象徴を超えて：SDGs開示はESG評判リスクが企業価値に与える負の影響を緩和できるか？企業レベル分析
Beyond symbolic: can SDGs disclosure mitigate the negative impact of ESG reputational risks on firm value? A firm-level analysis (原題)
Heba Ali
🤖 gxceed AI 要約
日本語
G7諸国の5,870社・23,211社年観測（2019–2024）を用い、ESG論争と企業価値、SDGs開示の関係を固定効果・2SLSで検証。ESG論争に晒された企業ほどSDGs情報を多く開示し、SDGsを支持する企業では論争の企業価値への負の影響が小さいことを示す。SDGs開示が単なる象徴ではなく価値保護ツールとして機能しうることを実証した。
English
Using 23,211 firm-year observations across 5,870 G-7 listed firms (2019–2024) with fixed-effects and 2SLS regressions, this study examines whether SDGs disclosure mitigates the negative impact of ESG controversies on firm value. Firms exposed to ESG controversies disclose more SDG information, and among SDG-supporting firms the negative value impact of controversies is smaller. SDGs disclosure appears substantive rather than merely symbolic.
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・有報でのサステナビリティ開示が進む日本企業にとって、ESG論争時のSDGs/サステナビリティ開示が企業価値の下支えになりうるという示唆は、統合報告書や投資家対応の戦略設計に直結する。開示の『実質性』を問う視点は日本企業の開示姿勢見直しにも有用。
In the global GX context
Amid TCFD/ISSB/CSRD-driven disclosure regimes, this paper offers evidence that sustainability disclosure can act as a value-protection mechanism against ESG reputational shocks, informing how firms and investors weigh the substantive versus symbolic role of disclosure in global markets.
👥 読者別の含意
🔬研究者:ESG論争・企業価値・SDGs開示の因果関係を大規模パネルで示した点が、開示の実質性研究に貢献する。
🏢実務担当者:ESGリスク顕在化時に備え、SDGs/サステナビリティ開示を価値防衛ツールとして強化する根拠になる。
🏛政策担当者:開示規制が企業価値保護に寄与しうることを示し、開示義務の設計・実効性評価に示唆を与える。
📄 Abstract（原文）
Purpose Drawing on the substantive role of SDGs disclosure, this paper aims to examine the nexus between firm value, Environmental, Social and Governance (ESG) reputational risks and SDGs by investigating whether these SDGs disclosure practices can mitigate the negative impact of ESG controversies on firm value. Design/methodology/approach This study examines a large sample of 23,211 firm-year observations in 5,870 firms listed in the G-7 countries during the period (2019–2024), using a series of Fixed Effects and two-stage least squares regressions. To further test the robustness of the main results, a subsample regression analysis is conducted for non-US and US firms. Findings The findings of this study reveal that firms that are exposed to ESG controversies tend to disclose more information relating to the SDGs. Moreover, both the baselines and the regression results provide novel evidence that ESG controversies have a less negative impact on firm value among firms that support the SDGs. These findings remain robust to addressing endogeneity and sample-selection biases. Practical implications From a managerial perspective, it highlights the role of the SDGs discourse as a value-protection tool that firms can use to mitigate the negative impacts of exposure to negative publicity. This suggests that SDGs disclosure is not merely “a regulatory compliance tool”; firms, therefore, should reevaluate and enhance their SDGs disclosure to enhance their value resilience. Originality/value To the best of the author’s knowledge, no previous research has investigated the nexus between ESG controversies, firm value and SDGs disclosure. Therefore, this study helps provide answers to a broader and more debatable question: whether SDGs disclosure has a substantive role in bringing value-enhancement effects to the firm or if it is only a symbolic communication to investors.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1108/raf-07-2025-0250first seen 2026-09-25 04:47:16
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。