The Green Premium Paradox
グリーンプレミアムのパラドックス (AI 翻訳)
Ali Ahmed, Daniel Nenguke, Filip Dudek
🤖 gxceed AI 要約
日本語
本論文は「グリーンプレミアム・パラドックス」を分析する。ESGラベルの株式に投資家が支払うプレミアムは、企業のサステナビリティ報告の質に依存する。著者は「開示忠実度指数」と「グリーン会計錯覚」を提案し、IFRS S1/S2の国際的な適用状況を用いて実証する。政策提言として、共通基準の義務化と独立保証を求める。
English
This paper introduces the 'Green Premium Paradox,' where investors pay a premium for ESG-labeled stocks without verifying the truthfulness of sustainability claims. Using behavioral finance, the authors develop a model connecting ESG disclosure quality (via a new 'Disclosure Fidelity Index') to stock pricing. They identify the 'Green Accounting Illusion' bias and illustrate with IFRS S1/S2 adoption. Policy recommendations include mandatory common standards and independent assurance.
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
日本でもSSBJ基準の導入が進む中、開示の質が投資家のグリーンプレミアムに与える影響を分析した本論文は重要。特に「グリーン会計錯覚」は日本の個人投資家にも当てはまる可能性があり、SSBJ開示の設計に示唆を与える。
In the global GX context
This paper engages directly with the IFRS S1 and S2 standards adoption timeline, a global focus. The Disclosure Fidelity Index provides a tool for investors and regulators to assess reporting quality beyond mere compliance. The policy suggestions are relevant for ISSB and national regulators including SEC and CSRD.
👥 読者別の含意
🔬研究者:This paper provides a behavioral finance model linking ESG disclosure quality to market premiums, useful for further work on disclosure standards.
🏢実務担当者:Companies can use the Disclosure Fidelity Index to self-assess their reporting quality and avoid the 'Green Accounting Illusion.'
🏛政策担当者:Regulators should note the evidence that unclear reporting inflates green premiums, supporting mandatory standards and independent assurance.
📄 Abstract（原文）
This paper looks at what we call the "Green Premium Paradox". This is when everyday investors pay extra for stocks labeled as ESG (which means environmentally friendly, social, or well-governed) without really checking if the company's sustainability claims are truthful or comparable with others. Based on ideas from behavioural finance (which studies how people make financial decisions), we argue that this price difference is not because these companies are actually safer. Instead, it happens because companies often report their sustainability data in an unclear way. We made a four-step model that connects the quality of a company's ESG reporting (measured by our new Disclosure Fidelity Index) to how much investors will pay for its stock. We also introduce something called the "Green Accounting Illusion", a bias where investors mistake more information for better information. To test our ideas, we use the real-world example of new global sustainability standards (IFRS S1 and S2) being adopted at different times in different countries. Finally, we offer policy suggestions: we should require companies to use common reporting standards, have independent checks on sustainability data, and design disclosures so they are easier for everyday investors to understand.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.2139/ssrn.6433518first seen 2026-06-11 05:17:54
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