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ESG開示と企業レバレッジ：イタリア企業のピラーレベル証拠

ESG Disclosure and Firm Leverage: Pillar-Level Evidence from Italian Firms (原題)

Fawad Abbasi Abbasi

Journal of Accounting Business Governance and Sustainability📚 査読済 / ジャーナル2026-09-07#ESGOrigin: EU経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.66461/9bxq5515
原典: https://doi.org/10.66461/9bxq5515

🤖 gxceed AI 要約

日本語

イタリア企業70社（2014-2023年）のパネルデータを用い、ESG開示の各側面（環境・社会・ガバナンス）と企業レバレッジの関連を分析。環境とガバナンスの開示はレバレッジと有意に正の関連を示し、社会開示は非有意。ESG開示は均質な資金調達要因ではないことを示唆。

English

Using panel data from 70 Italian firms (2014-2023), this study examines how ESG disclosure pillars relate to firm leverage. Environmental and governance disclosures show significant positive associations with leverage, while social disclosure is insignificant, suggesting ESG disclosure is not a homogeneous financing construct.

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開示が始まり、ESG情報と資本コストの関係が注目される。本稿のピラーレベル分析は、日本の開示実務や投資家対応において、環境・ガバナンス情報の財務的影響を考慮する際の参考となる。

In the global GX context

This study contributes to the global discourse on ESG disclosure and financing by providing pillar-level evidence from Italy. It underscores the differential impact of ESG dimensions on leverage, relevant for creditors and policymakers under ISSB and CSRD frameworks.

👥 読者別の含意

🔬研究者:ESG開示のピラー別効果を検証した実証研究として、開示と資本構成の研究に示唆を与える。

🏢実務担当者:環境・ガバナンス開示が融資条件に影響する可能性を示唆し、開示戦略の参考になる。

🏛政策担当者:ESG開示の差異が資金調達に与える影響を理解するための証拠を提供。

📄 Abstract（原文）

This study examines the association between Environmental, Governance, and Social (ESG) disclosure dimensions and Firm Leverage among Italian firms over the period 2014–2023. Using a quantitative panel-data design, the analysis draws on Eikon ESG scores for a final sample of 70 firms and measures Firm Leverage as Total Debt divided by Total Assets, with Firm Size included as a control variable. Four panel regression specifications are estimated to assess the individual and joint relationships between ESG disclosure dimensions and leverage. Fixed-effects estimation is adopted following the Hausman procedure. The findings reveal substantial heterogeneity across ESG pillars. Environmental Disclosure is positively and statistically significantly associated with Firm Leverage, supporting H3, while Governance Disclosure also exhibits a positive and statistically significant association, supporting H2. Social Disclosure has a positive but statistically non-significant association with leverage, and H1 is therefore not supported. The reported joint-significance test further indicates that the Environmental, Governance, and Social dimensions collectively contribute significantly to explaining Firm Leverage, supporting H4. Firm Size exhibits a consistently negative and statistically significant association with leverage across the reported specifications. The findings suggest that ESG disclosure should not necessarily be treated as a homogeneous financing construct. The study contributes pillar-level longitudinal evidence from Italy and highlights the potential relevance of environmental and governance information in creditor assessment, corporate financing analysis, and sustainability-reporting practice

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