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Non‐Linear Effects of Corporate Governance Efficacy on ESG Performance: The Moderating Role of Audit Quality in an Emerging Market

コーポレートガバナンス効果のESGパフォーマンスに対する非線形効果：新興市場における監査品質の調整的役割 (AI 翻訳)

R. Tiwari, S. G. Maji

Corporate Social Responsibility and Environmental Management📚 査読済 / ジャーナル2026-02-02#ESG
DOI: 10.1002/csr.70440
原典: https://doi.org/10.1002/csr.70440

🤖 gxceed AI 要約

日本語

本研究は、インドの非金融企業を対象に、コーポレートガバナンス効果（CGE）とESGパフォーマンスの間にU字型の非線形関係があることを発見した。さらに、Big4監査人による監査品質が高い企業は、その正の転換点を早期に迎える。内部ガバナンスと外部保証の相補的役割を実証した。

English

This study finds a U-shaped relationship between corporate governance efficacy (CGE) and ESG performance among Indian non-financial firms. It shows that audit quality, especially Big-4 auditors, moderates this relationship by allowing firms to reach the positive turning point earlier. The research integrates governance and assurance perspectives within sustainability strategy.

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

インド企業を対象とした研究だが、コーポレートガバナンス改革が一定の閾値を超えるまでESGパフォーマンス向上に寄与しないという非線形効果や、監査品質の調整的役割は、日本のガバナンス改革やSSBJ対応にも示唆を与える。

In the global GX context

This study contributes to global sustainability governance discussions by demonstrating that the effectiveness of corporate governance on ESG performance is non-linear and enhanced by high-quality audits, informing best practices for integrated reporting and assurance standards globally.

👥 読者別の含意

🔬研究者:Researchers can explore the non-linear governance-ESG dynamics and the moderating role of audit quality, with potential extensions to other contexts.

🏢実務担当者:Corporate sustainability teams can learn that governance reforms require reaching a certain threshold to yield ESG benefits, and that engaging Big-4 auditors can accelerate positive outcomes.

🏛政策担当者:Regulators may consider the role of audit quality in enhancing governance-driven ESG performance, potentially informing assurance requirements.

📄 Abstract（原文）

This study investigates how corporate governance efficacy (CGE) influences firms' environmental, social, and governance (ESG) performance in a non‐linear manner and examines the moderating role of audit quality (AQ) in this relationship. Drawing on the complementary role of internal and external governance mechanisms in promoting sustainability accountability, the study integrates governance and assurance perspectives within a sustainability strategy framework. Using ESG scores from CRISIL for 180 Indian non‐financial firms during 2020–2023, corporate governance attributes from annual reports, and financial data from the Capitaline database, a fixed‐effects model with cluster‐robust standard errors is employed, supported by robustness checks with alternative model specifications. The findings reveal a U‐shaped association between CGE and ESG performance, indicating that the sustainability benefits of governance reforms materialize only after a certain efficacy threshold is achieved. Moreover, AQ exerts a significant moderating effect: firms audited by Big‐4 auditors reach the positive turning point of the curve earlier, reflecting how high‐quality audits reinforce governance‐driven ESG initiatives. The study contributes to the sustainability governance literature by revealing the non‐linear dynamics between governance and ESG performance and by demonstrating how external assurance enhances the effectiveness of internal governance mechanisms in advancing corporate sustainability outcomes.

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