ESG論争と非監査サービス報酬：欧州のエビデンス
ESG Controversies and Non-Audit Service Fees: European Evidence (原題)
Tabi Frankcline Tambe, Sun-Min Kang
🤖 gxceed AI 要約
日本語
欧州上場企業4,552社・年（2014〜2023年）のパネルデータを用い、ESG論争が非監査サービス（NAS）報酬に与える影響を検証。深刻な論争のみがNAS報酬と有意に正相関し、監査人が重大な倫理リスクに選択的に反応することを示す。制度的・企業統治的要因の調整効果は限定的で、IV分析は因果効果を断定できないと結論。ESG論争が助言コスト調整を通じて企業に経済的影響を及ぼすことを示唆する。
English
Using 4,552 European firm-year observations (2014–2023) and Refinitiv Eikon ESG controversy data, this study examines whether ESG controversies affect non-audit service (NAS) fees. Only severe controversies show a significant positive association with NAS fees, suggesting auditors selectively price material ethical risks. Institutional and firm-governance moderators are not systematically significant, and IV estimates are weak, so causal claims remain tentative. The findings indicate ESG controversies carry economic consequences via advisory cost adjustments.
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・有報でのサステナビリティ開示が拡大する日本では、ESG論争が監査・保証報酬や助言コストに与える影響は、企業のリスク管理と投資家対応の観点から注目される。監査法人のESG関連リスク評価の実務的示唆を提供する。
In the global GX context
As ISSB/CSRD disclosure regimes expand, this paper adds to the debate on how assurance markets price ESG reputational risk, relevant to auditor independence and ESG accountability discussions globally. It offers evidence that severe controversies, not all ESG events, drive advisory pricing.
👥 読者別の含意
🔬研究者:ESG論争と監査・保証報酬の関係を実証的に示し、因果推論の限界も明示する点が参考になる。
🏢実務担当者:深刻なESG論争が非監査サービス報酬の上昇につながる可能性を認識し、リスク管理と開示対応に活かせる。
🏛政策担当者:ESG論争の深刻度に応じた監査報酬の反応は、保証市場における規制や開示制度の設計に示唆を与える。
📄 Abstract（原文）
Lapses in environmental, social, and governance (ESG) conduct often manifest through controversies like environmental violations, social misconduct, or governance failures, creating reputational and informational risks for firms and their auditors. While many studies focus on how ESG performance influences audit and assurance outcomes, few examine how adverse ESG events, particularly controversies, shape auditor behavior and market pricing. This study examines whether such controversies affect non-audit services (NAS) pricing and explores how auditors incorporate ESG-related reputational risks into advisory engagements. Drawing on a panel of 4,552 firm-year observations from European listed firms between 2014 and 2023, ESG controversy data from Refinitiv Eikon are analyzed with two-way fixed-effects and instrumental variable (IV) estimations. The findings suggest that ESG controversies and NAS fees are positive and significantly correlated only for severe controversies, indicating that auditors selectively respond to material ethical risks. Supplementary analyses indicate that, in Europe, this relationship is not systematically conditioned by cross-country institutional strength or firm-level governance characteristics, suggesting their limited moderating role. The IV analysis reveals a weak instrumental relationship, implying the observed associations may partially reflect correlated omitted factors rather than definitive causal effects. Overall, the findings suggest ESG controversies have economic repercussions for firms through advisory cost adjustments, particularly when reputational risk is salient. The study enhances understanding of how auditors price ethical and reputational risks, contributing to ongoing debates regarding auditor independence, ESG accountability, and corporate ethics in assurance markets, while offering insights for regulators, managers, and auditors regarding pricing of ESG-related advisory risk.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://link.springer.com/content/pdf/10.1007/s10551-026-06259-y.pdffirst seen 2026-10-18 05:28:57 · last seen 2026-11-06 05:45:28
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