The Regulatory Waterbed: Why Mandatory Disclosure Moves Information Asymmetry Instead of Removing It
規制のウォーターベッド：なぜ強制開示は情報非対称性を除去するのではなく移動させるのか (AI 翻訳)
Hakvin Vosteen
🤖 gxceed AI 要約
日本語
強制開示規制は情報非対称性を減らすように設計されているが、本論文はそれが「ウォーターベッド効果」のように別の場所に問題を移すだけだと主張する。グラフラプラシアン拡散モデルを用いて、情報非対称性が制度的グラフ上で移動する原理を定式化し、CSRDを事例に監査、サプライチェーン、処理の3つの移行チャネルを特定。ビブリオメトリックデータを用いて、処理層は約1年、サプライチェーンは約11年、監査機関は約14年の緩和時間を持つことを示した。
English
This paper argues that mandatory disclosure regulation, while intended to reduce information asymmetry, instead displaces it—like a waterbed. Using a graph-Laplacian diffusion model, it formalizes the Asymmetry Migration Principle and identifies three migration channels under the EU CSRD: audit, supply chain, and processing. Calibrated with bibliometric data, the model finds relaxation times of ~1 year for processing, ~11 years for supply chains, and ~14 years for audit institutions, with empirical evidence showing that ESG rating disagreement grows faster than disclosure research.
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
本論文はEUのCSRDを対象としているが、日本でもSSBJや有報でのサステナビリティ開示が進む中、開示規制が情報非対称性を単に移動させるという洞察は、日本の実務家や規制当局にとって示唆に富む。特にサプライチェーンを通じた非対称性の移行は、日本の中小企業への影響を考える上で重要。
In the global GX context
This paper provides a novel theoretical framework for understanding unintended consequences of mandatory sustainability disclosure, specifically the EU CSRD. It explains why information asymmetry may persist or shift rather than disappear, offering a graph-theoretic model that can be applied to other regimes like the ISSB or SEC climate rules. The finding that audit readiness lags significantly behind disclosure readiness suggests a systemic bottleneck relevant globally.
👥 読者別の含意
🔬研究者:Offers a formal model of information asymmetry migration that can be tested and refined across different disclosure regimes.
🏢実務担当者:Highlights that disclosure alone may not reduce information asymmetry; attention to audit capacity and supply chain transparency is critical.
🏛政策担当者:Suggests that mandatory disclosure regulation must be coupled with investment in audit infrastructure to avoid merely shifting asymmetry to other nodes.
📄 Abstract（原文）
Mandatory disclosure regulation is designed to reduce information asymmetry between firms and investors. This paper argues that it works like a waterbed: push down in one place, and the problem surfaces somewhere else. I formalize this as the Asymmetry Migration Principle using a graph-Laplacian diffusion model: information asymmetry is a field on an institutional graph, regulation is a source term, and migration follows the graph's eigenmodes with empirically measurable relaxation times. Applied to the EU Corporate Sustainability Reporting Directive (CSRD), the framework identifies three migration channels: audit, supply chain, and processing, and predicts their activation sequence and speed. Using bibliometric data from OpenAlex (2015-2025, N = 114,000+ papers, live API query March 2026) and KPMG survey data, I calibrate the model and find three timescales spanning an order of magnitude: the processing layer relaxes in ~1 year (lambda = 1.0), supply chains in ~11 years (lambda = 0.09), and audit institutions in ~14 years (lambda = 0.07). ESG rating disagreement is growing faster than disclosure research (Welch t = -4.1, p = 0.008), sustainability assurance research has grown by 502% since 2020 (rho = 0.98), and the KPMG readiness gap shows the system becoming 33% stickier post-CSRD (disclosure at 77%, audit readiness at 29%). The framework reconciles the contradictory findings of Krueger et al. (2024) and Boulton (2024): both measure different nodes of the same graph. A partially falsified arrival-time prediction leads to a refined decomposition: inherited asymmetry (pre-existing) versus triggered asymmetry (regulation-induced).
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.2139/ssrn.6415318first seen 2026-07-01 04:50:25
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