ثاثير افشاي اطلاعات زيست محيطي، اجتماعي، حاكميت شركتي بر عملكرد شركت: نقش تعديلي كيفيت حسابرسي، ويژگي‌هاي صنعت و قدرت رقابت

The Impact of Environmental, Social, an‎d Governance (ESG) Disclosure on Firm Performance: The Moderating Role of Audit Quality, Industry Characteristics, an‎d Competitive Power

حسابداري

Abstract Based on stakeholder, legitimacy, an‎d signaling theories, companies that disclose higher-quality environmental, social, an‎d governance (ESG) information are expected to achieve better financial performance by reducing information asymmetry an‎d increasing investor confidence. However, the magnitude of this effect is not uniform across all companies an‎d is influenced by monitoring an‎d structural factors. Hence, this study aims to investigate the impact of ESG disclosure on firm performance, along with the moderating roles of audit quality, industry characteristics, an‎d competitive power in this relationship. To test the hypotheses, a sample of 150 firms listed on the Tehran Stock Exchange was selec‎ted over the period 2015–2024, yielding 1,500 firm-year observations. The hypotheses were examined using multiple regression models an‎d panel data analysis. The results indicated that ESG disclosure has a positive an‎d significant effect on firm performance. Regarding the moderating effects, the findings suggest that audit quality reinforces the positive impact of ESG disclosure on financial performance an‎d firm value; specifically, in firms with higher-quality audits, ESG information enjoys greater credibility, thereby eliciting more favorable reactions from investors. Furthermore, industry characteristics strengthen the positive effect of ESG disclosure, meaning that this positive effect is considerably stronger in high-risk an‎d less stable industries compared to stable industries. Additionally, market competitive power enhances the relationship between ESG disclosure an‎d corporate profitability, yet it does not exert a significant influence on the relationship between ESG disclosure an‎d firm market value. Overall, the findings of this study demonstrate that the effectiveness of ESG disclosure on performance is contingent upon factors such as audit quality, industry risk, an‎d competition intensity. These results can serve as a practical guide for policymakers in formulating sustainability disclosure stan‎dards, for managers in improving reporting strategies, an‎d for investors an‎d financial analysts in more accurately eva‎luating firm performance. Keywords: ESG Disclosure, Firm Performance, Audit Quality, Industry Characteristics, Competitive Power.

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