サステナビリティ会計実務が財務パフォーマンスに与える影響におけるESG手法の比較：BIST企業を対象とした研究
Comparison of ESG Methodologies in the Effect of Sustainability Accounting Practices on Financial Performance: A Research within the Scope of BIST Companies (原題)
Burak Kayıhan, Burhan Heybeli
🤖 gxceed AI 要約
日本語
本研究は、サステナビリティ会計実務が財務パフォーマンスに与える影響を、ESG評価手法の違いに着目して比較した。トルコ・BIST上場58社について、LSEG・S&P Global・CSR HUBのESGスコアとMEREC-MARCOS法による財務スコアの関係を相関・回帰分析で検証。LSEGスコアのみ有意な正の効果を示し、ESGスコアの説明力はデータ提供機関ごとに異なることが明らかになった。
English
This study compares how different ESG methodologies affect the link between sustainability accounting practices and financial performance. For 58 Borsa İstanbul-listed firms, ESG scores from LSEG, S&P Global, and CSR HUB were correlated with MEREC-MARCOS financial performance scores. Only LSEG scores showed a significant positive effect, showing that ESG explanatory power varies by rating provider.
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
ESG格付の手法差が財務指標との関係性を左右するという知見は、SSBJ基準や統合報告書を通じて複数格付を併用する日本企業・投資家にとって、格付選択と開示戦略の重要性を示唆する。
In the global GX context
As ISSB/CSRD disclosure expands, this paper underscores that ESG rating divergence is a methodological artifact, not just a data gap—relevant to global debates on rating regulation and comparability.
👥 読者別の含意
🔬研究者:ESG格付の手法差が財務パフォーマンスとの実証結果を左右することを示す、格付比較研究の方法論的示唆。
🏢実務担当者:複数のESG格付を併用する際、格付機関ごとの評価ロジックの違いを理解し、開示対応を最適化する必要性を示す。
🏛政策担当者:ESG格付の透明性・比較可能性に関する規制議論（IOSCO等）に、手法差の実証的根拠を提供する。
📄 Abstract（原文）
Environmental, social, and governance activities are prioritized in sustainability accounting practices. Many rating agencies currently measure these activities as ESG scores, which serve as crucial indicators of sustainable accounting practices. This study aims to determine the effect of sustainability accounting practices on financial performance by comparing different ESG methodologies. To this end, for 58 Borsa İstanbul-listed companies, the relationships between the ESG scores calculated by LSEG for 2024, by S&P Global for 2025, and by CSR HUB for 2025, and the financial performance scores calculated using the MEREC-MARCOS methods were determined via correlation and regression analyses. Statistical analyses revealed that LSEG ESG scores had a significant and positive effect on financial performance; however, S&P Global and CSR HUB ESG scores did not have a significant effect. However, another important finding is that the explanatory power of ESG scores for financial performance varies across ESG data providers. The findings contribute to the literature by demonstrating that, rather than generalizing the relationship between companies’ sustainability accounting practices and their financial performance based on a single organization’s ESG score, separately accounting for scores calculated by different rating agencies would allow for a more accurate assessment. The theoretical implication of this study is that the effect of ESG scores, an indicator of sustainability accounting practices, on the financial performance of businesses may stem not only from country and sector differences but also from the specific calculations of ESG methodologies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://asianonlinejournals.com/index.php/ijsam/article/download/9426/3629first seen 2026-10-01 05:42:31
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