開示情報量と企業による印象操作がESG評価に及ぼす影響についての一考察

シミュレーションモデルを用いて

抄録

This paper analyzes how the volume of disclosed information and/or impression management in corporate reporting affect companies’ ESG scores, and thus positive screening based on ESG scores by using simulation models. The key findings of this paper are as follows. Firstly, the accuracy rate of positive screening would be significantly affected by the information volume and/or impression management. Secondly, an increase in the number of evaluation items or date points to calculate ESG score seem to provide more multi-dimensional ESG evaluation. However, under the circumstances where the effect of the volume of disclosed information and/or impression management on ESG evaluation exists, the accuracy rate would not be necessarily improved. Thirdly, introduction and tightening of disclosure regulations would improve the accuracy rate, but its marginal effect is incremental. When practitioners employ ESG scoring based on corporate reporting, they need to consider appropriate measures to eliminate or reduce the negative effects.