Standardized Sustainability Reporting, ESG Performance, and Market-Based Valuation in Chinese Listed Firms
中国上場企業における標準化されたサステナビリティ報告、ESGパフォーマンス、市場ベースの評価 (AI 翻訳)
Yuanyuan Wang, Muhammad Haroon Shah, Yaoyao Wang, Ihsan Ullah
🤖 gxceed AI 要約
日本語
本論文は、中国A株上場企業21,964社年データを用い、GRIフレームワークの採用がESGパフォーマンスと企業価値に与える影響を検証。傾向スコアマッチング後、フレームワーク採用単独の効果は消失するが、独立した保証は実質的なガバナンス品質向上に寄与することを発見。また、GRI採用はラベリング効果を通じて直接市場評価を高めるが、ESGスコアを介した間接経路は有意でなく、投資家がGRIを正当性のシグナルとして利用していることを示す。さらに、実質的なESG改善は営業利益率（ROA）を向上させるが、株価にはまだ完全に反映されていない「評価の遅延」を確認。
English
Using 21,964 firm-year observations from Chinese A-share listed companies (2018-2023), this study examines the tension between 'substance' and 'form' in standardized sustainability reporting. After Propensity Score Matching, mere GRI framework adoption loses its positive effect on ESG performance, while independent assurance robustly drives governance quality. Mediation analysis reveals a 'Labeling Effect': GRI adoption directly boosts market valuation (Tobin's Q) but not through ESG scores, indicating investors use GRI as a heuristic legitimacy signal. A 'Valuation Latency' is also found where substantive ESG improvements enhance profitability (ROA) but are not yet priced in. Effects are stronger for non-state-owned enterprises.
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
日本の企業にとっても、GRIやSSBJフレームワークの採用そのものより、独立した保証の取得が実質的なESG改善と市場評価に重要であることを示唆。特に非上場企業や中小企業がレガシー不足を補うために保証を活用する点は、日本の政策にも示唆を与える。
In the global GX context
This paper adds to the global debate on the effectiveness of sustainability reporting standards, providing causal evidence from China that independent assurance, not mere framework adoption, drives substantive ESG improvements. It also highlights a market 'labeling effect' where investors reward GRI adoption as a legitimacy signal, relevant for ISSB/CSRD implementation in emerging markets.
👥 読者別の含意
🔬研究者:Provides rigorous empirical evidence on the substance vs. form debate in sustainability reporting using PSM and mediation analysis.
🏢実務担当者:Highlights that independent assurance is more critical than adopting frameworks like GRI for real ESG improvement and investor trust.
🏛政策担当者:Supports the case for mandating independent assurance in sustainability reporting to ensure credibility beyond mere framework adoption.
📄 Abstract（原文）
This study examines the tension between “substance” and “form” in standardized sustainability reporting within an emerging market context. Using 21,964 firm-year observations from Chinese A-share listed companies (2018–2023), we investigate whether the adoption of the Global Reporting Initiative (GRI) framework enhances substantive Environmental, Social, and Governance (ESG) and creates firm value. While baseline regressions suggest a positive link between GRI and ESG performance, rigorously applying Propensity Score Matching (PSM) reveals a critical nuance: the effect of mere framework adoption attenuates after controlling for selection bias, whereas independent assurance remains a robust driver of substantive governance quality. Furthermore, mediation analysis using bootstrap resampling documents a distinct “Labeling Effect”: GRI adoption directly enhances market valuation (Tobin’s Q), yet the indirect path via ESG scores is statistically insignificant. This indicates that investors utilize GRI as a heuristic signal of legitimacy rather than pricing granular performance metrics. We also identify a “Valuation Latency”, where substantive ESG improvements significantly boost operational profitability (ROA) but are not yet fully incorporated into stock prices. Heterogeneity analysis shows these effects are stronger for non-state-owned enterprises (Non-SOEs), supporting the view that private firms leverage standardized reporting and verification to mitigate legitimacy deficits. These findings provide empirical evidence for regulators and investors to distinguish between the “label” of adoption and the “substance” of verification.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/2071-1050/18/2/920/pdf?version=1768556797first seen 2026-07-16 06:00:56
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