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ESG開示と企業業績の関係におけるイノベーション能力の調整的役割の探究：新興市場からの証拠

Exploring the Moderating Role of Innovation Capabilities in the ESG Disclosure–Firm Performance Relationship: Evidence From an Emerging Market (原題)

Rizwana Khurshid, Ajaz Ul Islam, Neha Malik

Sustainable Development📚 査読済 / ジャーナル2026-11-09#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1002/sd.71853
原典: https://doi.org/10.1002/sd.71853

🤖 gxceed AI 要約

日本語

インドのNifty500企業を2015〜2025年にわたり分析し、ESG開示がROE・ROA・Tobin's Qに正の影響を与えることを示した実証研究。R&D強度や技術ノウハウといったイノベーション能力が、ESG開示と業績の正の関係を一貫して強化することを発見。特許は会計ベース指標には混合的な効果を示すが、市場評価にはプラスに働く。

English

Using Nifty 500 firms from 2015–2025, this study finds ESG disclosure positively affects ROE, ROA, and Tobin's Q. R&D intensity and technical know-how consistently strengthen the ESG–performance link, while patents show mixed effects—dampening accounting returns but boosting market valuation. Innovation capability is a key channel converting sustainability commitments into financial results.

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ESG開示が進む日本企業にとって、開示が財務パフォーマンスに結びつく条件として「イノベーション能力」を位置づける視点は、統合報告書での価値創造ストーリー構築や投資家対話に示唆を与える。新興市場の実証だが、開示と無形資産投資の組み合わせという論点は日本企業にも応用可能。

In the global GX context

Amid ISSB/CSRD-driven global disclosure mandates, this paper adds emerging-market evidence that ESG disclosure's financial payoff is conditional on innovation capability—relevant to the broader debate on whether disclosure creates value or merely compliance cost. It complements developed-market studies by showing tacit vs. codified knowledge moderate the ESG–performance link differently.

👥 読者別の含意

🔬研究者:ESG開示と財務成果の媒介・調整要因としてのイノベーション能力を、新興市場パネルデータで検証した実証枠組みが参考になる。

🏢実務担当者:ESG開示の効果を最大化するには、R&Dや技術ノウハウへの投資と開示を統合した価値創造ストーリーの設計が有効であることを示唆。

🏛政策担当者:ESG開示枠組みの強化とイノベーション志向政策の組み合わせが、持続可能な企業成長を促す可能性を示す。

📄 Abstract（原文）

ABSTRACT This study examines how innovation capabilities moderate the relationship between ESG (Environmental, Social and Governance) disclosure and firm performance for Nifty 500 firms from 2015 to 2025. Firm performance is measured using ROE, ROA, and Tobin's Q, while innovation is captured through R&D intensity, technical know‐how (TKH), and patents, representing both tacit and codified forms of knowledge. The study employs fixed‐effects panel regression, with Driscoll–Kraay standard errors, panel‐corrected standard errors (PCSE), and system GMM employed to ensure the reliability and robustness of the findings. The results show that ESG disclosure has a positive effect on profitability, operational efficiency, and market valuation. The sub‐components further reveal that Environmental (ENV), Social (SOC), and Governance (GOV) dimensions individually contribute to improved firm performance, although the magnitude of these effects varies across performance measures. R&D intensity and technical know‐how consistently strengthen the positive effects of ESG disclosure and its sub‐components ENV, SOC, and GOV dimensions, suggesting that firms with greater learning capacity and technological depth are better equipped to convert sustainability commitments into superior financial and market results. Patents exhibit mixed moderating effects, dampening accounting‐based performance while improving market valuation by signaling long‐term technological potential. Overall, the findings underscore innovation as a critical capability through which ESG disclosure translates into superior firm performance, suggesting that managers should integrate ESG initiatives with investments in innovation capabilities to maximize the performance benefits of ESG, while policymakers should strengthen ESG disclosure frameworks and promote innovation‐oriented policies to foster sustainable corporate growth in emerging markets.

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