配当なき開示？米国上場ホスピタリティ・観光企業におけるESG・グリーン認証開示と財務パフォーマンス、パンデミック耐性
Disclosure Without a Dividend? ESG and Green-Certification Disclosure, Financial Performance, and Pandemic Resilience in U.S.-Listed Hospitality and Tourism Firms (原題)
Ousseni Ouedraogo, Farahana Yeasmin
🤖 gxceed AI 要約
日本語
米国上場のホスピタリティ・観光企業41社・481社年（2014–2025）を対象に、10-K記載からESG開示指数とグリーン認証開示をコード化し財務パフォーマンスとの関係を検証。企業内ではESG開示とROAに有意な関連はなく、グリーン認証開示は約1.4ポイント低いROAと関連したが仕様に敏感。事前の開示水準がCOVID-19期の損失縮小や回復加速を予測する証拠は検出されなかった。
English
Using 41 U.S.-listed hospitality and tourism firms (481 firm-years, 2014–2025), the study codes an ESG Disclosure Index and green-certification disclosure from 10-K text and tests links to financial performance. Within firms, ESG disclosure shows no significant association with ROA; green-certification disclosure relates to ~1.4pp lower ROA but is specification-sensitive. Pre-pandemic disclosure did not predict smaller COVID-19 losses or faster recovery.
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
SSBJ基準・有報でのサステナビリティ開示義務化が進む日本では、「開示が財務成果に直結するか」という投資家・経営企画の問いに実証的な冷水を浴びせる知見。開示の拡充と実質的パフォーマンスの乖離を意識した開示戦略設計の参考になる。
In the global GX context
Amid ISSB/CSRD-driven expansion of mandatory sustainability disclosure, this paper offers a cautionary empirical note: disclosure intensity alone did not translate into financial outperformance or crisis resilience in a disclosure-heavy sector. It sharpens the global debate on whether disclosure mandates deliver value absent substantive practice change.
👥 読者別の含意
🔬研究者:開示と財務成果の因果関係を慎重に扱うべきことを示す、セクター限定の実証ベンチマーク。
🏢実務担当者:ESG開示の拡充が自動的に財務便益を生むわけではない点を踏まえた開示戦略の立案に有用。
🏛政策担当者:開示義務化の効果を実質的実践の促進と切り離して評価する必要性を示唆。
📄 Abstract（原文）
This study examines the relationship between environmental, social, and governance (ESG) disclosure, green-certification disclosure, and financial performance among U.S.-listed hospitality and tourism firms, including whether pre-pandemic disclosure predicted resilience during COVID-19. The unbalanced panel comprises 41 firms and 481 firm-years (2014–2025), spanning lodging, gaming resorts, cruises, timeshares, online travel, leisure, and lodging real estate investment trusts. Financial variables were obtained from SEC EDGAR XBRL filings; a nine-item ESG Disclosure Index (EDI) and green-certification disclosure indicator were coded from 10-K text. Two-way fixed-effects models, an intensity difference-in-differences specification, an event study, and cross-sectional shock regressions were estimated. Mean EDI rose from 0.09 to a peak of 0.35. Within firms, EDI showed no statistically significant association with return on assets (β = 0.016, p = .59). Green-certification disclosure was associated with approximately 1.4 percentage points lower return on assets (p = .04), but the estimate was sensitive to alternative specifications. The models did not detect significantly smaller pandemic-era losses or faster recovery among firms with higher pre-pandemic disclosure. These results concern disclosed information rather than verified sustainability outcomes and do not establish that substantive ESG practices lack financial value.
🔗 Provenance — このレコードを発見したソース
- openalex https://journal.gpp.or.id/index.php/grtss/article/view/548first seen 2026-10-27 04:53:31 · last seen 2026-11-06 05:00:58
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