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気候開示の信頼性を測る：G7経済におけるTCFD下の象徴的報告と実質的報告

Measuring Climate Disclosure Credibility: Symbolic Versus Substantive Reporting Under TCFD in G7 Economies (原題)

Santi Gopal Maji, Rituraj Boruah

Corporate Social Responsibility and Environmental Management📚 査読済 / ジャーナル2026-09-12#TCFDOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1002/csr.70991
原典: https://doi.org/10.1002/csr.70991

🤖 gxceed AI 要約

日本語

本論文はTCFD提言に沿った開示情報を「象徴的」か「実質的」かに分類する指標を開発し、G7企業の2019〜2023年の開示を手作業で収集・分析した。企業規模と収益性は象徴的開示と負に、女性取締役の臨界量は信頼性と正に関連し、GHG排出強度が高い企業ほど象徴的開示に依存する傾向がある。規制の質が高い国ほど開示の信頼性が高く、TCFD採用と信頼性の関係は規制の質や法の支配によって変化する。

English

This study develops a TCFD-aligned measure classifying disclosed information as symbolic or substantive based on specificity, quantification, and firm-specific content, using hand-collected data from G7 firms over 2019–2023. Firm size and profitability are negatively associated with symbolic disclosure, while a critical mass of women directors raises credibility and higher GHG intensity increases symbolic reporting. Stronger regulatory quality correlates with higher disclosure credibility, and the TCFD–credibility link varies with regulatory quality and rule of law.

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

TCFDからSSBJ基準への移行が進む日本企業にとって、開示の「量」ではなく「実質性」をどう測るかは有報・統合報告書の質的改善に直結する。女性取締役比率や規制の質が開示信頼性と結びつく知見は、コーポレートガバナンス改革とGX開示を連動させる日本文脈で示唆が大きい。

In the global GX context

As ISSB/SSBJ standards move from adoption to assurance, this paper offers a replicable way to distinguish symbolic from substantive TCFD disclosure—directly relevant to global debates on greenwashing and disclosure quality. Its finding that regulatory quality and board gender diversity shape credibility adds institutional and governance nuance to the TCFD-to-ISSB transition literature.

👥 読者別の含意

🔬研究者:TCFD開示の質を象徴的/実質的に分解する測定手法と、制度・ガバナンス要因との関連を検証する実証枠組みを提供する。

🏢実務担当者:自社の気候開示が定量性・企業固有性・将来情報を欠く「象徴的」報告に陥っていないか自己診断するチェックリストとして活用できる。

🏛政策担当者:規制の質と法の支配が開示の実質性を左右するため、開示義務化と執行・保証制度をセットで設計する必要性を示唆する。

📄 Abstract（原文）

ABSTRACT This study examines the credibility of climate‐related corporate disclosures by distinguishing between symbolic and substantive reporting practices. Drawing on institutional and signaling theories, we argue that firms facing common climate‐reporting expectations may differ in the substantive informational content through which they conform to those expectations. To operationalize disclosure credibility, we develop a Task Force on Climate‐related Financial Disclosures (TCFD)‐aligned measure that classifies disclosed information as symbolic or substantive for each TCFD recommendation, based on its specificity, quantification, firm‐specific content, and, where relevant, forward‐looking information. Using hand‐collected data from sustainability and annual reports of firms operating in G7 economies over 2019–2023, we construct a firm‐level measure capturing firms' reliance on symbolic relative to substantive disclosure. The associations between firm‐ and country‐level factors and disclosure credibility are examined using random‐effects GLS and two‐step system GMM estimation. The findings reveal substantial heterogeneity in climate disclosure credibility across G7 firms. Firm size and profitability are negatively associated with symbolic climate disclosure, while a critical mass of women directors is associated with higher disclosure credibility. In contrast, greater greenhouse gas emission intensity is associated with higher symbolic disclosure. At the country level, stronger regulatory quality is associated with higher disclosure credibility, whereas cultural individualism shows no robust association once endogeneity is addressed. Interaction analyses further indicate that the association between TCFD adoption and disclosure credibility varies with regulatory quality, whereas the association with board gender diversity varies with the rule of law. Overall, the findings show that firms' reliance on symbolic versus substantive climate reporting is systematically associated with firm characteristics, governance mechanisms, and the institutional environments in which firms operate.

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