上場前のESG開示準備シグナル：インドIPO目論見書のテキストマイニング分析

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:AI×ESG開示分析の手法と、IPO文脈におけるシグナリング理論の実証例を提供する。

🏢実務担当者:上場準備企業のESG開示戦略において、ガバナンス偏重の現状と環境・社会開示の強化余地を示唆する。

🏛政策担当者:新興国市場におけるESG開示規制の設計や、上場審査での開示要件検討に参考となる。

Introduction Environmental, social, and governance (ESG) disclosure has become central to how firms establish credibility with capital markets, yet its role at the point of market entry remains underexamined. This study investigates how Indian firms communicate ESG readiness in mainboard initial public offering (IPO) prospectuses, measuring the intensity and thematic composition of ESG-related language rather than treating disclosure as a proxy for ESG performance or quality. Methods The analytical sample comprises 310 non-financial operating-company IPO prospectuses issued from FY2021-22 to FY2025-26. Prospectus text was cleaned, segmented into sentences, and embedded using Sentence-BERT. Each sentence was matched by cosine similarity to reference sentences derived from a Baier et al.-based ESG taxonomy comprising three pillars, ten categories, and forty subcategories; sentences scoring 0.45 or above were classified as ESG-related and assigned to the corresponding pillar and subcategory. In addition to the textual analysis, the study also carried out firm-level regressions relating pillar-specific disclosure to issuer characteristics and board structure, controlling for sector, year and document length. Results ESG-related sentences constitute, on average, 11.382% of total sentences across the sample. Governance disclosure is significantly more prevalent (8.605% of clean sentences) than social (1.462%) or environmental (1.314%) disclosure, with governance accounting for 75.5% of all ESG-classified sentences. Disclosure intensity and thematic emphasis vary meaningfully across financial years, industry sectors, and ESG subcategories. Supplementary regressions reveal pillar-specific rather than uniform associations between issuer characteristics and ESG disclosure, while board size and board independence are jointly associated with governance disclosure in a parsimonious specification. Discussion These findings are consistent with, but do not establish, a credibility-related signaling channel centered on governance disclosure. In the IPO prospectuses governance-related content dominates ESG communication at listing, while environmental and social disclosure remain comparatively limited and unevenly distributed across sectors and time.

• openalex https://doi.org/10.3389/frsus.2026.1954577first seen 2026-09-26 04:47:17
• semanticscholar https://www.frontiersin.org/journals/sustainability/articles/10.3389/frsus.2026.1954577/pdffirst seen 2026-09-27 05:25:09 · last seen 2026-09-29 05:42:25