The Impact of ESG Rating on Corporate Earnings Management: A Study from the Perspective of Information Transparency
ESG評価が企業の利益管理に与える影響：情報透明性の視点からの研究 (AI 翻訳)
Zixuan Hu
🤖 gxceed AI 要約
日本語
本研究は、中国A株上場企業を対象に、ESG評価が実際の利益管理行動に与える抑制効果を実証的に分析した。優れたESGパフォーマンスは情報透明性を高めることで、企業の異常な営業活動による利益操作を抑制することを明らかにした。特に環境（E）と社会（S）の次元が効果的であり、ガバナンス（G）の効果は限定的である。また、この抑制効果は2期のESG改善後に顕在化する動的な遅延特性を示す。
English
This study empirically analyzes how ESG ratings constrain earnings management in Chinese A-share listed firms from 2011-2020. It finds that superior ESG performance reduces abnormal business activities that embellish financial statements, with environmental and social dimensions being most effective. Information transparency fully mediates this relationship. The effect exhibits a two-period lag, becoming significant only after two years of improved ESG.
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
本論文は中国企業を対象としているが、ESG評価が情報透明性を通じて利益管理を抑制するメカニズムは、日本企業のESG開示と内部統制にも示唆を与える。特に、SSBJ基準の適用が進む中で、ESG情報の質が財務報告の信頼性に与える影響を考慮する際の参考となる。
In the global GX context
This paper provides empirical evidence from China on how ESG ratings can improve earnings quality through enhanced transparency. For global GX context, it reinforces the argument that ESG disclosure frameworks (e.g., ISSB) may have positive spillover effects on financial reporting integrity. The finding that governance (G) has weaker effects suggests the need for stronger governance mechanisms in emerging markets.
👥 読者別の含意
🔬研究者:Researchers in ESG, accounting, and corporate governance can gain insights into the mediating role of information transparency and the dynamic lag of ESG's governance effect.
🏢実務担当者:Corporate sustainability teams can use these findings to advocate for ESG investments as a means to improve financial reporting quality.
🏛政策担当者:Regulators may consider how ESG disclosure standards can indirectly curb earnings management, especially the need to strengthen governance (G) aspects.
📄 Abstract（原文）
Against the macro backdrop of sustainable development transformation and dual carbon goals, ESG performance has gradually evolved into a core dimension for assessing a company's potential for high-quality growth. This paper examines the constraining effect of corporate ESG ratings on actual earnings management behavior and its underlying logic by constructing an empirical model using Chinese A-share listed companies from 2011 to 2020 as the research sample. Findings reveal that outstanding ESG performance generates significant governance spillover effects, effectively curbing management's tendency to embellish financial statements through abnormal business activities. At the sub-dimensional level, environmental (E) and social (S) performance demonstrate robust governance efficacy, while the constraining effect of governance (G) has yet to fully manifest at this stage. Mechanism analysis further confirms that information transparency fully mediates the relationship between ESG performance and earnings management. Notably, this governance efficacy exhibits pronounced dynamic lag characteristics, typically achieving substantive suppression of earnings manipulation through enhanced disclosure quality only after two cycles of improved ESG performance. This study not only enriches the literature on the economic consequences of ESG but also provides crucial empirical insights for regulators to refine disclosure standards and guide investors in identifying micro-level earnings quality.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54254/2754-1169/2026.ld31453first seen 2026-05-15 19:03:21
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