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September 4, 2026Corporate Governance

The impact of governance quality and institutional pressure on corporate decisions to support the task force on climate-related financial disclosures

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SSSatoshi Shimizu

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Overview

Longitudinal analysis reveals climate governance, board diversity, and carbon intensity drive climate disclosure adoption in listed firms, indicating policy updates accelerate transparency.

Key Points

  • To evaluate how internal governance structures and external institutional pressures determine corporate adoption of recommendations from the Task Force on Climate-related Financial Disclosures.
  • Analyzed a sample of 687 Japanese listed companies over the period from 2017 to 2023.
  • Applied Cox proportional hazards models and logit regression models to assess the likelihood and timing of disclosure adoption.
  • Firms characterized by robust climate governance mechanisms, gender-diverse boards, and elevated carbon intensity were significantly more likely to support climate disclosure frameworks.
  • Revisions to the corporate governance code enforcing sustainability reporting notably accelerated company-level adoption of disclosure guidelines.

Cite This Study

Satoshi Shimizu (2026) studied this question.

synapsesocial.com/papers/6a9ab0dc5d9e33f25c631edahttps://doi.org/10.1108/cg-08-2025-0542
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