Green Bond Financing and Corporate Environmental Disclosure: Evidence from Asian Economies
グリーンボンド・ファイナンスと企業の環境情報開示：アジア経済圏からのエビデンス (AI 翻訳)
Xiaoyan Sun
🤖 gxceed AI 要約
日本語
本稿は、中国・日本・韓国・インドの上場企業を対象に、グリーンボンド等のグリーンファイナンスが環境情報開示の質に与える影響を分析。差の差法を用いた実証分析の結果、グリーンファイナンスはESG環境スコアなどの自主的な開示を向上させるが、その効果は国の制度環境によって異なり、弱い制度下ではグリーンウォッシュのリスクが存在することを示した。
English
This paper examines how green finance, particularly green bonds, affects the quality of corporate environmental disclosure in listed firms across China, Japan, South Korea, and India. Using a difference-in-differences approach, it finds that green finance generally improves voluntary environmental disclosure (e.g., ESG environmental pillar scores), but the improvements can be superficial and vary by institutional context, with weaker institutions posing greenwashing risks.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
本稿は、日本のグリーンボンド市場やSSBJ（サステナビリティ開示基準）の議論に対し、グリーンファイナンスが実際に開示の質向上につながるかというエビデンスを提供する。日本の強い制度環境下では、開示の透明性が本質的な環境改善を示す可能性が示唆されるが、グリーンウォッシュ防止のための規制強化の重要性も示す。
In the global GX context
This study contributes to global debates on greenwashing and the real impact of green finance on corporate disclosure, relevant to ISSB, CSRD, and SEC climate rules. It highlights that institutional strength moderates the credibility of environmental disclosures, offering insights for investors and regulators in jurisdictions with varying enforcement levels.
👥 読者別の含意
🔬研究者:Provides a cross-country comparison of green bond impact on disclosure quality using DiD, useful for researchers studying green finance and corporate behavior.
🏢実務担当者:Corporate sustainability teams can use these findings to understand how green finance may enhance disclosure credibility in countries with strong institutions, but must guard against greenwashing risks.
🏛政策担当者:Regulators in Japan and elsewhere should note that green finance alone may not ensure genuine environmental improvements; complementary mandatory disclosure rules and enforcement are crucial.
📄 Abstract（原文）
This study explores whether green finance has a positive impact on corporate disclosure‑based environmental performance of listed companies in four Asian economies: China, Japan, South Korea and India. By examining green finance and green bonds, it investigates whether such financing improves the quality of environmental disclosure and whether the credibility of such improvements varies across institutional contexts. Grounded in legitimacy theory, signaling theory, and stakeholder pressure theory, this study argues that green finance may bring real environmental improvements as well as symbolic compliance merely to meet regulatory requirements. Methodologically, it constructs a firm‑level analytical framework using longitudinal and cross‑sectional analysis with a difference‑in‑differences approach. Due to limited data, it uses all available data rather than constructing a new panel. Results show that green finance generally improves voluntary environmental performance, especially in the ESG environmental pillar, though some improvements are superficial and country‑specific. In stronger institutional frameworks, higher reporting transparency signals genuine environmental commitment, while weaker institutions may lead to greenwashing risks. This comparative study hopes to promote further research in this field.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.54254/2754-1169/2026.33374first seen 2026-05-14 23:03:27
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