持続可能性開示規制と資本配分効率のネクサス分析：財務報告品質の媒介効果の解明
Analyzing the nexus between sustainability disclosure regulation and capital allocation efficacy: decoding the channel effects of financial reporting quality (原題)
Bhaskar Khadakbhavi, Rajesh Desai, Krunal Soni
🤖 gxceed AI 要約
日本語
インドのBRSR義務化を外生的ショックとして用い、976社・2019〜2025年のデータを差分の差分法で分析。ESG開示規制が財務報告品質を媒介して資本配分効率を有意に改善することを示す。効果は排出集約型セクターでより顕著であり、規制が情報非対称性を低減する経路を実証した。
English
Using India's mandatory BRSR as an exogenous shock, this difference-in-differences study of 976 listed firms (2019–2025) finds that ESG disclosure regulation improves capital allocation efficacy, mediated by higher financial reporting quality. Effects are stronger in emission-intensive sectors, showing that disclosure mandates reduce information asymmetry.
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基準の強制適用と有報でのサステナビリティ開示拡充が進む日本にとって、開示義務化が資本コストや資本配分に与える実証的エビデンスは直接的な示唆を持つ。特に排出集約型セクターへの影響は、日本企業の開示対応戦略を検討する上で参考になる。
In the global GX context
As mandatory sustainability disclosure expands globally (ISSB, CSRD, SEC climate), this study provides rare causal evidence that disclosure regulation improves capital allocation via financial reporting quality—directly relevant to debates on the real-economy effects of disclosure mandates and transition finance.
👥 読者別の含意
🔬研究者:開示規制の実体経済効果を因果推論で示した点が、ESG規制研究の方法論的参照になる。
🏢実務担当者:開示義務化が財務報告の質と資本配分を改善し得ることを示し、開示対応の社内説得材料になる。
🏛政策担当者:開示規制の設計において、財務報告品質を通じた資本配分改善効果を考慮する根拠を提供する。
📄 Abstract（原文）
Purpose Building on the global surge in sustainability legislation, this study aims to examine the nexus between environmental, social and governance (ESG) reporting laws and the capital allocation efficacy (CPAE) of regulated firms. The study also unveils the mediating role of financial reporting quality in transmitting the effect of sustainability regulation on CPAE. Design/methodology/approach Indian regulators have enforced the “Business responsibility and sustainability reporting” (BRSR) framework, which serves as an external shock for the research design. Accordingly, a sample of 976 listed companies from 2019 to 2025 is analyzed using a quasi-natural experiment approach with a difference-in-differences research design. The study also performs several robustness tests, including propensity score matching, a placebo test and alternative measurements of key variables. Findings The findings reveal a significant positive impact of ESG regulation on CPAE through the mediating role of improved financial reporting quality. The results suggest that ESG legislation enhances the quality and reliability of financial disclosures, reduces information asymmetry and thereby improves CPAE. Moreover, the findings indicate that the positive effect of ESG statutes is more pronounced among emission-intensive sectors. Research limitations/implications Given the limited research on the financial consequences of sustainability regulation, this study offers significant implications for both theory and practice. The findings also enable policymakers to promote the adoption of ESG practices among corporate managers by highlighting the positive relationship between ESG regulation and corporate outcomes. Originality/value Despite the growing prevalence of mandatory ESG reporting, empirical evidence on corporate responses to such regulations remains largely underexplored. This study provides pioneering evidence on the mechanisms underlying the financial consequences of ESG regulation and advances the extant literature by incorporating the legislative dimension of sustainability reporting.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1108/jfrc-02-2026-0087first seen 2026-11-15 05:27:22
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