ESG開示を超えた説明責任：欧州金融における信頼性、ガバナンスの誠実性、サステナビリティ・シグナリング・ギャップ

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

🔬研究者:ESG評価における開示と実質の乖離を定量化する新たな分析枠組み（SGI）を提供し、シグナリング理論と正統性理論の実証応用として参考になる。

🏢実務担当者:自社のESG開示が実質的パフォーマンスと乖離していないかを自己診断する際の指標設計に活用できる。

🏛政策担当者:ESG開示規制の実効性を検証し、グリーンウォッシング対策や監督手法の設計に役立つ診断ツールを提供する。

ABSTRACT This study addresses significant limitations in Environmental, Social, and Governance (ESG) evaluation by transcending disclosure‐based metrics and presenting a credibility‐focused analytical methodology that assesses the congruence between sustainability signals and substantive performance. Departing from interpretations of ESG that focus solely on disclosure, this study conceptualizes ESG governance as an accountability‐driven process. It introduces the sustainability‐signaling gap as a quantifiable measure of ESG credibility. Drawing upon signaling and legitimacy theory, a combined fuzzy multi‐criteria decision‐making (MCDM) framework is constructed. This framework incorporates the fuzzy best–worst method, the measurement of alternatives and ranking according to compromise solution ranking model, and a diagnostic sustainability gap index (SGI). The framework is then applied to a representative sample of 377 publicly traded European financial institutions spanning the years 2021 to 2024. This analysis utilizes governance quality, disclosure integrity, ESG performance, and environmental outcome indicators obtained from Refinitiv. The greatest calibrated importance is assigned to green‐asset alignment and governance quality in the findings, while disclosure integrity remains central to diagnosing the correspondence between measured performance and sustainability communication. A recurring disparity between ESG signaling and tangible sustainability results is evident throughout the industry, indicating that disclosure‐based strategies often coincide with limited substantive governance and environmental performance. By pinpointing systematic tendencies of both excessive and insufficient signaling, the SGI offers a performance‐focused diagnostic instrument for assessing ESG accountability. This study advances the fields of corporate social responsibility and sustainability governance by translating legitimacy and signaling theory into an actionable assessment framework, thereby providing regulators, supervisors, and financial institutions with a replicable method for identifying superficial ESG practices and enhancing accountability within sustainable finance.

• openalex https://doi.org/10.1002/csr.71070first seen 2026-10-13 04:41:01