The Effects of Sustainability Reports and Greenhouse Gas Verification Opinions on Firm Value
サステナビリティ報告書と温室効果ガス検証意見が企業価値に与える影響 (AI 翻訳)
Jin-soo Kim, Yun-Kyeong Lee
🤖 gxceed AI 要約
日本語
本研究は、韓国KOSPI上場企業の2022-2023年データを用いて、サステナビリティ報告書の開示と第三者によるGHG検証意見が企業価値に与える影響を実証分析した。結果、自主開示企業は非開示企業より企業価値が高く、さらに検証意見を付した企業は一層高い企業価値を示した。資本市場が非財務情報の信頼性を価値判断の重要な要素としていることが示唆される。
English
This study empirically examines the impact of sustainability reports and third-party greenhouse gas verification opinions on firm value using KOSPI-listed firms for 2022-2023. Results show that voluntary disclosure increases firm value, and adding a verification opinion yields an incremental increase, suggesting that capital markets value the reliability of non-financial information.
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基準に基づくサステナビリティ開示が始まる中、本稿は第三者検証が企業価値向上に寄与することを示しており、今後の検証制度設計や任意開示から義務化への移行において重要な示唆を提供する。
In the global GX context
As global frameworks like ISSB and CSRD push for mandatory sustainability disclosure, this study provides critical evidence from Korea that third-party assurance of GHG emissions adds value, supporting the case for standardized verification requirements and offering insights for jurisdictions designing assurance mandates.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the economic effects of sustainability report assurance, contributing to the literature on non-financial information quality and market valuation.
🏢実務担当者:Demonstrates that investing in third-party GHG verification can enhance firm value, justifying such expenditures as strategic value drivers.
🏛政策担当者:Offers policy insights that mandatory assurance of sustainability disclosures could improve market efficiency and corporate accountability.
📄 Abstract（原文）
[Purpose] This study empirically examines the impact of the publication of sustainabilityreports and the inclusion of greenhouse gas (GHG) verification opinions—which enhance thereliability of environmental disclosures—on firm value. [Methodology] Amidst the rising importance of ESG management as a core corporatecompetency, this research utilizes a sample of companies listed on the Korea CompositeStock Price Index (KOSPI) market for the fiscal years 2022 and 2023 to conduct multivariateregression analyses. [Findings] The empirical results are summarized as follows. First, firms that voluntarilydisclose sustainability reports exhibit significantly higher firm value compared to nondisclosingfirms. Second, among firms that publish these reports, those that include a thirdpartyGHG verification opinion experience an incremental increase in firm value. Thesefindings suggest that the capital market perceives the qualitative reliability of non－financialinformation, secured through external assurance, as a more critical valuation factor than themere existence of disclosure. [Implications] This study contributes to the literature by demonstrating the economic consequencesof information quality in the non－financial reporting environment, specifically focusing on theverification of GHG emissions as a key environmental proxy. The results provide practicalimplications for corporate management, suggesting that establishing objective assurance mechanismsfor key ESG indicators serves as a strategic tool for value enhancement. Furthermore, the studyoffers policy insights regarding the necessity of standardizing and strengthening the effectivenessof verification systems in the evolving landscape of mandatory sustainability disclosures.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.29189/kaiaair.44.1.16first seen 2026-05-15 19:06:05
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。