相反するシグナルの中での経営者の声：ESG格付の不一致とインタラクティブ開示
Managerial voice amidst conflicting signals: ESG rating divergence and interactive disclosure (原題)
Feng Cao, Ming Dai, Ruite Li
🤖 gxceed AI 要約
日本語
中国上場企業2009-2022年のデータを用い、ESG格付の不一致が決算説明会（ECC）における応答品質と正の関係にあることを示す。格付不一致は組織の正当性を脅かし、経営者はインタラクティブな情報発信で対応する。国内格付機関間の不一致でより顕著であり、その後の正当性や累積異常リターンの向上と関連する。
English
Using Chinese listed firms from 2009-2022, this study finds a robust positive relation between ESG rating divergence and the quality of responses in earnings communication conferences (ECCs). Divergence weakens organizational legitimacy, prompting managers to use interactive voice as a legitimacy-restoring mechanism. The effect is stronger for domestic rating divergence and firms facing legitimacy pressure, and responsive communication is linked to higher subsequent legitimacy and abnormal returns.
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
日本ではSSBJ基準の導入や統合報告書の拡充が進む中、ESG評価の不一致が企業の情報開示戦略に与える影響は重要な示唆を持つ。特に国内格付機関間の不一致が経営者の対応を促すという知見は、日本企業が複数のESG評価をどう扱うかを考える上で参考になる。
In the global GX context
As global disclosure frameworks like ISSB and CSRD aim to reduce ESG rating divergence, this study shows how firms use interactive disclosure to manage legitimacy threats from conflicting ratings. It adds to the literature on disclosure infrastructure and the strategic use of communication channels in response to sustainability uncertainty.
👥 読者別の含意
🔬研究者:ESG格付の不一致が企業の情報開示行動に与える影響を実証的に示し、正当性理論の応用可能性を広げる。
🏢実務担当者:ESG評価のばらつきに対し、決算説明会等での積極的な情報発信が正当性回復や株価向上に寄与する可能性を示唆。
🏛政策担当者:ESG評価の一貫性・比較可能性を高める枠組み整備の重要性を裏付ける証拠を提供。
📄 Abstract（原文）
Divergence in environmental, social, and governance (ESG) ratings creates significant informational friction, yet we know little about how firms strategically manage the resulting ambiguity. This study examines whether managers deploy interactive managerial voice in earnings communication conferences (ECCs) as a mechanism for responding to conflicting third-party assessments. Using data from Chinese listed firms between 2009 and 2022, we document a robust positive relation between ESG rating divergence and ECCs response quality. Consistent with a legitimacy threat mechanism, ESG rating divergence is associated with weaker organizational legitimacy. Moreover, when divergence is high, more responsive communication is associated with higher subsequent legitimacy and cumulative abnormal returns. The relation is also more pronounced for divergence among domestic rating agencies and is concentrated in firms facing greater pre-existing legitimacy pressure or higher costs of silence. Collectively, this study highlights the role of ECCs in addressing sustainability uncertainty and provides evidence relevant to the development of more consistent and comparable ESG evaluation frameworks in China.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/00036846.2026.2757193first seen 2026-11-05 05:21:56 · last seen 2026-11-06 05:00:54
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