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The Effects of Corporate Governance on ESG-related Information Disclosure: Evidence from Japanese Firms†
著者†
加藤達也(日本銀行)
概要†
The relevance of corporate governance of both internal and external factors and ESG-related information disclosure is examined for Japanese companies in this paper. For internal governance factors (board composition), the results of the logistic regression analysis show that variables such as independent directors and board activity are significant, suggesting that they influence the company’s ESG disclosure strategy, whereas, those of GA2M show that overall, internal governance variables are relatively less important than external governance variables in terms of feature importance. As for the external governance factors (shares ownership structure), the results of logistic regression show that all the explanatory variables analyzed in this study are significant. Although the results from GA2M are generally similar to the those presented in the logistic regression, non-linear relationships for institutional ownership and the Government Pension Investment Fund (GPIF) are indicated. These empirical results suggest that as frameworks related to corporate governance, such as the Japan’s Stewardship Code and the Japan’s Corporate Governance Code, are being developed, these initiatives are influencing the strategy of ESG disclosure and encouraging companies to disclose ESG-related information as expected. This paper presents new insights into the relationship between corporate governance and ESG-related information disclosure practices in Japanese companies.
キーワード†
ESG, Corporate Governance, GRI Standards, Machine Learning, Generalized Additive 2 Model (GA2M)
27_SIG-FIN-28.pdf
