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ESG開示・監査品質と企業業績：機械学習アプローチによる分析

ESG disclosure, audit quality, and corporate performance: an analysis through a machine learning approach (原題)

Papan Hao, Madiha Afzal, Nimra Riaz, Sadaf Noreen, Ahsan Riaz

Future Business Journal📚 査読済 / ジャーナル2026-09-23#AI×ESGOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1186/s43093-026-01004-3
原典: https://doi.org/10.1186/s43093-026-01004-3

🤖 gxceed AI 要約

日本語

パキスタン証券取引所の非金融企業71社・2015〜2024年のパネルデータ(710社年)を用い、ESG開示が企業業績(ROA・ROE)に与える影響と監査品質の調整効果を検証。System GMMに加えSVR・人工ニューラルネットワーク(ANN)で非線形性を検出し、ESG開示の正の効果と高品質監査がその効果を強めることを示した。

English

Using a balanced panel of 71 non-financial Pakistan Stock Exchange firms (2015–2024, 710 firm-years), this study examines how ESG disclosure affects corporate performance (ROA/ROE) and how audit quality moderates it. Combining System GMM with support vector regression and artificial neural networks to capture non-linearity, it finds ESG disclosure significantly improves performance, with high-quality auditing strengthening the link.

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開示と財務パフォーマンスの正の関係、および監査品質による信頼性担保の重要性を示す実証的傍証となる。特に第三者保証・監査体制の整備を検討する実務担当者に示唆がある。

In the global GX context

As ISSB/SSBJ-aligned disclosure becomes mandatory across major markets, this paper adds emerging-market evidence that ESG disclosure is positively associated with financial performance and that audit quality reinforces credibility—relevant to the global debate on assurance and disclosure infrastructure under CSRD and ISSB.

👥 読者別の含意

🔬研究者:ESG開示と財務業績の因果関係を機械学習と動学パネルで検証する手法設計の参考になる。

🏢実務担当者:ESG開示を経営戦略に組み込み、監査・第三者保証で信頼性を高めることの財務的便益を示唆。

🏛政策担当者:サステナビリティ報告の信頼性確保に監査品質・保証制度の設計が重要であることを示す。

📄 Abstract（原文）

Abstract This study investigates the relationship between environmental, social, and governance (ESG) disclosure and corporate performance (CP), as well as the moderating effect of audit quality (AuditQ). The empirical data comprise a balanced panel of 71 non-financial companies traded on the Pakistan Stock Exchange (PSX) during 2015–2024, yielding 710 firm-year observations. ESG disclosure is analysed empirically through an overall disclosure index, and other covariates are employed to explore direct and moderating effects on corporate performance, such as gender diversity (GD), board size (BS), firm size (FS), firm age (FA), leverage, liquidity, and macroeconomic indicators. This comparative study uses dynamic panel models, System Generalised Method of Moments (System GMM), support vector regression (SVR), and artificial neural networks (ANNs) to detect possible non-linearity. The results show that ESG disclosure has a statistically significant and positive impact on ROA and ROE. Audit quality reinforces the link between ESG performance and gender diversity, board size, and firm size, further supporting the impact of these factors. The findings confirm the hypotheses that ESG disclosure is embedded in corporate strategy and highlight the importance of high-quality auditing in improving corporate performance. Thus, the findings have implications for corporate managers, auditors, investors, and policymakers. Managers should embed ESG disclosure into their decision-making processes to enhance long-term corporate performance, and auditors should strengthen the credibility of sustainability reporting.

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