フィンランド上場パルプ・製紙企業におけるESG報告：開示品質と意思決定有用性の比較分析
ESG Reporting in Finnish Listed Pulp and Paper Companies: A Comparative Analysis of Disclosure Quality and Decision-Usefulness (原題)
Max Kähärä
🤖 gxceed AI 要約
日本語
フィンランド上場のパルプ・製紙3社（UPM、ストラ・エンソ、メッツァ・ボード）の2021〜2025年ESG開示を、IASBの意思決定有用性の6特性で評価した研究。環境開示は定量化・保証が最も進む一方、社会は広範だが標準化が弱く、ガバナンスは区分・閾値型指標に依存する非対称性を発見。2024年以降ESRS基準へ収斂するも指標定義の差異が完全比較を妨げ、比較可能性と忠実な表現が最も満たされにくい特性だと示す。
English
This thesis assesses ESG disclosures of three Finnish listed pulp and paper firms (UPM, Stora Enso, Metsä Board) from 2021-2025 against the IASB's six qualitative characteristics of decision-usefulness. It finds asymmetry across pillars: environmental disclosure is most quantified and assured, social is broad but less standardised, and governance relies on categorical indicators. Despite convergence onto ESRS from 2024, differing metric definitions prevent full comparability, with comparability and faithful representation least satisfied.
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基準の確定と有報・統合報告書での保証拡大が進む中、パルプ・製紙という素材産業でCSRD/ESRS移行期の開示品質を実証した本稿は、日本企業が抱える「様式は揃うが実質比較不能」という課題への示唆に富む。
In the global GX context
As CSRD/ESRS reporting becomes mandatory, this study offers rare empirical evidence on how disclosure quality and comparability actually evolve during the voluntary-to-mandatory transition in a hard-to-abate materials sector, informing ISSB/CSRD convergence debates.
👥 読者別の含意
🔬研究者:意思決定有用性フレームワークをCSRD移行期の実データに適用した比較分析手法と、柱間の非対称性という知見が参考になる。
🏢実務担当者:ESRS対応で指標定義の統一と保証範囲の設計が比較可能性確保の鍵になることを実務的に示す。
🏛政策担当者:強制開示移行期に様式収斂だけでは実質比較可能性が担保されない点を、基準設計・保証制度の論点として留意すべき。
📄 Abstract（原文）
This thesis examines whether the ESG disclosures published by Finnish listed pulp and paper companies provide information of sufficient quality, structure, and comparability to be consid ered decision useful. The study focuses on three companies, UPM-Kymmene, Stora Enso, and Metsä Board, over the years 2021 to 2025, a period that covers the transition from voluntary framework-based reporting to mandatory reporting under the CSRD and the ESRS. The research applies a qualitative, document-based design built on structured content analysis of publicly available sustainability and annual reports. The disclosed content is assessed against the six qualitative characteristics of the IASB decision-usefulness framework, supported by agency theory, institutional theory, and management control systems literature. The analysis is structured by utilising three analytical tools, a reporting structure overview, an indicator inven tory covering the environmental, social, and governance pillars, and a cross-company, cross-year comparability matrix. The central finding is asymmetry in decision-usefulness across the three pillars. Environmental disclosure is the most quantified and most fully assured, social disclosure is broad but less stand ardised, and governance disclosure rests largely on categorical or threshold-based indicators. The reports converge in form while having some differences in substance. All three companies adopt the same external frameworks and move onto a common ESRS basis from 2024, yet the underlying metrics remain defined and calculated differently enough to prevent complete com parability. Comparability and faithful representation are the characteristics least consistently satisfied. Because the analysis is based solely on public reports, the findings describe what the disclosures would be capable of supporting in managerial decision-making, rather than how the information is used internally.
🔗 Provenance — このレコードを発見したソース
- openalex https://osuva.uwasa.fi/handle/11111/21383first seen 2026-10-18 04:46:08
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