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企業のサステナビリティ政策がESGパフォーマンスに与える影響：台湾のアグリフード企業からの実証的証拠

Investigating the influence of corporate sustainability policies on ESG performance: empirical evidence from agri-food companies in Taiwan (原題)

Yu-Jie Zhao, Jiun-Hao Wang, Szu-Yung Wang

International Food and Agribusiness Management Review📚 査読済 / ジャーナル2026-08-20#ESG経営インパクト: 調達リスク対象セクター: agriculture
DOI: 10.22434/ifamr.1338
原典: https://doi.org/10.22434/ifamr.1338
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🤖 gxceed AI 要約

日本語

台湾の金融監督委員会が2018年に上場企業へサステナビリティ報告を義務付けた政策を利用し、アグリフード企業のESGパフォーマンスへの影響をDIDモデルで検証。結果、ESGパフォーマンスは向上し、法的遵守と模倣行動が要因と示唆。義務的開示が実質的改善か象徴的遵守かを議論し、開示の質向上のための政策提言を行う。

English

Using Taiwan's 2018 mandatory sustainability disclosure policy, this study employs a Differences-in-Differences model on agri-food companies to assess ESG performance changes. Results show improved ESG performance driven by legal compliance and imitation. The study contributes to the debate on mandatory vs. voluntary disclosure, suggesting policies should focus on robust indicators for high-quality reports.

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開示義務化が進む中、開示が実質的なESG改善につながるかは重要な論点。台湾の政策評価は、日本の開示制度設計や企業行動の理解に示唆を与える。

In the global GX context

This study provides empirical evidence on the effectiveness of mandatory ESG disclosure, relevant to global debates under ISSB and CSRD. It highlights the risk of symbolic compliance and the need for robust disclosure indicators, offering insights for regulators and companies worldwide.

👥 読者別の含意

🔬研究者:Provides empirical evidence on mandatory disclosure effectiveness in an Asian context, contributing to the disclosure-performance debate.

🏢実務担当者:Highlights the importance of substantive ESG improvements over symbolic compliance, guiding corporate sustainability strategy.

🏛政策担当者:Informs policy design for mandatory ESG disclosure, emphasizing the need for quality indicators beyond mere reporting.

📄 Abstract（原文）

Agricultural activities cause 18 Gt CO₂ per year, highlighting the significant environmental impact of farming practices. In Taiwan, the Financial Supervisory Commission enforced an ESG policy in 2018, requiring listed companies to disclose sustainability reports. The objective of this study is to investigate different dimensions of ESG performance of the agri-food companies and to estimate the impact of corporate sustainability policy on individual firms’ ESG performance. However, whether mandatory sustainability disclosure leads to substantive improvements in ESG performance or merely induces symbolic compliance remains an unresolved issue in the literature, particularly in the agri-food sector and in the Asia-Pacific regions. Using the Taiwan Economic Journal (TEJ) database and a Differences-in-Differences model, this study examines how the ESG performance of these companies changed due to the sustainability reporting policy. Results show improved ESG performance, attributed to organizational behaviors of legal compliance and imitation. The study suggests the need for ESG policies to focus not just on increasing sustainability reports but also on incorporating robust disclosure indicators for high-quality reports. By distinguishing between mandatory and voluntary disclosure, this study contributes to the debate on whether sustainability disclosure leads to real ESG improvements or symbolic compliance, and discusses implications for improving disclosure quality.

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