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ESG開示のマーケティング的含意：売上成長を促す価値ベース競争優位の媒介効果

The marketing implications of ESG disclosure: The mediating role of value-based competitive advantage in driving sales growth (原題)

Mohammad Fawzi Shubita, Moade Shubita, Mohammad Ahmad Alqam, Dua’a Shubita, Mohammad Ahsan Saad

Innovative Marketing📚 査読済 / ジャーナル2026-10-16#ESGOrigin: Global対象セクター: manufacturing
DOI: 10.21511/im.22(4).2026.03
原典: https://doi.org/10.21511/im.22(4).2026.03

🤖 gxceed AI 要約

日本語

ヨルダンの工業企業30社・2019〜2023年のパネルデータを用い、ESG開示が価値ベース競争優位（ROIC−WACC）を媒介して売上成長に与える影響を検証。ESG開示は競争優位・売上成長に対し正だが統計的に非有意で、媒介効果も支持されなかった。新興工業市場におけるマーケティング志向のESG経路を探る探索的貢献。

English

Using panel data from 30 Jordanian industrial firms (2019-2023), the study tests whether ESG disclosure drives sales growth via value-based competitive advantage (ROIC minus WACC). Effects on competitive advantage and sales growth are positive but statistically insignificant, and the mediating effect is not supported. It contributes an exploratory marketing-oriented ESG pathway in an emerging industrial market.

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

新興国でのESG開示の市場効果が限定的であることを示す実証例として、日本企業が開示の「戦略的便益」を過度に楽観視しないための参照材料になる。SSBJ対応や統合報告での価値創造ストーリー設計において、開示と財務成果の因果を慎重に扱う視点を提供。

In the global GX context

Adds emerging-market evidence to the global debate on whether ESG disclosure translates into financial/market outcomes, complementing ISSB/CSRD-driven disclosure scholarship that often assumes strategic benefit. Useful as a cautionary null-result data point for disclosure-outcome research.

👥 読者別の含意

🔬研究者:Provides a null-result test of the disclosure→competitive advantage→sales pathway in an emerging market, useful for meta-analysis and research design.

🏢実務担当者:Suggests ESG disclosure alone may not yield near-term sales gains, tempering expectations for marketing-led ESG narratives.

🏛政策担当者:Illustrates that mandating disclosure may not automatically produce market rewards in emerging industrial economies.

📄 Abstract（原文）

Type of the article: Research ArticleAbstractEnvironmental, social, and governance disclosure is increasingly used as a strategic communication tool, yet its immediate marketing consequences remain unclear in emerging markets. The study evaluates the marketing implications of environmental, social and governance (ESG) disclosure by testing the relationship between the disclosure and value based competitive advantage through its impact on sales growth. A total of 30 Jordanian industrial firms were selected during the time frame (2019-2023) for analysis, yielding 150 firm-year data. ESG disclosure is computed as the arithmetic mean of the disclosure ratios of environmental, social and governance data, and value-based competitive advantage is calculated as return on invested capital minus the weighted average cost of capital. The panel regression results show that ESG disclosure has a positive but statistically insignificant effect on value-based competitive advantage (coefficient = 0.340; standard error = 0.299) and sales growth (coefficient = 13.159; standard error = 23.899). After including value-based competitive advantage in the sales-growth model, its coefficient remains positive but statistically insignificant (coefficient = 29.675; standard error = 19.160). The estimated indirect effect is 10.102, with a 95% bootstrap confidence interval ranging from −8.441 to 23.688, indicating that the mediating effect is not statistically supported. The environmental, social, and governance dimensions are also statistically insignificant. The results suggest that during the period of study this ESG disclosure was not associated with an immediate increase in sales via the proposed value-based channel. The study makes a contribution by exploring a marketing-oriented ESG pathway in an emerging industrial market, and by differentiating between the anticipated strategic gains of sustainability disclosure and the actual observed market impacts of ESG disclosure.

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