Between mandate and market: a structured review and conceptual framework linking ESG regulation, ratings, and firm performance
規制と市場の間：ESG規制、格付け、企業パフォーマンスを結びつける構造的レビューと概念的枠組み (AI 翻訳)
Alphasyah Lazuardy Sidarta, E. Sukoharsono, Abdul Ghofar, Y. Prihatiningtias
🤖 gxceed AI 要約
日本語
本レビューは、ESG規制、格付け、企業パフォーマンスを結ぶ因果連鎖を5つの理論で整理し、7つの命題として統合的フレームワークを提示。開示義務だけでは情報の比較可能性や信頼性は保証されず、保証（assurance）が質を担保する鍵であると結論付ける。
English
This integrative review synthesizes 55 sources to propose a causal chain from ESG regulation to disclosure, ratings (which diverge due to measurement and scope), and firm performance through risk and cost of capital. Greenwashing moderates each link, and assurance is identified as the critical lever to convert disclosure quantity into quality. Seven propositions and an integrated framework are provided.
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
日本のSSBJや有報におけるESG開示義務化の議論に直接示唆を与える。特に、開示の量的拡大と質的保証（第三者保証）の関係を理論化しており、日本での保証制度設計や格付機関への対応に有用。
In the global GX context
Globally, this framework aligns with TCFD/ISSB/CSRD developments by clarifying that disclosure mandates alone are insufficient. It highlights the role of assurance and the mechanisms through which ratings affect firm performance, offering a shared structure for fragmented research and policy design.
👥 読者別の含意
🔬研究者:Provides a testable causal framework with seven propositions, offering a foundation for empirical work on ESG regulation, ratings, and firm performance.
🏢実務担当者:Highlights that assurance (third-party verification) is critical to make ESG disclosures credible and influence ratings and cost of capital.
🏛政策担当者:Argues that disclosure mandates must be paired with assurance requirements to ensure market confidence and comparability.
📄 Abstract（原文）
Background Environmental, social, and governance (ESG) considerations have moved from a voluntary investor principle into binding disclosure law, a large market of rating providers, and an extensive literature on financial outcomes. These three developments are usually examined in separate fields, which leaves the connections between them poorly specified. This review asks what theoretical mechanisms connect ESG regulation, ESG ratings, and firm performance, and where in that chain the mechanisms weaken. Methods We conducted a structured, integrative review. From a reference corpus of 236 records, 5 duplicates were removed and 231 were screened; 157 met an ESG-relevance threshold and 55 sources were synthesised in depth, alongside primary regulatory documents. Sources were coded against five theories (stakeholder, legitimacy, institutional, agency, and signaling) and three themes (regulation and disclosure, ratings and measurement, and performance). Screening followed PRISMA principles, and the screening log, coding matrices, and proposition map are openly deposited. Results The literature describes a single causal chain. Regulation sets the supply of disclosure; rating intermediaries convert disclosure into scores that diverge for reasons of measurement and scope; and disclosure and ratings reach the market, where they relate to performance mainly through risk and the cost of capital. Greenwashing moderates every link, and assurance is the institutional check that restores a credible signal. We state the relationships as seven propositions and integrate them into one framework. Conclusions A disclosure mandate alone does not guarantee comparable information or a reliable market signal; verification is the lever that turns disclosure quantity into quality. The framework offers a shared structure for a fragmented field and a set of testable propositions for future empirical work.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://f1000research.com/articles/15-1096/pdffirst seen 2026-07-13 06:32:42
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