R&D Expenditures and ESG Disclosure
研究開発費とESG開示 (AI 翻訳)
Taoufik Elkemali
🤖 gxceed AI 要約
日本語
本研究は、欧州企業12,025社のデータを用いて、研究開発費の強度がESG開示を促進することを発見。特に取締役会の独立性がこの関係を強化する。イノベーションに伴う情報の非対称性が非財務開示の重要な決定要因であることを示唆。
English
Using 12,025 European firm-year observations, this study finds that R&D intensity positively influences ESG disclosure, with board independence strengthening this link. It highlights innovation-related informational frictions as a key determinant of sustainability reporting, relevant for investors and regulators.
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
日本企業でもR&D投資が多い企業はESG開示の質に影響を受ける可能性がある。本研究は、SSBJ基準など開示義務強化の文脈で、R&D強度とガバナンス構造を考慮する必要性を示唆。
In the global GX context
This paper adds to global ESG disclosure literature by showing that R&D intensity, a proxy for innovation-related opacity, drives firms to disclose more ESG information. It underscores the need for investors and regulators to consider firm-specific innovation characteristics when evaluating disclosure quality, relevant for frameworks like ISSB and CSRD.
👥 読者別の含意
🔬研究者:This study extends ESG disclosure theory by identifying R&D intensity as a determinant, opening avenues for exploring innovation and sustainability reporting.
🏢実務担当者:Corporate sustainability teams can anticipate that higher R&D spending may necessitate more robust ESG disclosure to address information asymmetry.
🏛政策担当者:Regulators may consider R&D-driven opacity when designing disclosure mandates, ensuring that innovation-intensive firms provide adequate non-financial information.
📄 Abstract（原文）
Previous research has highlighted several firm-specific determinants of ESG disclosure; however, the link with R&D activities remains largely underexplored, despite the distinctive characteristics of such investments. We argue that R&D is characterized by asset specificity, uncertainty, and growth prospects, which generate informational frictions and shape firms’ disclosure incentives. This study is motivated by the need to understand how innovation-related opacity influences ESG reporting in the context of increasing demand for non-financial disclosure by capital market participants. Based on 12,025 European firm-year observations over the period 2014–2024 and fixed-effects estimations, we find that R&D intensity is positively associated with ESG disclosure, and this relationship is strengthened by board independence. Robustness tests using GMM estimations and disaggregated ESG components confirm the results. The study is relevant because R&D-related opacity can affect how investors and stakeholders assess firms’ long-term value creation and sustainability orientation. Theoretically, the study extends ESG disclosure literature by highlighting innovation-related informational frictions as a key determinant of sustainability reporting. Practically, the findings suggest that investors and regulators should consider firms’ R&D intensity and governance structures when evaluating ESG transparency and disclosure quality.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.3390/admsci16050227first seen 2026-05-14 23:02:22
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