ESG performance and audit pricing: the moderating effect of family firm status
ESGパフォーマンスと監査報酬: 家族企業ステータスの調整効果 (AI 翻訳)
A. Oussii, Maher Jeriji, K. Chebbi
🤖 gxceed AI 要約
日本語
本研究は、STOXX600指数採用企業492社を対象に、ESGパフォーマンスが監査報酬に与える影響を分析。固定効果回帰モデルを用いた結果、ESGスコアが高い企業ほど監査報酬が低いことが明らかになった。しかし、家族企業ではその関係が弱まり、ESGへの取り組みが経営者の機会主義的行動を隠蔽する可能性が示唆された。
English
This study analyzes the relationship between ESG performance and audit fees using a sample of 492 non-financial companies from the STOXX 600 index from 2012 to 2023. Fixed-effects regressions show that higher ESG scores are associated with lower audit fees, suggesting reduced auditor risk. However, this negative association is weaker for family firms, implying that auditors may perceive ESG activities as potential opportunistic behavior in family-controlled firms.
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
日本では家族企業（同族企業）が多く、ESG開示と監査の関係は重要。本結果は、日本の上場企業においても家族支配がESGと監査報酬の関係に影響する可能性を示唆し、SSBJ対応の実務に示唆を与える。
In the global GX context
This paper contributes to the global literature on ESG and audit pricing, providing evidence from European listed firms. The finding that family firm status moderates the ESG-audit fee link is relevant for ISSB and audit regulators considering the impact of sustainability reporting on audit risk assessments.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the ESG-audit fee relationship and the moderating role of family ownership, useful for research on corporate governance and sustainability disclosure.
🏢実務担当者:Audit firms and corporate sustainability teams can use these findings to understand how ESG performance influences audit pricing and risk assessment, especially in family-controlled companies.
🏛政策担当者:Relevant for audit regulators considering how sustainability reporting and ESG ratings affect audit risk and fee structures.
📄 Abstract（原文）
This study aims to analyze whether ESG performance is associated with audit fees. It also investigates the moderating effect of family firm status on that relationship. The sample included companies from the STOXX 600 index. The authors collected data from 492 non-financial companies between 2012 and 2023, resulting in a total of 3,831 firm-year observations. Data were sourced from the Refinitiv Eikon database and analyzed using panel data models based on fixed-effects regression. The findings are robust to generalized method of moments estimation, thereby alleviating concerns about potential endogeneity. The findings show that audit fees are significantly lower for firms with higher ESG scores, suggesting that sustainability performance tends to reduce auditors’ risk exposure, resulting in lower effort and/or risk premiums. Nonetheless, results show that the estimated coefficient on the moderating variable is positive, contrary to the predicted negative direction. That is, auditors could perceive ESG performance as attempts to conceal managerial opportunistic behavior in family firms. The authors’ evidence underscores that managers’ engagement in positive CSR practices can reduce firm risks and increase firm transparency, while family control moderates this nexus. This study contributes to the literature on corporate social responsibility and audit quality by investigating the negative association between ESG performance and audit fees. It provides empirical evidence on the moderating effect of family–firm status on this association using an extensive sample of European-listed firms.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/maj-03-2025-4739first seen 2026-07-18 07:58:52
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