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Board Composition, ESG Disclosure Quality, and Firm Valuation

取締役会構成、ESG開示の質、企業価値 (AI 翻訳)

Deepika Anand Krishnamurthy

プレプリント2026-05-03#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.5281/zenodo.20025757
原典: https://doi.org/10.5281/zenodo.20025757

🤖 gxceed AI 要約

日本語

インドのNSE上場企業186社を対象に、取締役会の独立性、女性取締役比率、監査委員会の財務専門性、サステナビリティ委員会の存在がESG開示の質に与える影響と、開示の質が企業価値（Tobin's Q）に与える影響をシステムGMMで分析。ESG開示の質の向上は企業価値に有意なプレミアムをもたらし、特にESG感受性の高いセクターで顕著。

English

Using a balanced panel of 186 Indian NSE-listed firms, this study applies system GMM to show that board independence, gender diversity, and sustainability committees significantly improve ESG disclosure quality, which in turn is associated with a 0.14-point Tobin's Q premium, larger in ESG-sensitive sectors.

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

インドのBRSR開示制度を背景とした実証研究で、日本企業のSSBJ対応やガバナンスと開示の連関を考える上で示唆に富む。特に、取締役会構成が開示の質に与える影響は、日本の有報・統合報告書の改善に参考になる。

In the global GX context

This paper provides empirical evidence from an emerging market on how board characteristics drive ESG disclosure quality and firm value, relevant to global discussions on ISSB and SEC climate disclosure rules, highlighting the role of governance in effective disclosure.

👥 読者別の含意

🔬研究者:Provides robust GMM evidence on governance-ESG disclosure-value nexus in an emerging market.

🏢実務担当者:Highlights board composition factors that can enhance ESG disclosure quality and potentially increase firm valuation.

🏛政策担当者:Suggests that mandates like BRSR can improve disclosure quality, with governance factors playing a key role.

📄 Abstract（原文）

The relationship between corporate governance quality, environmental-social-governance (ESG) disclosure, and firm valuation has attracted growing regulatory attention globally following SEBI's Business Responsibility and Sustainability Reporting (BRSR) mandate for the top 1,000 NSE-listed firms from FY2022-23. This study examines how board composition characteristics — specifically board independence ratio, gender diversity (proportion of women directors), audit committee financial expertise, and the presence of a sustainability committee — influence ESG disclosure quality scores and whether superior disclosure quality generates a statistically significant Tobin's Q premium in Indian listed firms. Using a balanced panel of 186 NSE-listed firms across six sectors (FMCG, pharmaceuticals, IT services, manufacturing, financial services, infrastructure) over 2017-2023 (seven annual periods, 1,302 firm-year observations), we estimate system GMM models that address endogeneity concerns inherent in governance-performance research. ESG disclosure quality is measured through a purpose-built 48-item index constructed from BRSR and predecessor Business Responsibility Report (BRR) disclosures. Results indicate that board independence (β = 0.31, p < 0.01) and women director proportion (β = 0.24, p < 0.05) significantly predict ESG disclosure quality, while sustainability committee presence has the strongest individual effect (β = 0.44, p < 0.001). A one-standard-deviation improvement in ESG disclosure quality is associated with a 0.14-point Tobin's Q premium (p < 0.01), representing approximately ₹840 crore in incremental market capitalisation for a median-sized firm in our sample. The premium is significantly larger in ESG-sensitive sectors (FMCG, pharmaceuticals) than in infrastructure and manufacturing, reflecting investor heterogeneity in ESG integration across sectors.

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