Determinants of Sustainability Disclosure: A Comparative Panel Analysis of Emerging and World Markets
サステナビリティ開示の決定要因：新興市場と世界市場の比較パネル分析 (AI 翻訳)
Ibrahim Sakin, Z. Turk
🤖 gxceed AI 要約
日本語
本論文は、DJSI新興市場指数と世界市場指数に連続採用された85社を対象に、サステナビリティ開示の決定要因を分析。新興市場ではコーポレートガバナンスの説明力が低い一方、世界市場では取締役会の独立性や企業成熟度が開示と関連。CO2排出強度と開示スコアの弱い関連は、実際の環境パフォーマンスとの乖離を示唆。
English
This study analyzes determinants of sustainability disclosure using a panel of 85 DJSI-listed firms from emerging and world markets (2016-2022). It finds that in emerging markets, governance mechanisms have limited explanatory power, while in world markets, board independence, firm maturity, and financial capacity are strongly associated with disclosure. The weak link between CO2 intensity and disclosure suggests a potential disconnect between reported information and actual environmental performance.
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
日本企業にとって、新興市場と世界市場の制度的差異が開示実践に与える影響を理解する上で参考になる。ただし、日本の状況に直接当てはまるものではなく、日本企業の開示高度化における制度的要因の重要性を示唆する程度。
In the global GX context
This paper contributes to global disclosure scholarship by empirically demonstrating how institutional contexts shape sustainability disclosure across emerging and world markets. The findings highlight the need for context-sensitive disclosure standards and the potential gap between reported metrics and actual environmental impact, relevant to ongoing ISSB and CSRD implementation debates.
👥 読者別の含意
🔬研究者:Provides a comparative empirical framework for studying sustainability disclosure determinants across different market contexts, with insights into the role of governance and institutional factors.
🏢実務担当者:Offers evidence that sustainability disclosure quality is influenced by board independence and firm maturity, suggesting areas for internal improvement beyond compliance.
🏛政策担当者:Highlights the importance of institutional context when designing disclosure regulations; emerging markets may require different approaches than advanced economies.
📄 Abstract（原文）
This study explores the determinants of sustainability disclosure and examines cross-market differences between the DJSI Emerging Markets Index and the DJSI World Markets Index. Using a panel dataset consisting of 595 company-year observations from 85 companies across 23 countries that were continuously included in the index during the 2016–2022 period, fixed-effects models estimated with Driscoll–Kraay standard errors were applied. The findings reveal substantial cross-market differences. In emerging markets, corporate governance mechanisms exhibit limited explanatory power, suggesting that sustainability disclosures are weakly institutionalized. In contrast, in world markets, sustainability disclosures are more strongly associated with board independence, firm maturity, and financial capacity. The negative relationship between auditor tenure and disclosure highlights the importance of auditor independence. Furthermore, the weak association between CO₂ emission intensity and disclosure scores indicates a potential disconnect between reported sustainability information and actual environmental performance. Overall, the findings underscore the critical role of institutional and organizational context in shaping sustainability disclosure practices. This study contributes to the sustainability disclosure literature by providing a comparative panel analysis of emerging and world markets using DJSI-listed firms. It highlights how institutional contexts shape disclosure practices differently and offers empirical evidence on cross-market variations by integrating governance and financial determinants within a unified analytical framework.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.20448/ijsam.v10i1.8578first seen 2026-05-15 18:03:52
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