質（SRQ）と企業投資活動の関係を分析。SRQが高いと投資強度は低下し、過剰投資企業では非効率が悪化する一方、過小投資企業では投資がファンダメンタルズ水準に近づき効率が改善する。政治的に安定した国では、SRQと投資強度の負の関係がより強い。開示の信頼性と経営規律が制度の質に依存することを示す。
English
Using 3,647 firms from G7 and BRICS, this study examines how sustainability reporting quality (SRQ) affects corporate investment intensity and inefficiency, moderated by political stability. Higher SRQ reduces overall investment and worsens overinvestment but improves underinvestment efficiency. The negative SRQ-investment link is stronger in politically stable countries, highlighting institutional dependence of disclosure credibility.
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基準や有報でのサステナビリティ開示が進む日本では、開示の質が投資行動や資本配分に与える影響を理解する上で示唆に富む。特に政治・制度の安定性が開示の実効性を左右する点は、日本の制度的強みを再評価する材料となる。
In the global GX context
As ISSB and CSRD push mandatory sustainability disclosure globally, this paper shows that disclosure quality alone may not ensure efficient capital allocation; institutional stability matters. It adds nuance to the global debate on whether sustainability reporting improves or distorts investment decisions.
👥 読者別の含意
🔬研究者:開示の質と投資効率の非線形な関係、および制度環境の調整効果に関する実証的証拠を提供。
🏢実務担当者:自社のサステナビリティ開示が投資家の資本配分判断にどう影響しうるか、特に過剰投資・過小投資の文脈で示唆を得られる。
🏛政策担当者:開示規制の効果は政治・制度の安定性に依存するため、制度設計と執行の質を高めることの重要性を示す。
📄 Abstract（原文）
ABSTRACT This paper investigates the relationship between sustainability reporting quality (SRQ) and corporate investment activity, focusing on corporate investment intensity and corporate investment inefficiency, and the moderating role of national political stability. Using a multinational sample of 3647 firms from advanced (G7) and emerging (BRICS) economies, we find that higher SRQ restrains the overall level of investment (lower corporate investment intensity). Moreover, we present novel evidence of a dual effect of SRQ on corporate investment inefficiency: Higher SRQ increases inefficiency among firms that overinvest, further aggravating their overinvestment. However, among firms that underinvest, higher SRQ drives investment toward fundamentals‐implied levels, improving efficiency. Importantly, the negative relationship between SRQ and corporate investment intensity is stronger in politically stable countries, where strong institutions enhance disclosure credibility and managerial discipline. Our findings are timely as firms and regulators increasingly rely on sustainability disclosures to guide capital allocation. Our results are robust to alternative variable definitions, sub‐sample analysis and endogeneity corrections implemented using two‐step system GMM, propensity score matching and entropy balancing. We contribute nuanced insights into the context‐dependent impacts of SRQ, informing various stakeholders on aligning sustainability reporting with efficient resource deployment across diverse institutional settings.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/bse.71509first seen 2026-09-10 04:49:22
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