ESG開示と企業収益性：企業規模とコーポレートガバナンスの調整的役割

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

🔬研究者:ESG開示と財務パフォーマンスの因果関係をめぐる実証研究に、規模の調整効果という新たな視点を加える。

🏢実務担当者:ESG開示をコンプライアンスではなく財務・事業戦略に統合すべき根拠として活用できる。

🏛政策担当者:開示義務の設計において企業規模に応じた比例性や段階的適用を検討する材料になる。

The disclosure of Environmental, Social, and Governance practices has gained prominence as companies encounter heightened expectations from investors, regulators, and various stakeholders for enhanced transparency regarding their ESG activities. This study investigates the correlation between ESG disclosure and corporate profitability, focusing specifically on the moderating influence of company size. The study employs a quantitative methodology and uses purposive sampling to obtain 310 firm-year data points. Information was acquired via publicly accessible annual reports, sustainability documents, and ESG data sources. Corporate profitability is assessed using return on assets (ROA), whereas ESG transparency serves as the primary explanatory variable. The size of the firm is analyzed as a moderating variable, while firm age, leverage, revenue, and market capitalization are considered as control factors. Pearson correlation and moderated regression analysis were used to investigate the proposed relationships. The results indicate a negative and statistically significant correlation between ESG disclosure and profitability. The regression findings indicate a negative correlation between ESG disclosure and ROA (β = −0.116; t = −3.331), failing to substantiate the claim that ESG disclosure enhances profitability. The negative correlation persists as significant even after incorporating firm size into the model (β = −0.117; t = −3.245). The relationship between ESG disclosure and firm size is both positive and statistically significant (β = 0.118; t = 2.768), suggesting that firm size influences the ESG–profitability relationship. The negative correlation between ESG disclosure and profitability decrease with the growth of corporate size. The results indicate that the economic impacts of ESG disclosure vary among companies. Increased ESG disclosure correlates with decreased short-term accounting profitability; however, larger corporations seem more capable of managing the costs linked to ESG implementation and reporting, thereby mitigating negative profitability effects. The research thus illustrates that the size of a corporation is a significant variable in understanding the ESG–profitability relationship. The results bear significance for corporate executives, investors, and regulators. Managers must include ESG initiatives in overarching financial and operational strategies instead of regarding ESG disclosure as an isolated compliance task.

• openalex https://doi.org/10.32479/irmm.24941first seen 2026-11-03 05:00:33 · last seen 2026-11-06 05:00:56
• semanticscholar https://econjournals.com/index.php/irmm/article/download/24941/10512first seen 2026-11-05 05:52:56 · last seen 2026-11-06 05:26:00