{"id":6073,"date":"2026-04-10T16:04:21","date_gmt":"2026-04-10T07:04:21","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=6073"},"modified":"2026-04-10T16:10:13","modified_gmt":"2026-04-10T07:10:13","slug":"2026%e5%b9%b45%e6%9c%8820%e6%97%a5%e6%b0%b4-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a-%e3%80%8ceconomic-effects-of-sustainability-reporting-regulation-when-social-activism-amplifies-tra","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/6073","title":{"rendered":"2026\u5e745\u670820\u65e5(\u6c34) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a \u300cEconomic Effects of Sustainability Reporting Regulation When Social Activism Amplifies Transition Risks\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cEconomic Effects of Sustainability Reporting Regulation When Social Activism Amplifies Transition Risks\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2026\u5e745\u670820\u65e5\uff08\u6c34\uff0916:45\uff5e18:25<\/td>\n<\/tr>\n
\u958b\u50ac\u65b9\u6cd5<\/th>\n\u5bfe\u9762 \uff0a11\u53f7\u99284\u968e\u7b2c3\u4f1a\u8b70\u5ba4\u306b\u304a\u8d8a\u3057\u304f\u3060\u3055\u3044\u3002<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/th>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/th>\nMartin Kl\u00f6sch \u6c0f<\/p>\n

(PostDoc Researcher, University of Vienna \u2013 Department of Accounting, Innovation, and Strategy)<\/td>\n<\/tr>\n

\u8981\u65e8<\/th>\nWe study the economic effects of corporate sustainability reporting regulations in a model with a capital market-oriented manager who invests in abatement activities and obfuscates adverse E&S impacts (greenwashing), financially oriented investors, and an impact-oriented social activist who advocates for future E&S regulations and, thus, amplifies corporate transition risks.
\nMore stringent reporting regulation induces corporate abatement and also intensifies social activism, creating a powerful strategic complementarity that disproportionately increases the value relevance of sustainability reporting. This then strengthens managerial greenwashing incentives and counters the deterrence effect of reporting regulations. In equilibrium, we show that greenwashing first increases and then decreases with the stringency of sustainability reporting regulations. In addition, we establish that lax rather than stringent regulation can be socially optimal under certain conditions. Our results give rise to novel empirical predictions and have
\nimportant regulatory implications.<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/th>\n\u82e5\u6797 \u5229\u660e\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u51c6\u6559\u6388\uff09<\/td>\n<\/tr>\n
\u53c2\u52a0\u7533\u3057\u8fbc\u307f\u65b9\u6cd5<\/th>\n\u53c2\u52a0\u306f\u3053\u3061\u3089<\/a>\u304b\u3089\u304a\u7533\u8fbc\u307f\u304f\u3060\u3055\u3044\u3002\u203b5\u670818\u65e5\uff08\u6708\uff0917:00\u7de0\u5207<\/td>\n<\/tr>\n
\u305d\u306e\u4ed6<\/th>\n\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u90e8\u30fb\u7523\u696d\u7d4c\u55b6\u7814\u7a76\u6240\u30fb\u91d1\u5b50\u826f\u592a\u5206\u79d1\u4f1a\u30fb\u9234\u6728\u5b5d\u5247\u5206\u79d1\u4f1a\u30fb\u4f1a\u8a08\u7814\u7a76\u6240<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u300cEconomic Effects of Sustainability Reporting Regulation When Social Activism Amplifies Transition Risks\u300d\u304c\u958b\u50ac\u3055\u308c […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-6073","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=6073"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6073\/revisions"}],"predecessor-version":[{"id":6082,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6073\/revisions\/6082"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=6073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=6073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=6073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}