Assessing the Relationship Between Financial Performance, ESG Reporting, and Corporate Value: Evidence from the Portuguese Stock Market
財務業績、ESG報告、企業価値の関係の評価：ポルトガル株式市場からの証拠 (AI 翻訳)
Sónia Monteiro, Vanda Roque, Inês Moreira
🤖 gxceed AI 要約
日本語
ポルトガル上場企業の2019-2022年の非財務報告書をGRI基準に基づき分析し、ESG開示指数を構築。パネル回帰により、財務業績はESG報告に影響せず、企業規模のみが有意に影響すること、ESG報告は企業価値に有意な影響を与えないことを示した。大規模・成熟企業はESG報告から得る評価メリットが少ない可能性を示唆。
English
This study analyzes non-financial reports of Portuguese listed firms (2019-2022) to construct a GRI-based ESG disclosure index. Panel regressions show financial performance does not significantly affect ESG reporting; only firm size does. ESG reporting does not significantly impact corporate value, which is negatively affected by firm size, suggesting larger mature firms derive fewer valuation benefits from ESG reporting.
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開示が始まる中、ESG報告と企業価値の関連性が弱いという実証結果は、開示義務化の効果を考える上で参考になる。企業規模が開示を左右する点は、日本の上場企業の対応にも示唆を与える。
In the global GX context
This evidence from Portugal contributes to the global debate on the value relevance of ESG disclosure, particularly relevant as ISSB and CSRD frameworks are implemented. The finding that firm size, not financial performance, drives ESG reporting aligns with global patterns and informs expectations about the impact of mandatory disclosure regimes.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the determinants and consequences of ESG disclosure in a Southern European market, useful for comparative studies.
🏢実務担当者:Highlights that ESG reporting alone may not boost corporate value, especially for large firms, suggesting a focus on materiality and integration.
🏛政策担当者:Suggests that mandatory ESG disclosure may not automatically enhance firm value, informing policy design for disclosure regimes.
📄 Abstract（原文）
This study examines the relationship between financial performance, ESG reporting, and corporate value. The study uses content analysis of non-financial reports of Portuguese listed corporations from 2019 to 2022 to construct a comprehensive ESG disclosure index, based on GRI standards, as well as the respective environmental, social, and governance sub-indices. Panel regression models are used to investigate whether financial performance increases ESG reporting and whether ESG reporting enhances corporate value, while controlling for firm size, sector, and reputation. The results show that financial performance has no significant impact on ESG reporting. Only firm size seems to positively and significantly impact ESG reporting. This finding supports the prior literature linking larger and more visible firms to higher ESG disclosure levels. Furthermore, the results show that ESG reporting does not significantly impacts corporate value. Instead, corporate value is negatively and significantly affected by firm size. This result suggests that larger and more mature firms may derive comparatively fewer valuation benefits from ESG reporting, in line with recent evidence. Overall, the results suggest that structural firm characteristics (notably firm size) play a more decisive role in shaping ESG reporting and corporate value.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/ijfs14080216first seen 2026-08-16 04:55:10
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