Corporate governance efficiency and climate change financial disclosure: a multi-theoretical analysis across top emitting nations
企業統治の効率性と気候変動財務開示：主要排出国における多理論分析 (AI 翻訳)
Santi Gopal Maji, Rituraj Boruah
🤖 gxceed AI 要約
日本語
本研究は、インド・中国・米国の主要企業50社を対象に、企業統治の効率性と気候変動財務開示の関係を分析。効果的な内部統治が気候開示を有意に向上させることを実証し、ステークホルダー理論や正当性理論など複数の理論的視点から説明。OGC手法による統治指標と内容分析による開示スコアを用い、Tobit回帰により頑健な結果を得た。
English
This study examines the relationship between corporate governance efficiency and climate change financial disclosure for the top 50 firms in India, China, and the US (2018–2023). Using OECD-based governance indices and content analysis, random-effects Tobit regressions show that effective internal governance significantly improves disclosure. The findings support multi-theoretical perspectives and highlight regulatory context differences.
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
日本企業にとって、米国・中国・インドという異なる規制環境下でのガバナンスと開示の関係は示唆に富む。特にSSBJや有報での気候開示が進む中、内部統治強化の重要性を再認識させる。
In the global GX context
This paper provides cross-country evidence linking governance efficiency to climate disclosure quality, directly relevant to global frameworks like ISSB and TCFD. It underscores that governance mechanisms are crucial for transparency, offering insights for policymakers and standard-setters.
👥 読者別の含意
🔬研究者:Provides empirical evidence on governance-disclosure link across divergent regulatory contexts, supporting multi-theoretical integration.
🏢実務担当者:Highlights that improving internal governance can enhance climate disclosure quality, which is valuable for ESG reporting.
🏛政策担当者:Offers comparative insights on how governance efficiency drives disclosure, useful for designing regulations in high-emitting economies.
📄 Abstract（原文）
Purpose This study aims to investigate the relationship between corporate governance efficiency and firms’ climate change financial disclosure in the three highest-emitting countries, along with heterogeneous regulatory contexts: India, China and the USA. Design/methodology/approach The analysis includes the top 50 firms from each country, selected based on market capitalization, over the period 2018–2019 to 2022–2023. The study uses a random-effects Tobit regression model, along with an instrumental variable-based two-stage least squares model for robustness checks. The corporate governance index has been computed following OECD methodology, and climate change financial disclosure scores have been computed through content analysis using a four-point scale technique. Findings The study finds that effective internal governance significantly improves climate disclosure in all three countries, with US firms showing the highest governance efficiency and disclosure levels. This highlights the key role of strong governance in promoting transparency, supporting stakeholder, legitimacy, agency and institutional logics theoretical perspectives. Research limitations/implications Theoretically, this study demonstrates that integrating stakeholder, legitimacy, agency and institutional logics provides a more comprehensive understanding of how governance mechanisms affect climate-related disclosure. Furthermore, viewing governance efficiency as multidimensional better explains differences in disclosure across regulatory environments. Practical implications The findings inform policymakers, corporate leaders and ESG standard-setters on the importance of strengthening internal governance systems and embedding them within international disclosure frameworks to enhance transparency and accountability. Originality/value This research offers a novel conceptualization of CG efficiency and demonstrates its critical role in shaping strategic climate disclosure practices across divergent national settings.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1108/cr-11-2025-0389first seen 2026-05-31 04:59:49 · last seen 2026-06-03 05:56:10
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