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インドにおけるESG開示と企業収益性：裁量的会計処理および実体的利益調整の調整効果

ESG DISCLOSURE AND FIRM PROFITABILITY IN INDIA: THE MODERATING ROLE OF ACCRUAL AND REAL EARNINGS MANAGEMENT (原題)

Samson Gidla, Sairam Moturi

Acta Innovations📚 査読済 / ジャーナル2026-10-30#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.62441/actainnovations.vi.2744
原典: https://doi.org/10.62441/actainnovations.vi.2744

🤖 gxceed AI 要約

日本語

インドNSE500企業の2012〜2021年データを用い、ESG開示スコアがROAに正の有意な影響を与えることを示した研究。特にガバナンス開示の効果が最大で、社会・環境開示が続く。実体的利益調整（REM）はESG開示の収益性効果を減衰させるが、裁量的会計処理（AEM）の交互作用は有意でない。インドのBRSR制度導入を巡る規制当局・投資家・企業経営者への示唆を提供する。

English

Using NSE 500 firms in India (2012–2021), this study finds that ESG disclosure scores and all three pillar scores positively and significantly affect ROA, with governance disclosure having the largest effect. Both accrual and real earnings management negatively affect ROA, and real earnings management significantly weakens the profitability benefit of ESG disclosure, while accrual earnings management does not. The findings inform India's BRSR framework and investor assessments of earnings quality.

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

インドのBRSR制度は日本のSSBJ・有価証券報告書のサステナビリティ開示と問題意識を共有する。開示の経済的帰結と利益調整の相互作用は、日本企業の開示品質と投資家対応を考える上でも参考になる。

In the global GX context

This paper contributes to the global debate on the economic consequences of ESG disclosure, particularly relevant as India implements its BRSR framework aligned with international standards like GRI and TCFD. It highlights how earnings management can distort the link between disclosure and performance, a caution for investors and regulators worldwide.

👥 読者別の含意

🔬研究者:ESG開示と財務パフォーマンスの関係における利益調整の調整効果を、新興国データで実証した点が参考になる。

🏢実務担当者:ESG開示の収益性向上効果は利益調整の質によって左右されるため、開示の信頼性確保が重要である。

🏛政策担当者:BRSRのような開示義務化の効果を最大化するには、利益調整を抑制する会計規制との整合が鍵となる。

📄 Abstract（原文）

This study investigates the influence of Environmental, Social and Governance (ESG) disclosure on the profitability of Indian listed companies and examines whether earnings management changes this relationship. The data cover NSE 500 companies for the period 2012–2021 and were collected from the Bloomberg and CMIE Prowess databases. Profitability is measured by return on assets (ROA). We use pooled OLS regressions with industry and year effects, with leverage, liquidity, firm size, market capitalization and firm age as control variables. Accrual earnings management (AEM) is measured with the performance-adjusted modified Jones model, and real earnings management (REM) with abnormal real activities. The results show that the ESG disclosure score and all three pillar scores have a positive and significant effect on ROA. Governance disclosure has the largest effect, followed by social and environmental disclosure. Both AEM and REM have a negative and significant effect on ROA. The interaction of REM with ESG disclosure is negative and significant, while the interaction of AEM with ESG disclosure is not significant. This means that real earnings management reduces the profitability benefit that firms get from ESG disclosure. The study offers useful insights for regulators implementing the Business Responsibility and Sustainability Reporting framework in India, for investors who assess earnings quality and for corporate managers.

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