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グリーンと流動性：強制ESG開示と企業規模がESG・現金保有の関係をどう形成するか

Green and Liquid: How Mandatory ESG Disclosure and Firm Size Shape the ESG –Cash Holdings Nexus (原題)

Saiful Anwar, Dian Agustia, Wiwiek Dianawati

Corporate Social Responsibility and Environmental Management📚 査読済 / ジャーナル2026-09-15#ESGOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1002/csr.70967
原典: https://doi.org/10.1002/csr.70967

🤖 gxceed AI 要約

日本語

アジア太平洋・欧州・中東アフリカの非金融企業1781社・13,107件の観測値を用い、ESGパフォーマンスと現金保有の関係を検証。任意開示下ではESGは現金保有を増やすが、強制開示下では小規模企業で負に転じ、大企業では正のまま。規制圧力がESGと流動性の関係を根本的に変え、企業規模がコンプライアンス費用の吸収力を左右することを示す。

English

Using 13,107 firm-year observations from 1,781 non-financial firms across Asia-Pacific, Europe, and MEA (2016–2023), this study examines how mandatory ESG disclosure and firm size jointly shape the ESG–cash holdings relationship. Under voluntary regimes, ESG performance raises cash holdings for both large and small firms; under mandatory regimes, the effect turns negative for small firms while remaining positive for large ones. Firm size conditions the moderating effect of mandatory disclosure, highlighting the need for proportionate regulation.

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基準の適用や有報でのサステナビリティ開示義務化が進む日本では、開示規制が中小企業の資金繰り・現金保有に与える影響を事前に把握する材料となる。特に東証プライム上場企業のサプライチェーンに連なる中小企業への波及を考える上で示唆的。

In the global GX context

As ISSB/SSBJ-aligned mandatory disclosure expands globally (CSRD, SEC climate rule), this paper offers rare cross-regional evidence that mandatory ESG disclosure can impose liquidity costs on smaller firms. It informs debates on proportionality, safe harbours, and transition relief for SMEs in disclosure rulemaking.

👥 読者別の含意

🔬研究者:強制開示規制がESGと財務政策（現金保有）の関係をどう条件付けるかを示す、規制・財務の交差研究として参考になる。

🏢実務担当者:強制開示対応が自社の流動性・資金調達コストに与えうる影響を、企業規模別に検討する際の参照点となる。

🏛政策担当者:開示義務の設計において、小規模企業のコンプライアンス負担を考慮した比例性・段階的適用の必要性を示唆する。

📄 Abstract（原文）

ABSTRACT This study examines the relationship between Environmental, Social, and Governance (ESG) performance and corporate cash holdings, considering the joint influence of regulatory pressure through mandatory ESG disclosure and firms' internal resource capacity, as reflected by firm size. The sample comprises 13,107 firm‐year observations from 1781 non‐financial firms across the Asia‐Pacific, Europe, and Middle East and Africa regions over the 2016–2023 period. The hypotheses are tested using a moderated moderation model estimated with PROCESS Model 3. The results indicate that under a voluntary ESG disclosure regime, ESG performance has a positive and significant effect on corporate cash holdings for both large and small firms. However, under a mandatory ESG disclosure regime, this relationship becomes negative for small firms while remaining positive and significant for large firms. These findings suggest that regulatory pressure fundamentally alters the implications of ESG performance for corporate liquidity. In contrast, firms' internal resource capacity, as proxied by firm size, determines their ability to absorb regulatory compliance costs. Nevertheless, this resource‐capacity advantage becomes less pronounced under a mandatory ESG disclosure regime. The significant three‐way interaction further demonstrates that firm size conditions the moderating effect of mandatory ESG disclosure on the relationship between ESG performance and corporate cash holdings. These findings remain robust across a series of robustness and endogeneity tests, including alternative variable proxies, pooled ordinary least squares (OLS) with firm‐clustered standard errors, lagged independent variables, propensity score matching (PSM), and the generalized method of moments (GMM). Overall, the findings underscore the importance of designing ESG disclosure regulations that are proportionate to firms' resource capacity.

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