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債権者によるボランタリーESG開示のスクリーニング：ピラーの特異性と営業利益率が債務価格設定の信頼性シグナルとして果たす役割

Creditor Screening of Voluntary ESG Disclosure: Pillar Specificity and Operational Profitability as a Credibility Cue for Debt Pricing (原題)

Jaime F. Lavín, Paulo Buchuk, Mauricio A. Valle, Nicolás S. Magner

Corporate Social Responsibility and Environmental Management📚 査読済 / ジャーナル2026-09-06#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.70942
原典: https://doi.org/10.1002/csr.70942

🤖 gxceed AI 要約

日本語

チリ上場企業のパネルデータ（2015-2022）を用い、ボランタリーなESG開示のピラー（環境・社会・ガバナンス）と債務コストの関連を検証。環境とガバナンス開示は債務コスト低減と一貫して関連する一方、社会開示は弱い。営業利益率が高いほど開示と債務コストの負の関連が強まり、信頼性メカニズムを示唆。

English

Using panel data of Chilean listed firms (2015-2022), this study examines the association between voluntary ESG disclosure pillars and cost of debt. Environmental and governance disclosures are consistently associated with lower debt costs, while social disclosure shows weaker links. Higher operational profitability strengthens the negative association, supporting a credibility-based mechanism.

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開示が任意から義務化へ移行する中、開示の信頼性が資本コストに与える影響は重要。本研究成果は、日本企業が開示の質を高めることで資金調達優位性を得る可能性を示唆し、投資家対応や統合報告書の作成に示唆を与える。

In the global GX context

This study contributes to global disclosure scholarship by showing that voluntary ESG disclosure is credit-relevant when pillar-specific signals are interpretable and anchored in operational capacity. It offers insights for emerging markets and complements TCFD/ISSB frameworks by highlighting the role of credibility in debt pricing.

👥 読者別の含意

🔬研究者:ESG開示と資本コストの関連における信頼性メカニズムの理解に寄与。

🏢実務担当者:開示戦略を強化し、営業利益率などの実績と整合させることで資金調達コスト低減につながる可能性。

🏛政策担当者:ボランタリー開示の有効性を高めるため、信頼性を担保する枠組みの重要性を示唆。

📄 Abstract（原文）

ABSTRACT Grounded in signaling and disclosure theory, we examine when and which voluntary ESG disclosure pillars are associated with firms' cost of debt in an emerging market setting characterized by voluntary reporting, concentrated ownership, and debt centered corporate finance. Using firm‐ and year‐fixed‐effects models and several robustness checks on a panel of Chilean listed firms from 2015 to 2022, we find that environmental and governance disclosures are more consistently associated with lower debt costs, whereas social disclosure shows weaker and less stable associations. Higher operational profitability strengthens the negative association between pillar disclosure and the cost of debt, consistent with a credibility‐based mechanism in which creditors appear to place greater weight on voluntary disclosure when it is anchored in observable operational capacity. By contrast, additional information‐channel tests show no robust direct or moderating role for institutional ownership or stock‐market liquidity. Robustness tests using alternative measures and sample restrictions preserve the operational profitability interaction patterns; dynamic specifications suggest that pillar main effects are estimated less precisely, supporting a cautious interpretation centered on credibility‐contingent associations rather than unconditional disclosure effects. Finally, reverse‐causality diagnostics provide no systematic evidence that lower borrowing costs precede higher subsequent ESG disclosure. Overall, the evidence is consistent with pillar specific differences in materiality and verifiability under voluntary disclosure regimes in debt financing centered markets with concentrated ownership. Our study contributes to the literature by clarifying that voluntary ESG disclosure is more likely to be credit‐relevant when creditors can interpret the pillar‐specific signal and when operational profitability enhances its credibility.

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