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高汚染産業におけるESG開示と実質的盈余管理：監査品質の調整効果

ESG Disclosure and Real Earnings Management in High-Polluting Industries: The Moderating Role of Audit Quality (原題)

Talal Fawzi Alruwaili

Sustainability📚 査読済 / ジャーナル2026-09-16#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.3390/su18189507
原典: https://doi.org/10.3390/su18189507

🤖 gxceed AI 要約

日本語

サウジ証券取引所上場の高汚染産業73社・292社年データ（2022–2025年）を用い、ESG開示が実質的盈余管理（REM）を抑制することを示した。ESG開示と監査品質の交互作用は有意でなく、非財務情報の保証義務が未整備な新興国市場では両者が補完的に機能しないことを示唆する。

English

Using 292 firm-year observations from 73 high-polluting firms on Saudi Tadawul (2022–2025), the study finds ESG disclosure is negatively associated with real earnings management. Audit quality does not significantly moderate this relationship, suggesting the two governance mechanisms are not yet complementary in an emerging market lacking a non-financial assurance mandate.

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

日本ではSSBJ基準の確定と有報でのサステナビリティ開示義務化が進む中、ESG開示が盈余管理抑制に寄与するかという実証的問いは、開示の実効性を測る上で示唆的である。ただし非財務情報の第三者保証義務の有無が効果を左右する点は、日本での保証制度設計を考える上で参照価値がある。

In the global GX context

As ISSB-aligned disclosure becomes mandatory across jurisdictions, this paper tests whether ESG disclosure actually disciplines managerial behavior. Its finding that audit quality only complements ESG disclosure when assurance is mandated speaks directly to the CSRD/ISSB assurance debates and the limits of voluntary non-financial reporting.

👥 読者別の含意

🔬研究者:ESG開示の実効性を盈余管理という客観的指標で検証する手法は、開示規制の効果測定研究に応用可能。

🏢実務担当者:非財務情報の第三者保証が未整備な市場では、ESG開示だけでは投資家の信頼獲得に不十分である可能性を示唆。

🏛政策担当者:非財務情報の保証義務化がESG開示の実効性を高めるかという制度設計上の論点に、新興国からの実証的根拠を提供。

📄 Abstract（原文）

The current research looks at how Environmental, Social and Governance (ESG) disclosure affects real earnings management (REM) and how audit quality (AQ) moderates this relationship. The study sample consists of 292 firm-year observations for the period 2022–2025 from 73 non-financial firms in highly polluting industries listed on the Saudi Stock Exchange (Tadawul). Panel regression analyses and an alternative estimator (pooled OLS with robust standard errors) are used to assess the robustness of the results. The findings show that REM is negatively associated with ESG disclosure, suggesting that firms with higher ESG disclosure have lower REM. However, the moderating hypothesis (H2) is not supported by the present evidence since the interaction between ESG disclosure and AQ is not statistically significant in any of the specifications estimated. The absence of a significant interaction is viewed as a lack of statistically measurable moderation as specified here. Based on an integrated Agency and Stakeholder Theory framework, the study considers ESG disclosure and AQ as mechanisms that increase the expected penalty for managerial opportunism and the expected probability of detection, respectively, and therefore suggests a positive relationship between the two; hence, the two mechanisms were expected to act as complements, not substitutes. The evidence confirms the first mechanism, but there is no evidence for the conjunction, indicating that the complementarity is conditional and is not yet available in the Saudi environment because of the lack of an assurance mandate for non-financial information. The study provides new insights from an emerging market and establishes the limitations of ESG disclosure and audit quality in limiting REM together.

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