EUタクソノミー遵守における知的資本の役割：サステナビリティ報告の媒介効果

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

🔬研究者:IC・報告成熟度・保証が規制開示遵守に与える媒介経路を、内生性対処済みのパネル手法で示した実証枠組みとして参照できる。

🏢実務担当者:タクソノミー対応力は資本・人材だけでなく報告体制の成熟度と保証取得に依存するため、開示ガバナンスへの投資判断に活用できる。

🏛政策担当者:規制遵守能力が企業規模だけでなく無形資源の構造と報告インフラに依存する点を踏まえ、開示制度設計や保証義務化の議論に反映できる。

Purpose This study aims to investigate whether intellectual capital (IC) can support firms in meeting the EU Taxonomy for Sustainable Activities reporting requirements. Building on resource-based view and resource orchestration theory, it examines whether mature, business-integrated sustainability reporting acts as an orchestration mechanism that transforms IC into a strategic lever for regulatory compliance and competitive advantage. Design/methodology/approach This study uses a fixed-effects model applied to a panel of large European firms that reported KPIs relating to the EU Taxonomy over the period 2018–2024. A mediation framework is applied to examine both the direct and indirect effects of IC and its components (human, structural and relational capital) on the ability to meet the disclosure requirements imposed by the Taxonomy. To address potential endogeneity issues and capture temporal dynamics, the analysis also employs the generalized method of moments (GMM) and a dynamic lagged-variables model. Furthermore, a moderated mediation model is developed to test whether the assurance of sustainability reports by a Big 4 firm moderates the strength of the mediation effect. Findings The results suggest that IC exerts a significant impact on the EU Taxonomy compliance through the mechanism of structured sustainability reporting systems. A detailed analysis of the individual components indicates that human capital exerts a positive indirect effect, whilst relational capital appears to act primarily as a direct driver. Conversely, structural capital does not show a statistically significant effect in most specifications. These results indicate that IC alone does not necessarily guarantee superior compliance capacity. Instead, its effectiveness depends on managerial coordination mechanisms. Mature sustainability reporting systems can translate intangible capabilities into standardized and transparent disclosures, in line with regulatory expectations, particularly in data-intensive contexts such as the EU Taxonomy. The findings carry significant implications for both sustainability policy development and managerial practice. Practical implications The study offers valuable insights for companies seeking to leverage their internal capabilities to meet new regulatory requirements, highlighting the role of reporting maturity as a key enabler of sustainable performance and long-term sustainable development. It also provides policy-relevant indications by emphasizing the importance of fostering organizational practices that enhance the effective use of IC within structured reporting systems. Social implications This study contributes to a deeper understanding of how intangible resources, when effectively integrated into mature sustainability reporting processes, can support firms in aligning with evolving sustainability policy frameworks by linking the management of intangible assets to measurable environmental outcomes, as defined by the EU Taxonomy framework. These findings also generate important policy implications for regulators and policymakers, who should recognize that a company’s ability to adapt depends not only on its size, but also on how its underlying intangible resources are structured and on the presence of robust reporting infrastructures capable of supporting sustainable development objectives. Originality/value Despite the growing interest in the EU Taxonomy, the firm’s internal determinants related to the new regulatory requirements remain unexplored. Therefore, this study aims to fill this gap by exploring the interplay between IC, sustainability reporting and EU Taxonomy compliance. Findings suggest a new theoretical perspective whereby IC is not a direct antecedent of sustainability, but rather a set of potential resources that require organizational capabilities to be effectively mobilized and to produce advantage.

• openalex https://doi.org/10.1108/sampj-05-2025-0658first seen 2026-10-21 04:44:55
• semanticscholar https://www.emerald.com/sampj/article-pdf/doi/10.1108/SAMPJ-05-2025-0658/11917831/sampj-05-2025-0658en.pdffirst seen 2026-10-22 05:54:49 · last seen 2026-11-06 05:50:14