ESG報告の環境コンポーネントと欧州企業の財務パフォーマンスの関係

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:ESG開示と財務パフォーマンスの因果関係を過度に単純化せず、開示の質・透明性指標を組み込んだ研究設計の必要性を示す実証例。

🏢実務担当者:CDP A評価やGRI準拠開示の充実が短期的な財務リターンに直結するわけではないため、開示を対外コミュニケーションと内部実践の整合に位置づけるべき。

🏛政策担当者:開示義務の拡大だけでは実質的取り組みを保証しないため、報告の質・検証・グリーンウォッシュ防止措置の設計が重要であることを示唆。

Changes in the business environment and growing stakeholder expectations are directing companies’ attention toward the responsible management of the impacts of their operations on the environment, society, and corporate governance. These aspects of business operations are integrated through the ESG concept, while ESG reporting represents an important mechanism for the transparent presentation of the aforementioned aspects of business operations and a basis for assessing their relationship with companies’ financial performance. Based on the foregoing, the main objective of this paper is to determine whether there is a relationship between the E component of ESG reporting, expressed through the environmental component index calculated as the ratio of the total number of disclosed environmental indicators to the total number of environmental reporting indicators defined in accordance with the GRI Standards, and companies’ financial performance, expressed by the return on assets and return on equity. The research methodology is based, on the one hand, on a qualitative approach, which was applied in the analysis of relevant literature and the formulation of research hypotheses, and, on the other hand, on statistical analysis using descriptive statistics and Spearman’s correlation coefficient. The research included companies headquartered in fifteen European countries that received the highest rating (an A score) within the publicly available database of the Carbon Disclosure Project (CDP). The sample comprised 100 large companies over a five-year period from 2019 to 2023, out of a total of 227 European companies listed in the CDP database that were ranked highest according to CDP criteria and received an A score. The results of the research indicated that there is no statistically significant relationship between the E component of ESG reporting and the financial performance of the observed European companies. These results indicate that the mere existence of ESG reporting is not a sufficient condition for the existence of a relationship and the achievement of an impact on companies’ financial performance, but that the quality of reports, transparency in the presentation of information, and companies’ genuine commitment to implementing sustainable practices play a key role. In addition, the results also indicate the importance of distinguishing transparent reporting from greenwashing practices, which may create an impression of greater commitment to sustainability than is actually reflected in companies’ operations.

• openalex https://doi.org/10.54318/czf.2026.iv.016first seen 2026-10-18 04:46:28
• semanticscholar https://doi.org/10.54318/czf.2026.iv.016first seen 2026-10-21 05:13:28 · last seen 2026-11-06 05:25:17