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持続可能性開示の企業固有決定要因：パキスタン証券取引所上場企業の証拠

Firm-Specific Determinants of Sustainability Disclosure: Evidence from Pakistan Stock Exchange Listed Companies (原題)

Research on Economic & Social Development Options (RESDO)

プレプリント2026-06-30#開示インフラ経営インパクト: 調達リスク対象セクター: cross_sector
DOI: 10.5281/zenodo.23287327
原典: https://doi.org/10.5281/zenodo.23287327

🤖 gxceed AI 要約

日本語

パキスタン証券取引所上場380社の2024年度データを用い、SECPのESG開示ガイドラインとGRI・ISSB・TCFDに基づく持続可能性開示スコア指数（SDSI）を構築。企業規模、環境敏感性、国際的エクスポージャー、保証品質が開示品質を有意に高める一方、企業年齢は負の影響、財務レバレッジは有意でないことをOLS回帰で示した。新興国における義務的サステナビリティ報告の実証研究に貢献する。

English

Using 380 Pakistan Stock Exchange-listed firms for FY2024, the study builds a Sustainability Disclosure Score Index (SDSI) aligned with SECP ESG guidelines, GRI, ISSB, and TCFD across environmental, social, governance, and economic dimensions. OLS regressions show firm size, environmental sensitivity, international exposure, and assurance quality significantly improve disclosure quality, while firm age has a negative effect and leverage is insignificant. It offers one of the first empirical evaluations of Pakistan's new mandatory ESG reporting framework.

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SSBJ基準の導入と有価証券報告書でのサステナビリティ開示義務化が進む中、新興国での義務的開示制度の実証的検証は、規制移行期における開示品質の決定要因を理解する上で参考になる。特に保証品質や国際的エクスポージャーが開示品質を高めるという知見は、日本企業の保証取得やグローバル報告体制の整備を検討する際の示唆となる。

In the global GX context

As mandatory sustainability reporting expands globally through ISSB adoption and CSRD implementation, this study provides rare empirical evidence from an emerging economy on what drives disclosure quality under a newly implemented ESG framework. The finding that assurance quality and international exposure enhance reporting quality reinforces the global policy emphasis on assurance and comparability in disclosure infrastructure.

👥 読者別の含意

🔬研究者:新興国における義務的ESG開示の規定要因に関する実証的ベースラインを提供し、ISSB・TCFD準拠指標の構築方法と限界を示す。

🏢実務担当者:国際展開する企業や保証取得を検討する企業にとって、開示品質を高める要因（規模、保証、国際的エクスポージャー）の重要性を示唆する。

🏛政策担当者:新興国でのESG開示義務化の設計において、保証要件や国際基準との整合性が開示品質に与える影響を考慮する必要性を示す。

📄 Abstract（原文）

This study investigates the firm-specific factors influencing sustainability disclosure among 380 companies listed on the Pakistan Stock Exchange for the financial year 2024. Sustainability disclosure quality is measured using a comprehensive Sustainability Disclosure Score Index (SDSI), developed in accordance with the Securities and Exchange Commission of Pakistan's ESG Disclosure Guidelines and internationally recognized reporting frameworks, including the Global Reporting Initiative (GRI), the International Sustainability Standards Board (ISSB), and the Task Force on Climate-related Financial Disclosures (TCFD). The index comprises four disclosure dimensions: environmental, social, governance, and economic. Ordinary Least Squares regression is employed to examine the effects of firm size, environmental sensitivity, international exposure, assurance quality, firm age, and financial leverage on sustainability disclosure quality. The findings reveal that firm size, environmental sensitivity, international exposure, and assurance quality significantly enhance overall sustainability disclosure, whereas firm age has a significant negative influence and financial leverage does not significantly affect reporting quality. Additional analysis across the four disclosure dimensions confirms that assurance quality, international exposure, and firm size consistently strengthen environmental, social, governance, and economic reporting. The study contributes to the emerging literature on mandatory sustainability reporting by providing one of the first comprehensive empirical evaluations of Pakistan's newly implemented ESG reporting framework. The findings offer practical implications for regulators, policymakers, corporate managers, and assurance providers seeking to improve the quality, credibility, and comparability of sustainability reporting in emerging economies undergoing regulatory transition.

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