Disclosure Spillovers Through ESG Ratings
ESG格付けを通じた情報開示の波及効果 (AI 翻訳)
Tanja Keeve
🤖 gxceed AI 要約
日本語
本研究は、英国の男女間賃金格差開示義務化を例に、ESG格付け機関のピアベンチマーキングを通じて、規制対象外の企業にも開示義務の影響が波及することを実証。規制対象企業とESG格付けが類似している非規制企業ほど、自主的に賃金格差情報を開示する傾向が強い。この効果は、競争圧力や相対的なパフォーマンスによって強まることが示された。さらに、他の社会的開示やEUの非財務情報開示指令にも波及することが確認された。
English
Using the UK gender pay gap disclosure mandate, this paper shows that mandatory ESG disclosure regulations spill over to unregulated firms via ESG rating peer benchmarking. Unregulated firms with ESG ratings similar to regulated peers are more likely to voluntarily disclose. The effect is stronger when competitive pressures are high and when the unregulated firm has relatively better performance. Spillovers extend to other social disclosures and to the EU Non-Financial Reporting Directive.
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
本稿の知見は、SSBJなど日本の開示基準策定に示唆を与える。ESG格付け構造が規制の影響を増幅することを示し、規制当局は任意開示への波及効果を考慮すべきである。また、日本企業は新たな開示制度下での競争圧力を認識する必要がある。
In the global GX context
Globally, this paper demonstrates that ESG ratings serve as a transmission mechanism for disclosure regulations, extending their reach beyond regulated entities. This has implications for regulators (e.g., SEC, ISSB) and firms subject to pending mandatory climate disclosure rules. It also underscores the importance of rating agency methodologies in shaping corporate behavior.
👥 読者別の含意
🔬研究者:This paper provides causal evidence on how ESG rating structures create spillover effects from mandatory disclosure to voluntary disclosure, opening avenues for research on regulatory design and rating agency influence.
🏢実務担当者:Corporate sustainability teams should be aware that ESG rating peer benchmarking can pressure firms to voluntarily disclose even without direct regulatory mandate, especially if peers perform better.
🏛政策担当者:Policymakers designing mandatory disclosure rules should account for ESG rating agencies as amplifiers that can extend the regulation's impact beyond its formal scope.
📄 Abstract（原文）
I examine how mandatory ESG disclosure regulations transmit to unregulated firms through ESG rating agencies’ peer benchmarking. Using the United Kingdom’s 2017 gender pay gap (GPG) disclosure mandate with its expected positive rating consequences for regulated U.K. firms, I show that unregulated firms with similar Refinitiv ESG ratings are significantly more likely to voluntarily disclose GPG information after the mandate. The effect is more pronounced when peers are defined by ESG rating similarity rather than market capitalization and is not driven by industry affiliation alone. Consistent with ESG ratings creating competitive pressures, spillovers are strongest when U.K. peers were initially lower ranked and when unregulated firms can report relatively better GPG performance. Further analyses show that these spillovers extend to other social disclosures and generalize to the European Union’s Non-Financial Reporting Directive. Overall, the paper highlights how ESG rating structures extend the reach of disclosure regulations beyond their formal scope. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: M14; M48; D70.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.2308/tar-2024-0327first seen 2026-07-18 07:33:55
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