Peer Effects in ESG Disclosure Under Digital Innovation and Financial Constraints: Implications for Sustainable Development in China
デジタルイノベーションと財務制約下におけるESG開示のピア効果：中国の持続可能な発展への示唆 (AI 翻訳)
F. Rauf
🤖 gxceed AI 要約
日本語
本論文は、中国の上場企業を対象に、同業他社のESG開示が目標企業の開示戦略に与える影響を分析。デジタル変革は開示能力を高める一方、財務制約は模倣行動を促進する。また、ピア開示の強度とグリーンウォッシュ傾向の間に逆U字関係を発見。
English
This paper examines how peer firms' ESG disclosure influences target firms' strategies in China. Digital transformation enhances responsiveness, while financial constraints increase imitation. An inverted U-shaped relationship exists between peer disclosure intensity and greenwashing.
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
中国企業を対象とした研究だが、同業他社の開示が自社の開示に与える影響や、デジタル化・財務制約の役割は、日本の企業開示実践にも示唆を与える。特に、グリーンウォッシュの抑制には適度な競争圧力が必要という知見は、日本の開示制度設計に参考になる。
In the global GX context
This study contributes to global ESG disclosure literature by highlighting peer-driven dynamics and the role of digital innovation and financial constraints. The inverted U-shaped relationship between peer disclosure and greenwashing offers a nuanced perspective for policymakers and standard-setters like ISSB.
👥 読者別の含意
🔬研究者:Scholars studying ESG disclosure dynamics and behavioral economics will find the peer effect mechanism and inverted U-shaped greenwashing pattern valuable.
🏢実務担当者:Corporate sustainability teams can use insights on digital transformation and financial constraints to design more authentic disclosure strategies.
🏛政策担当者:Regulators in China and elsewhere can consider how peer pressure and digital tools affect disclosure quality and greenwashing.
📄 Abstract（原文）
We explore how peer firms' ESG disclosure practices influence the disclosure strategies of target firms within a dynamic signaling framework. Drawing on data from Chinese listed companies, we integrate Bloomberg's ESG scores with a text‐analysis‐based disclosure index derived from ESG, CSR, and annual reports. Our findings reveal notable peer effects shaped by both industry and regional interactions, with executive green cognition acting as a key mediating mechanism. Digital transformation strengthens firms' capacity to respond effectively to peer signals, while financial constraints heighten the tendency to imitate others. These effects are particularly evident among firms in polluting industries, where competitive and imitative pressures are more intense. Interestingly, no significant differences emerge between state‐owned and private firms. Moreover, we uncover an inverted U‐shaped relationship between peer disclosure intensity and greenwashing tendencies: moderate levels of peer disclosure encourage symbolic strategies, whereas higher levels foster more authentic disclosure. Overall, this study highlights the dynamic interplay between group behaviors, executive cognition, and contextual constraints in shaping ESG disclosure. By linking peer‐driven disclosure dynamics to the credibility of sustainability‐related communication, our findings provide important insights into how corporate behavior can either support or hinder broader sustainable development objectives.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/sd.71107first seen 2026-05-15 18:22:29
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