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IFRS S1・S2サステナビリティ基準とESG投資成果：バングラデシュ上場企業からの実証的証拠

IFRS S1 and S2 Sustainability Standards and ESG Investment Outcomes: Empirical Evidence From Listed Companies in Bangladesh (原題)

(著者不明)

Business Strategy and the Environment📚 査読済 / ジャーナル2026-09-03#開示インフラOrigin: Global経営インパクト: 資金調達対象セクター: finance
DOI: 10.1002/bse.71493
原典: https://doi.org/10.1002/bse.71493

🤖 gxceed AI 要約

日本語

ISSBのIFRS S1・S2導入がバングラデシュ上場200社のESG投資成果に与える影響を、2023〜2025年のパネルデータとPLS-SEMで検証した初の実証研究。環境投資(β=0.441)と社会投資(β=0.586)には正の効果が確認されたが、ガバナンス投資には負の関連(β=−0.520)が示され、開示準拠が実質的なガバナンス変革に結びついていない可能性を指摘。専門知識不足や規制監督の弱さなど導入障壁も整理している。

English

First panel study testing whether ISSB's IFRS S1/S2 adoption affects ESG investment outcomes in 200 Bangladeshi listed firms (2023–2025) using PLS-SEM. Environmental (β=0.441) and social (β=0.586) sustainability investment rise significantly, but governance investment shows a negative association (β=−0.520), suggesting disclosure compliance has not yet driven substantive governance change. Implementation barriers include weak expertise, regulation, and data systems.

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・統合報告書への反映が進行中であり、開示制度の導入が実際のESG投資行動をどこまで変えるかという本論文の問いは、制度設計と実効性のギャップを考える上で示唆に富む。新興国での初期段階の導入事例として、日本企業のScope・ガバナンス対応の先行事例比較にも資する。

In the global GX context

As ISSB standards move toward jurisdictional adoption (Japan's SSBJ, EU's CSRD, etc.), this study offers rare emerging-market evidence on whether IFRS S1/S2 compliance actually shifts ESG investment—and where it fails, notably governance. It enriches global disclosure scholarship by showing that adoption without enforcement capacity and reporting culture may produce symbolic rather than substantive change.

👥 読者別の含意

🔬研究者:ISSB基準導入の実効性を新興国文脈で検証した貴重なパネル実証であり、開示と投資行動の因果メカニズム研究の参照点となる。

🏢実務担当者:開示準拠が必ずしもガバナンス投資や実質的変革に直結しないという警告は、自社のSSBJ/IFRS対応を形式化させないための示唆を与える。

🏛政策担当者:規制当局は基準導入と同時に、専門人材育成・データ基盤・監督体制の整備を伴わなければ実効性が限定的となる点を政策設計に反映すべき。

📄 Abstract（原文）

With the International Sustainability Standards Board's (ISSB's) release of IFRS S1 (General Requirements for Disclosure of Sustainability‐Related Financial Information) and S2 (Climate‐Related Disclosures), the global need to align corporate reporting with environmental, social, and governance (ESG) principles has grown even more urgent. This study is the first empirical panel analysis to test whether the implementation of these standards affects the ESG investment outcomes of listed companies in Bangladesh, an emerging economy where sustainability‐reporting institutions are in their early stages, and capital markets are changing rapidly. The study is based on stakeholder theory and legitimacy theory and uses partial least squares structural equation modeling (PLS‐SEM) to examine secondary data from 200 firms listed on the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) for the period from 2023 to 2025. The results show that the implementation of IFRS S1 and S2 has strong positive effects on environmental sustainability investment ( β  = 0.441; p  < 0.001) and social sustainability investment ( β  = 0.586; p  < 0.001), with the latter being the most significant. Surprisingly, IFRS S1 and S2 implementation shows a statistically significant negative association with governance sustainability investment ( β  = −0.520; p  < 0.001), indicating that, although disclosure compliance has improved, it has not yet translated into substantive governance transformation in the Bangladeshi corporate context—a finding that should be interpreted with caution given the governance construct's modest measurement reliability ( α  = 0.624; AVE = 0.414). The study highlights key implementation hurdles, such as low levels of professional knowledge, poor regulatory controls, a lack of data systems, and a lack of sustainability‐reporting culture, as well as opportunities for increased environmental transparency, expansion of socially responsible investment, and increased adoption of sustainable finance. The results not only extend the theories of stakeholders and legitimacy in the context of IFRS adoption in developing economies but also provide practical policy recommendations for the Financial Reporting Council (FRC) and the Bangladesh Securities and Exchange Commission (BSEC), which should be read as indicative given the model's modest explanatory power ( R 2  = 0.194–0.344) and the 3‐year, single‐country scope of the data.

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