ESG開示強度が商業信用に与える影響：国際的証拠
Impacts of ESG disclosure intensity on trade credit: international evidence (原題)
Van Nguyen Hong Tran, Khiem Dac Anh Le
🤖 gxceed AI 要約
日本語
72カ国・2009〜2023年の企業データを用い、ESG開示強度と商業信用の関係を分析。両者にはU字関係があり、開示強度が低いうちは商業信用と負の関係、高まるにつれ仕入先からの受取・顧客への供与ともに正の効果が強まる。環境・ガバナンス開示は社会開示より効果が顕著で、制度設定を変えても頑健。
English
Using firm-level data from 72 countries (2009–2023), this study finds a U-shaped relationship between ESG disclosure intensity and trade credit: initially negative, then increasingly positive for both credit received from suppliers and granted to customers. Environmental and governance disclosures show stronger, more consistent effects than social ones, robust across specifications and institutional settings.
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
SSBJ基準・有報でのサステナ開示義務化が進む日本では、開示が取引先との信用供与やサプライチェーン関係に及ぼす実務的影響を考える材料になる。開示コストと便益の非線形性は、中小・中堅企業の開示対応設計にも示唆を与える。
In the global GX context
As ISSB/CSRD-driven disclosure becomes mandatory, this paper reframes ESG disclosure as a supply-chain credit signal rather than only an investor-relations tool, adding evidence that disclosure intensity has nonlinear payoffs for firm-level trade relationships across 72 countries.
👥 読者別の含意
🔬研究者:ESG開示の経済的帰結を商業信用という新指標で捉える非線形実証の枠組みを提供する。
🏢実務担当者:開示強化が取引先からの信用条件やサプライヤー関係にどう効くかを投資判断・開示設計に活かせる。
🏛政策担当者:開示義務の便益が一様でなく、開示コストが中小企業の取引関係に影響しうる点を制度設計で考慮すべき。
📄 Abstract（原文）
This study examines the relationship between ESG disclosure intensity and trade credit using firm-level data from 72 countries over the period 2009–2023. The empirical evidence reveals a U-shaped relationship between ESG disclosure intensity and trade credit. ESG disclosure intensity initially has a negative association with trade credit, but as disclosure intensity increases, its effect becomes more positive for both trade credit received from suppliers and trade credit granted to customers. These findings remain robust across alternative specifications and institutional settings. Among the ESG pillars, environmental and governance disclosures exhibit more pronounced and consistent effects than social disclosures. Overall, this study extends the literature on the nonlinear relationship between ESG disclosure intensity and trade credit and provides a more comprehensive understanding of the implications of ESG disclosure for firms’ trade credit management.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.31130/ud-jst.2026.24(10).349efirst seen 2026-11-10 05:09:08 · last seen 2026-11-13 05:20:39
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