Mandatory ESG Disclosure and Corporate Performance: Evidence From the EU CSRD
強制的ESG開示と企業パフォーマンス：EU CSRDからのエビデンス (AI 翻訳)
Mohammad Talha
🤖 gxceed AI 要約
日本語
本研究は、EUのCSRDが企業のサステナビリティパフォーマンスと財務成果に与える影響を、2017年から2023年のパネルデータを用いて分析。差の差法により、CSRD対象企業はESGパフォーマンスが有意に向上し、収益性と市場評価もわずかに改善。しかし、財務制約のある企業では効果が弱く、金融的柔軟性の重要性を示唆。
English
This study examines the early effects of the EU's CSRD on firms' sustainability and financial performance using panel data from 2017-2023. Using a difference-in-differences approach, it finds that mandatory ESG disclosure leads to significant improvements in ESG performance and modest gains in profitability and market valuation. However, these benefits are weaker for financially constrained firms, highlighting the role of financial flexibility.
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
本論文はEUのCSRD分析を通じて、強制開示が企業行動に与える影響を実証。日本でもSSBJ基準や有報でのサステナビリティ開示義務化が進む中、規制の効果や企業の財務制約の重要性を示す示唆に富む。
In the global GX context
This paper provides empirical evidence on the impact of mandatory ESG disclosure under the EU CSRD, contributing to the global debate on disclosure regulation effectiveness. It highlights that financial flexibility moderates the benefits, informing policymakers worldwide.
👥 読者別の含意
🔬研究者:This paper offers causal evidence on the effect of mandatory ESG disclosure on firm performance, relevant for scholars studying disclosure regulation and corporate behavior.
🏢実務担当者:Corporate sustainability teams can use these findings to justify investments in ESG improvements, noting that financial flexibility enhances the returns from compliance.
🏛政策担当者:Regulators considering mandatory ESG disclosure should note that the benefits are uneven and may require complementary policies to support constrained firms.
📄 Abstract（原文）
This study examines the early effects of the European Union's Corporate Sustainability Reporting Directive (CSRD) on firms' sustainability performance and financial outcomes using panel data for EU‐listed companies from 2017 to 2023. Drawing on Stakeholder Theory and Legitimacy Theory, the analysis assesses whether mandatory Environment, Social and Governance (ESG) disclosure enhances transparency, strengthens organisational legitimacy and improves corporate financial performance. Using a Difference‐in‐Differences framework that compares firms covered by the CSRD with those outside the mandate, the results show that mandatory disclosure is associated with significant improvements in ESG performance and modest gains in profitability and market valuation. However, these benefits are notably weaker for financially constrained firms, suggesting that limited investment capacity reduces their ability to convert regulatory pressure into substantive sustainability improvements. Overall, the findings indicate that while the CSRD reduces information asymmetry and promotes more credible ESG practices, its financial effects are uneven and depend on firms' underlying financial flexibility.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70471first seen 2026-05-05 23:19:02
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