ESG信頼性格差：グリーンウォッシュ、不正行為、そして財務透明性と持続可能な企業パフォーマンスへの示唆
The ESG Credibility Gap: Greenwashing, Fraudulent Practices, and the Implications for Financial Transparency and Sustainable Corporate Performance (原題)
M. Kumawat
🤖 gxceed AI 要約
日本語
ESG投資の拡大に対し、開示と実態の乖離である「ESG信頼性格差」をグリーンウォッシュ・不正・開示・企業金融の文献レビューと代表的な執行事例から検討する。正当性理論やシグナリング理論等を基に、グリーンウォッシュとESG不正を意図と重要性の連続体として位置づける枠組みを提示する。格付の不一致、保証の空白、非対称な規制執行が象徴的対応を促す構造を明らかにし、DWSやフォルクスワーゲン事例で資本市場の罰則と信頼喪失を示す。EUのCSRD/SFDR/タクソノミーと米国の気候開示規制を評価し、収斂した保証付き執行可能な開示基準が信頼性格差解消の前提だと論じる。
English
This paper examines the "ESG credibility gap"—the divergence between corporate sustainability claims and verifiable performance—through an integrative review of greenwashing, fraud, disclosure, and corporate finance literature plus landmark enforcement cases. Using legitimacy, signaling, voluntary disclosure, and agency theories, it frames greenwashing and ESG fraud on a single continuum of misrepresentation distinguished by intent and materiality. It shows rating divergence, assurance gaps, and asymmetric enforcement incentivize symbolic over substantive behavior, illustrated by the DWS/Deutsche Bank settlement and Volkswagen Dieselgate. The authors argue convergent, assured, enforceable disclosure standards (EU CSRD/SFDR/Taxonomy; unsettled US rules) are prerequisites for ESG to signal real performance.
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
SSBJ基準の確定と有報・統合報告書での保証導入が進む日本にとって、格付乖離・保証ギャップ・執行の非対称性という本稿の指摘は、開示の実効性と第三者保証の設計を考える直接の示唆となる。グリーンウォッシュとESG不正を連続体で捉える枠組みは、国内企業のコンプライアンス体制や投資家対応の点検に有用。
In the global GX context
As CSRD/SFDR and ISSB standards raise assurance and enforcement expectations, this paper's diagnosis of rating divergence, assurance gaps, and asymmetric enforcement speaks directly to the global disclosure-infrastructure debate. Its continuum framing of greenwashing versus ESG fraud offers regulators and standard-setters a lens for calibrating materiality thresholds and enforcement priorities, and adds to the unsettled US climate-disclosure discussion.
👥 読者別の含意
🔬研究者:グリーンウォッシュとESG不正を信頼性・意図・重要性の連続体として整理する概念的枠組みと理論的基盤を提供する。
🏢実務担当者:格付乖離や保証ギャップを踏まえ、自社のESG開示が象徴的対応と見なされないための実効性・保証体制の点検に使える。
🏛政策担当者:収斂した保証付き執行可能な開示基準の設計と、非対称な規制執行の是正が信頼性格差解消に不可欠である点を示唆する。
📄 Abstract（原文）
Environmental, social, and governance (ESG) investing has grown from a peripheral ethical consideration into a mainstream determinant of capital allocation, yet the credibility of the disclosures underpinning it remains contested. This paper examines the "ESG credibility gap" the widening disjuncture between corporate sustainability claims and verifiable underlying performance — through an integrative review of the greenwashing, fraud, disclosure, and corporate finance literatures, supplemented by analysis of landmark enforcement cases. Drawing on legitimacy theory, signaling theory, voluntary disclosure theory, and agency theory, the paper develops a conceptual framework that positions greenwashing and ESG fraud along a single continuum of misrepresentation distinguished chiefly by intent and materiality. It shows that structural features of the ESG information ecosystem — rating divergence, assurance gaps, and asymmetric regulatory enforcement — create incentives for symbolic rather than substantive sustainability behaviour. Case analysis of the DWS/Deutsche Bank greenwashing settlement and the Volkswagen "Dieselgate" scandal illustrates how credibility failures translate into capital-market penalties, reputational damage, and erosion of stakeholder trust. The paper further evaluates the European Union’s CSRD/SFDR/Taxonomy architecture and the unsettled trajectory of United States climate-disclosure regulation, arguing that convergent, assured, and enforceable disclosure standards are prerequisites for closing the credibility gap and for ESG to function as a reliable signal of sustainable corporate performance rather than a reputational veneer.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.aijmr.com/papers/2026/5/1577.pdffirst seen 2026-11-07 05:50:25
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