ESG開示は企業のリスクテイキングを緩和するか、CEOはこの効果を無効化できるか
Does ESG Disclosure Mitigate Corporate Risk Taking and Can Chief Executive Officers Override this Effect? (原題)
PLIS Cooray, NLE Abeywardana
🤖 gxceed AI 要約
日本語
本研究は、スリランカのコロンボ証券取引所上場51社の2019年から2024年のデータを用いて、ESG開示が企業のリスクテイキングに与える影響と、CEOの権力（特にCEOの二重性）の調整効果を検証した。ランダム効果モデルとパネル補正標準誤差を用いた分析の結果、ESG開示はリスクテイキングを促進し、CEOの二重性がその関係を強化することが示された。新興国におけるESGの動態を明らかにし、政策立案者や投資家への示唆を提供する。
English
This study examines the impact of ESG disclosure on corporate risk-taking and the moderating role of CEO power, using data from 51 Sri Lankan listed firms (2019-2024). Random effects models with panel-corrected standard errors reveal a positive relationship between ESG disclosure and risk-taking, strengthened by CEO duality. The findings offer insights for policymakers and investors in emerging markets.
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開示が始まり、ESG情報の戦略的活用が注目される中、本稿は開示が企業行動に与える影響を示す点で示唆に富む。CEOの権力構造が開示の効果を変えるという知見は、日本企業のガバナンス改革や開示実務に参考になる。
In the global GX context
Globally, as ISSB and CSRD frameworks push for more ESG disclosure, this study provides empirical evidence from a developing economy on how disclosure affects corporate risk behavior. It highlights the role of CEO power in shaping disclosure outcomes, relevant for governance and disclosure policy design.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure and risk-taking in an emerging market, with CEO power as a moderator.
🏢実務担当者:Highlights that ESG disclosure may increase risk-taking, and CEO governance structures can influence this effect.
🏛政策担当者:Suggests that disclosure regulations should consider corporate governance contexts to achieve desired outcomes.
📄 Abstract（原文）
This study investigates the impact of Environmental, Social and Governance (ESG) Disclosures on Corporate Risk Taking, highlighting the moderating role of Chief Executive Officers’ power. ESG frameworks have been increasingly in the limelight in the corporate world for the past few decades in decision making. There is a growing interest and an awareness in giving a prioritized focus for ESG factors because these factors drive firms to place increased attention on their business operations. On top of that, the competitive strategy of adhering to ESG practices provides companies with a good reputation. Relating stakeholder, agency and upper echelon theories, the study uses a sample of fifty-one companies in Sri Lanka which are listed in the Colombo Stock Exchange over a period of 6 years from 2019 to 2024. The study has employed a quantitative approach with random effects model with Panel Corrected Standard Errors. The findings of the investigation reveal that there is a positive relationship between ESG Disclosure and Corporate Risk Taking promoting the idea that enhanced transparency about ESG practices through ESG Disclosures encourage companies to take great risks. Moreover, CEO Duality significantly moderates this relationship, suggesting that powerful CEOs can increase or decrease the impact of ESG Disclosure on risk taking practices of the companies. These findings contribute to the existing literature by identifying the dynamics of ESG in the context of a developing country, providing practical implications to policymakers, investors, and corporate management in regard to sustainable practices.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1201/9781042025091-46first seen 2026-08-28 04:48:33
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