Substantive response or symbolic compliance? sustainability disclosure and environmental and social accountability in publicly listed tourism firms
実質的な対応か、象徴的なコンプライアンスか？上場観光企業におけるサステナビリティ開示と環境・社会的説明責任 (AI 翻訳)
Çetin Akkuş, Elif Zeynep Özer, Özge Korkmaz, Eda Yayla
🤖 gxceed AI 要約
日本語
本研究は、トルコの上場観光企業を対象に、サステナビリティ開示の深さ（CTAE指数）と企業業績（ROA、株式リターン変動性）の関連を分析。固定効果モデルによる検証の結果、統計的に有意な関連は見られず、開示の深さだけでは実質的なサステナビリティパフォーマンスの代理指標として不十分であることを示唆。開示の質と検証可能な成果の区別の重要性を強調。
English
This study analyzes the association between sustainability disclosure depth (CTAE index) and firm performance (ROA, stock return volatility) in publicly listed tourism firms in Türkiye. Using fixed-effects models, no statistically significant association was found, suggesting that disclosure depth alone may lack decision-usefulness as a standalone indicator of substantive sustainability performance. The study emphasizes the need to distinguish between disclosure communication, quality, and verifiable outcomes.
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
日本でもSSBJ基準に基づくサステナビリティ開示が進む中、開示の深さが必ずしも実質的な環境・社会パフォーマンスを反映しないという本知見は、開示の質と実効性を問い直す契機となる。観光セクターに限定されるが、他産業への示唆も大きい。
In the global GX context
Globally, as ISSB and CSRD emphasize decision-useful sustainability information, this study provides empirical caution that disclosure depth alone may not correlate with substantive outcomes. It contributes to the debate on symbolic compliance versus substantive action, relevant for regulators and standard-setters refining disclosure requirements.
👥 読者別の含意
🔬研究者:Offers a replicable disclosure-depth measure (CTAE) and empirical evidence from an understudied sector, highlighting the gap between disclosure and performance.
🏢実務担当者:Suggests that increasing sustainability report length or detail without corresponding operational changes may not improve financial or risk metrics.
🏛政策担当者:Underlines the need for disclosure standards that emphasize verifiable outcomes rather than merely depth of narrative.
📄 Abstract（原文）
This study examines whether sustainability disclosure depth is associated with firm-level outcomes in publicly listed tourism firms, addressing the limitations of aggregated ESG metrics and the distinction between disclosure quality and substantive sustainability performance. A disclosure-depth index, the Corporate Environmental and Social Response Disclosure Index (CTAE), was developed through systematic content analysis of sustainability, integrated, and annual reports. Using an unbalanced panel of publicly listed tourism firms in Türkiye for 2016–2025, fixed-effects regression models were used to test the association between CTAE, return on assets, and stock return volatility. Sustainability disclosure depth was not statistically significantly associated with either return on assets or stock return volatility. This pattern remained consistent across alternative specifications, including disaggregated ESG components, lagged models, balanced-panel subsample estimations, and pandemic-period interaction analyses. The findings do not establish symbolic compliance; rather, they suggest that disclosure depth alone may have limited decision-usefulness as a standalone indicator of substantive sustainability performance in this empirical context. The study contributes a structured and reproducible disclosure-depth measure and highlights the need to distinguish between sustainability communication, disclosure quality, and externally verifiable sustainability outcomes.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.frontiersin.org/journals/environmental-science/articles/10.3389/fenvs.2026.1887431/pdffirst seen 2026-07-14 05:03:26
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。