The Effect of ESG Disclosure on Corporate Reputation through Financial Performance as a Mediating Variable with Board Independence as a Moderating Variable

日本語

本研究はESG開示が企業の評判に与える影響を、財務パフォーマンスを媒介変数、取締役会の独立性を調整変数として検討する。実証分析により、ESG開示の質が高い企業は財務パフォーマンスを向上させ、結果的に評判が高まること、また取締役会の独立性がこの関係を強化することを示す。

English

This study examines the effect of ESG disclosure on corporate reputation, with financial performance as a mediator and board independence as a moderator. Empirical analysis shows that high-quality ESG disclosure improves financial performance, which in turn enhances reputation, and board independence strengthens this relationship.

日本のGX文脈において

日本ではSSBJ基準の策定や有価証券報告書でのESG情報開示が進む中、開示の質が企業価値にどう影響するかを示す本研究成果は、開示戦略とコーポレートガバナンスの連携を考える実務者に示唆を与える。

In the global GX context

As global frameworks like ISSB and CSRD mandate ESG disclosure, this paper provides evidence that disclosure quality can enhance reputation through financial performance, and independent boards amplify this effect—relevant for corporate governance and disclosure strategy.