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新興市場におけるESG開示品質の決定要因：企業およびガバナンス特性の役割

Determinants of ESG Disclosure Quality in an Emerging Market: The Role of Firm and Governance Characteristics (原題)

Kieran Edmond James, Sheikh Ali Tanzil, Mauizah Mozma

Sustainability📚 査読済 / ジャーナル2026-09-28#ESGOrigin: Global対象セクター: finance
DOI: 10.3390/su18199917
原典: https://doi.org/10.3390/su18199917

🤖 gxceed AI 要約

日本語

南太平洋証券取引所（SPX）上場企業を対象に、2016〜2024年のパネルデータと年次報告書の内容分析を用いてESG開示の「品質」の決定要因を検証。PLS-SEM分析の結果、企業規模・業種・取締役会規模が開示品質と有意に関連する一方、収益性・レバレッジ・取締役会独立性・監査品質は有意でなかった。財務業績よりも組織の可視性とガバナンス能力が開示品質を左右することを示し、フィジーという小島嶼新興市場の希少な実証証拠を提供する。

English

Using 2016–2024 panel data and content analysis of annual reports from South Pacific Stock Exchange (SPX) listed firms, this study examines determinants of ESG disclosure quality (not quantity) via PLS-SEM. Firm size, industry sector, and board size significantly associate with disclosure quality, while profitability, leverage, board independence, and audit quality do not. Findings suggest organisational visibility and governance capacity matter more than financial performance, offering rare evidence from Fiji, an underrepresented small-island frontier market.

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

日本企業のESG開示はSSBJ基準・有報・統合報告書を通じて制度主導で高度化しており、本稿の「開示品質」測定枠組みは開示の質的評価に関心を持つ日本企業・投資家にとって参考になる。ただし対象はフィジーのフロンティア市場であり、日本への直接的な政策含意は限定的。

In the global GX context

This paper adds frontier-market evidence to the global ESG disclosure literature dominated by developed-market studies, complementing TCFD/ISSB/CSRD-driven research. Its quality-focused measurement framework and finding that governance capacity outweighs financial performance offer a useful comparative lens for disclosure-infrastructure scholarship, though the Fiji context limits direct transferability.

👥 読者別の含意

🔬研究者:開示品質の測定枠組みと、財務業績より組織可視性・ガバナンス能力が重要という知見を、新興国・フロンティア市場の比較研究に活用できる。

🏢実務担当者:開示の「量」ではなく「質」を高めるには、企業規模や取締役会体制など組織的基盤の整備が鍵になるという示唆が得られる。

🏛政策担当者:新興市場でESG開示品質を引き上げるには、企業の可視性とガバナンス能力を高める制度的インセンティブ設計が有効である可能性を示す。

📄 Abstract（原文）

This study examines the determinants of Environment, Social and Governance (ESG) disclosure quality among companies listed on the South Pacific Stock Exchange (SPX), with particular emphasis on quality rather than quantity of ESG information disclosed. Using panel data from SPX-listed companies for 2016 to 2024, the study assesses ESG disclosure quality through a structured content analysis of annual reports, guided by a multi-construct evaluation framework. The final measurement model retains eight environmental and social disclosure items and excludes four governance items that did not meet convergent-validity requirements, so the ESG Disclosure Quality construct reflects environmental and social disclosure quality rather than the full governance dimension of ESG. The study tests hypothesised relationships between firm characteristics, governance mechanisms, and ESG disclosure quality using Partial Least Squares Structural Equation Modelling (PLS-SEM). The findings indicate that firm size, industry sector, and board size are significantly associated with ESG disclosure quality, whereas profitability, leverage, board independence, and audit quality show no significant association. These results suggest that organisational visibility and governance capacity play a more important role in shaping ESG disclosure quality than financial performance. The study contributes to the growing ESG disclosure literature by providing evidence from a small-island emerging market (Fiji) that remains underrepresented in sustainability reporting research. The findings are interpreted through Salient Stakeholder Theory, suggesting that organisational visibility and governance capacity function as observable proxies for stakeholder salience in a frontier market context, although the theory’s core attributes of stakeholder power, legitimacy, and urgency are not directly measured in this study.

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