Does ESG performance enhance investment efficiency? A study of Chinese firms with auditing quality as a mediator
ESGパフォーマンスは投資効率を向上させるか？監査品質を媒介変数とした中国企業の研究 (AI 翻訳)
Surayya Jamal, A. Imran, K. Mustafa, Ansar Ali Faraz, Shafiq Ur Rehman
🤖 gxceed AI 要約
日本語
本論文は、中国A株上場企業を対象に、ESGパフォーマンスが投資効率に与える影響と、監査品質の媒介効果を分析。2012年から2023年のパネルデータを用い、BloombergのESGスコアと最適投資からの乖離を測定。その結果、ESGスコアの1単位上昇は投資効率を約0.027向上させ、監査品質が部分的に媒介することが確認された。企業のESG実践強化と高品質監査の重要性を示唆。
English
This study examines the impact of ESG performance on investment efficiency for Chinese A-share listed firms from 2012-2023, using Bloomberg ESG scores and measuring investment efficiency as deviations from optimal levels. ESG performance significantly improves investment efficiency, with a one-unit increase in ESG score associated with a 0.027 improvement. Audit quality partially mediates this relationship. The findings suggest that strengthening ESG practices and engaging high-quality auditors can enhance capital allocation.
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
中国企業を対象とした研究だが、ESG開示と監査の質が投資効率に与える影響は、日本のSSBJや有報でのESG情報充実の議論にも示唆を与える。特に、監査品質がESG情報の信頼性を高める点は、日本企業の監査対応にも参考となる。
In the global GX context
While focused on China, this paper demonstrates how ESG performance and audit quality jointly influence investment efficiency. Globally, it reinforces the need for credible ESG disclosure and robust audit practices, aligning with ISSB standards and the growing emphasis on assurance of sustainability information.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the ESG-investment efficiency link in an emerging market, with audit quality as a mediator.
🏢実務担当者:Suggests that improving ESG scores and using Big-4 auditors can enhance capital allocation efficiency.
🏛政策担当者:Supports policies promoting standardized ESG disclosure and audit oversight to improve market efficiency.
📄 Abstract（原文）
Growing demands for non-financial information have increased the importance of environmental, social, and governance (ESG) disclosures in corporate decision-making. This study examines whether ESG performance improves investment efficiency in Chinese A-share listed firms and investigates whether audit quality mediates this relationship. Using a panel dataset of Chinese A-share firms from 2012 to 2023, ESG performance is measured using Bloomberg ESG pillar scores, while investment efficiency is estimated based on deviations from optimal investment levels. Firm-level fixed-effects regression models are employed to control for unobserved heterogeneity, and mediation analysis is applied to assess the indirect effect of audit quality. The empirical results indicate that ESG performance has a significant and positive effect on investment efficiency. A one-unit increase in ESG score is associated with an improvement of approximately 0.027 in investment efficiency at the 1% significance level. Audit quality, proxied by engagement with Big-4 auditors, is also positively associated with investment efficiency, with an estimated effect of about 0.006. Mediation analysis confirms that audit quality partially transmits the influence of ESG performance on investment efficiency, suggesting that high-quality auditing enhances the credibility of ESG disclosures and strengthens their role in guiding efficient investment decisions. These findings have important practical implications. Firms can improve investment efficiency by strengthening ESG practices and engaging high-quality auditors. Policymakers and regulators may enhance capital allocation efficiency by promoting standardized ESG disclosure requirements and improving audit oversight.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.18488/29.v13i2.4923first seen 2026-07-18 08:03:10
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