The effectiveness of the environmental, social and governance reporting guide on disclosure quality: evidence from Hong Kong
環境・社会・ガバナンス（ESG）報告ガイドの開示品質に対する有効性：香港からの証拠 (AI 翻訳)
Cindy Shi-Xiang You, Tiffany C. H. Leung, Teresa Chu
🤖 gxceed AI 要約
日本語
本研究は、香港証券取引所上場企業のESG開示品質に対するESGガイド改訂の影響を検証。2019年と2020年のデータを用いて手動評価を行い、改訂後に全般的な開示品質がわずかに向上したことを発見。特に後発企業での改善が顕著であり、監査品質との正の関係も確認。
English
This study examines the impact of the ESG Guide revision on disclosure quality among Hong Kong listed companies. Using manual evaluations of 1,529 firms for 2019 and 2020, it finds that overall ESG disclosure quality improved slightly after revision, with greater improvement among lagging-disclosure firms. Audit quality is positively associated with disclosure quality.
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
香港のESG報告ガイド改訂の効果を実証した研究は、日本のSSBJや有報へのESG情報統合の議論にも示唆を与える。規制のハイブリッド形態（強制とコンプライ・オア・エクスプレイン）の有効性評価は、日本の開示制度設計に参考となる。
In the global GX context
This evidence from Hong Kong on the effectiveness of ESG reporting guide revisions is valuable for global disclosure standard-setters like ISSB and regulators evaluating the impact of mandatory vs. comply-or-explain regimes. It highlights that regulatory revisions can improve disclosure quality, especially for weaker disclosers, which informs ongoing debates on ESG reporting mandates.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the real effects of ESG reporting regulation revisions, contributing to the literature on hybrid regulatory approaches.
🏢実務担当者:Useful for understanding how ESG reporting guide changes can influence disclosure quality, and the importance of audit quality.
🏛政策担当者:Offers insights into the effectiveness of a comply-or-explain approach with mandatory elements, relevant for designing or revising ESG reporting regulations.
📄 Abstract（原文）
This study aims to examine the impact of the environmental, social and governance (ESG) guide revision on the quality of ESG disclosure among listed companies in Hong Kong. This study uses a sample of 1,529 companies listed on the Stock Exchange of Hong Kong (SEHK) and uses an ESG disclosure quality scoring system to manually evaluate ESG disclosures for 2019 and 2020. Paired t-test, difference-in-difference (DID) regression using propensity scoring weighting samples, ordinary least squares regression and logistic regression are adopted in quantitative analyses. The results of this study suggest that the overall ESG disclosure quality has improved slightly after the ESG Guide revision. The improvement in the ESG disclosure quality is more prominent for lagging-disclosure firms than leading-disclosure firms under the ESG Guide revision. ESG disclosure quality is positively related to audit quality. This study provides insights into sustainability reporting practice in Asia and reveals that the effectiveness of ESG reporting regulations varies due to reporting regimes. The empirical evidence indicates that enhancing ESG disclosure quality can help to improve the transparency and comparability of non-financial information available to capital-market stakeholders. The paper contributes to the extant ESG literature on the hybrid form (i.e. mandatory and comply-or-explain reporting provisions) of ESG reporting regulations and examines the real effects on ESG reporting revision guidelines after implementation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/par-03-2025-0055first seen 2026-05-05 23:21:21
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