CSRサステナビリティ報告と企業価値：欧州政策環境における規制品質の調整効果
CSR Sustainability Reporting and Enterprise Value: The Moderating Role of Regulatory Quality in the European Policy Landscape (原題)
Saraò Chiara Pia, Antonietta Trecca, Christian Favino, Antonio Corvino
🤖 gxceed AI 要約
日本語
欧州上場企業（S&P Europe 350、2019–2023年）を対象に、CSRサステナビリティ報告の広がりが企業価値に与える影響を検証。報告範囲の拡大は企業価値に正の有意な効果を持ち、規制品質の高い国ほどその関係が強いことを示す。CSRD/ESRS導入前のベースラインを提供し、制度的インフラの強さが開示の価値関連性と信頼性を左右することを実証した。
English
Using S&P Europe 350 listed firms over 2019–2023, the study tests how the extent of CSR sustainability reporting affects enterprise value. Broader reporting has a positive, significant effect on EV, and this relationship strengthens in countries with higher regulatory quality. It offers a pre-CSRD baseline and shows that institutional infrastructure shapes the value relevance and credibility of sustainability disclosure.
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
SSBJ基準の策定・有報でのサステナビリティ開示義務化が進む日本にとって、規制品質が開示の企業価値効果を左右するという知見は、制度設計と執行体制の整備の重要性を示唆する。CSRD前後の比較設計は、日本版開示制度の効果検証の方法論的参考になる。
In the global GX context
As CSRD/ESRS raise the bar for mandatory sustainability disclosure, this paper shows that the market payoff of broader reporting depends on the strength of national enforcement and institutional quality. It adds to global disclosure scholarship by quantifying regulatory quality as a moderator, with implications for ISSB adoption and greenwashing risk in jurisdictions with weaker oversight.
👥 読者別の含意
🔬研究者:開示の価値関連性を制度環境の調整変数として扱う実証枠組みを提供し、CSRD前後の比較研究のベースラインとなる。
🏢実務担当者:開示拡充の投資家評価は自国の規制執行の質に依存するため、開示の質と信頼性確保が企業価値に直結する点を踏まえるべき。
🏛政策担当者:開示義務の導入効果は執行・監督体制の質に左右されるため、制度設計と同時に規制品質の強化が不可欠である。
📄 Abstract（原文）
ABSTRACT The study looks into the relationship between the extent of CSR Sustainability Reporting and Enterprise Value (EV) among European listed companies. The introduction of the Corporate Sustainability Reporting Directive (CSRD) 2022/2464/EU and the European Sustainability Reporting Standards (ESRS) has significantly heightened the demand for broader and more substantive sustainability disclosure. Against this backdrop, the research explores the moderating role of country‐level regulatory quality. Legitimacy Theory (LT) and Institutional Theory (IT) provide the theoretical foundations. The empirical analysis draws on a longitudinal sample of European listed companies included in the S&P Europe 350 Index over the period 2019–2023. Broader CSR Sustainability Reporting exerts a positive and statistically significant effect on EV. Furthermore, this relationship is stronger in national contexts with higher regulatory quality, thereby confirming the moderating role of the institutional environment. Extant research has predominantly explored the direct link between the extent of CSR Sustainability Reporting and EV, without accounting for the institutional context. Therefore, the study addresses this gap by introducing country‐level regulatory quality as a moderating variable. Moreover, the 2019–2023 period provides a pre‐CSRD baseline for future post‐adoption benchmarking. Theoretically, the study enriches both LT and IT by showing that the value relevance of sustainability disclosure is contingent upon the strength of the underlying institutional infrastructure. Findings inform managers, investors, and policymakers about the role of regulatory quality in shaping the market relevance of CSR Sustainability Reporting. The research contributes to ongoing debates on the EU sustainability agenda by exhibiting that stronger institutional frameworks enhance the credibility and societal relevance of sustainability disclosure, reducing greenwashing risk and supporting the transition towards more accountable corporate conduct.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/csr.71018first seen 2026-10-01 05:00:07
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