ESG開示品質、資本コストと財務パフォーマンス：インド上場企業の証拠
ESG Disclosure Quality, Cost of Capital and Financial Performance: Evidence from Indian Listed Firms (原題)
Ankit Shah, Rakesh Panchal
🤖 gxceed AI 要約
日本語
インドのBRSR制度を背景に、ESG開示の「質」が資本コストと財務パフォーマンスに与える影響を上場企業のパネルデータで分析する研究計画。ステークホルダー理論・正統性理論・シグナリング理論・情報非対称性理論を枠組みとし、BRSR指標に基づく内容分析インデックスで開示品質を測定する。負債コスト・推定株主資本コスト・WACCとROA・ROE・Tobin's Qを指標とし、固定効果パネル回帰で検証する。開示の「量」ではなく「質」が資本コスト低減に寄与するかを問う点が核心。
English
A research plan empirically testing how ESG disclosure quality affects cost of capital and financial performance among Indian listed firms under SEBI's BRSR regime. Using a BRSR-based content-analysis index, cost of debt, estimated cost of equity and WACC, plus ROA, ROE and Tobin's Q, it applies fixed-effects panel regression over 2018-19 to 2024-25. The central question is whether disclosure quality, not volume, drives lower financing costs and better performance.
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
インドのBRSRはSSBJ基準や有報開示と同様に「開示の質」を問う制度設計であり、開示品質と資本コストの関係は日本企業の投資家対応・統合報告書戦略にも直接示唆を与える。新興国での規制主導開示の経済効果を測る枠組みは、日本でのSSBJ導入効果の議論の参照点となる。
In the global GX context
BRSR is India's mandatory sustainability reporting regime, comparable in ambition to CSRD and ISSB-aligned frameworks. Evidence on whether disclosure quality lowers cost of capital strengthens the global business case for mandatory, quality-focused disclosure regulation and informs transition-finance pricing debates.
👥 読者別の含意
🔬研究者:開示品質の測定手法（BRSR指標ベースの内容分析）と資本コスト・財務成果の因果推論設計の参考になる。
🏢実務担当者:開示の「量」より「質」が資本コスト低減に効く可能性を示唆し、開示戦略の優先順位づけに使える。
🏛政策担当者:規制主導の開示制度が企業の資金調達コストに与える経済効果を測る評価枠組みとして参考になる。
📄 Abstract（原文）
Environmental, Social and Governance (ESG) disclosure has become a vital segment of corporate transparency, sustainable finance and investment decision-making. The recent advent of Business Responsibility and Sustainability Reporting (BRSR) by Securities and Exchange Board of India (SEBI) has enabled the institutional structure of sustainability reporting to be strengthened for listed firms. However, the economic implications of ESG disclosure quality have been noted as an area of research interest, especially in terms of firms’ financing costs and financial performance. The present research proposes to empirically analyse the relationship between ESG disclosure quality, cost of capital and financial performance for Indian listed firms through secondary data. Drawing on stakeholder, legitimacy, signalling and information-asymmetry theories, the study puts forth a framework where quality ESG disclosure can help enhance transparency, diminish risk and enhance stakeholder confidence. The present research intends to use a firm-year panel data set (2018-19 to 2024-25) (subject to data availability), along with structured content analysis index based on BRSR indicators for measuring ESG disclosure quality, and measures like cost of debt, estimated cost of equity and weighted average cost of capital for measurement of costs of financing, and return on assets, return on equity, Tobin’s Q for financial performance. Panel regression, fixed-effects estimation, robustness tests and diagnostics for endogeneity are expected to be used to analyse data. This research is expected to show whether the advantages of a superior corporate performance and financing in the form of a higher cost of capital are not merely the result of disclosure volume, but the quality of sustainability disclosure.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.20944/preprints202611.1417.v1first seen 2026-11-15 05:26:14
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