信頼性のあるGHG報告に向けて：GHG保証と保証提供者が企業評価に与える役割

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

🔬研究者:Provides empirical evidence on the value relevance of GHG assurance, opening avenues for research on assurance quality and regulatory design.

🏢実務担当者:Highlights that engaging a reputable assurance provider (especially accounting firms) can reduce the negative market perception of emissions, informing corporate disclosure strategy.

🏛政策担当者:Suggests that mandating GHG assurance, particularly by independent accounting firms, can improve market confidence in emissions data, supporting IFRS S2 adoption.

温室効果ガス（GHG）排出量開示への需要は世界的に高まっているが、保証が義務付けられていない場合、そのような情報の信頼性は依然として不確かである。43カ国の企業サンプルを用いて、本研究はGHG保証と保証提供者の選択が、GHG排出量の市場価値への影響において果たす役割を検証する。我々は、排出量開示が保証されている場合、特に会計事務所によって保証が提供される場合に、GHG排出量と企業価値との負の関連が緩和されることを見出す。この効果は、炭素集約型産業およびステークホルダー重視型の国に所在する企業においてより強い。同様のパターンは、法的環境が弱く、財務の不透明性が高く、気候パフォーマンスが高く、SDGsへのコミットメントが強い国でも観察される。さらに、GHG保証の3つの主要な属性—保証意見、保証基準、および検証済み排出量の割合—は、排出量の市場への悪影響をさらに軽減する。我々の結果は、観察可能なバイアスと二重選択バイアスを制御した後も頑健であり、広範な頑健性チェックを通じて検証される。これらの発見は、気候関連リスク（GHG排出量を含む）がIFRS S2のもとで主流の財務報告にますます統合される中、投資家、規制当局、政策立案者、および研究者に実践的な示唆を提供する。

AI 翻訳（deepseek-v4-flash）。 正確を期す場合は下の原文を参照してください。

The demand for greenhouse gas (GHG) emissions disclosures is rising globally; yet, the credibility of such information remains uncertain when assurance is not mandated. Drawing on a sample of firms from 43 countries, this study examines the role of GHG assurance and the choice of assurance provider in the market value effects of GHG emissions. We find that the negative association between GHG emissions and firm value is mitigated when emissions disclosures are assured, particularly when assurance is provided by accounting firms. This effect is stronger for firms in carbon-intensive industries and stakeholder-oriented countries. Similar patterns are observed in countries with weaker legal environments, higher financial opacity, higher climate performance, and stronger SDG commitments. Moreover, three key attributes of GHG assurance-assurance opinion, assurance standards, and the proportion of verified emissions-further reduce the adverse market impact of emissions. Our results remain robust after controlling for observable and double-selection biases and are validated through extensive robustness checks. These findings offer practical implications for investors, regulators, policymakers, and researchers as climate-related risks, including GHG emissions, increasingly become integrated into mainstream financial reporting under IFRS S2.

• semanticscholar https://doi.org/10.2139/ssrn.5677602first seen 2026-05-06 00:47:58 · last seen 2026-09-29 05:28:46