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Does <scp>ESG</scp> Disclosure Improve Firms' Carbon‐Emissions Performance? New Evidence From the <scp>USA</scp>

ESG開示は企業の炭素排出パフォーマンスを改善するか？米国からの新たな証拠 (AI 翻訳)

Soufiene Assidi, Taha Almarayeh

Corporate Social Responsibility and Environmental Management📚 査読済 / ジャーナル2026-05-26#ESGOrigin: US
DOI: 10.1002/csr.70692
原典: https://doi.org/10.1002/csr.70692
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🤖 gxceed AI 要約

日本語

本研究は、米国企業のパネルデータ（2010-2023年）を用いて、ESG開示が炭素排出パフォーマンスに与える影響を分析した。結果は、ESG開示と炭素排出パフォーマンスの間に正の関連を示すが、財務レバレッジが高いとその効果が弱まることを明らかにした。政策立案者への示唆を提供する。

English

Using a panel of US firms (2010-2023), this study finds a positive association between ESG disclosure and carbon emissions performance, but financial leverage weakens this relationship. Insights for policymakers on promoting corporate emission reduction.

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

米国企業のデータに基づくが、日本でもESG開示と炭素排出の関連性に関する示唆は有用。ただし、日本独自の状況（SSBJ、有報）での検証が必要。

In the global GX context

Directly relevant to global ESG disclosure debates; highlights the moderating role of financial leverage, often overlooked in frameworks like TCFD/ISSB.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the ESG disclosure–carbon performance link, with financial leverage as a moderator.

🏢実務担当者:Highlights that high debt levels may limit the effectiveness of ESG disclosure in reducing emissions; firms should consider leverage when setting sustainability targets.

🏛政策担当者:Suggests that policies promoting ESG disclosure should also address corporate debt levels to ensure emission reduction effectiveness.

📄 Abstract（原文）

ABSTRACT Over the past few decades, awareness of climate change has grown significantly, leading to increased pressure on companies to address carbon emissions. ESG ratings are a widely used metric to evaluate a company's commitment to sustainable development and carbon emission reduction. This paper examines the nexus between ESG disclosure and corporate carbon emissions, with particular emphasis on the moderating role of financial leverage. The analysis draws on a panel dataset of publicly listed firms in the United States over the period 2010–2023. Using OLS estimates and a two‐step system generalized method of moments (GMM) approach, the results reveal a positive association between ESG disclosure and carbon‐emissions performance. However, the findings also show that financial leverage weakens this relationship. Firms with higher debt levels demonstrate a diminished ability to translate ESG disclosure into effective emission–reduction outcomes. Overall, the study offers important insights for policymakers seeking to promote corporate engagement in emission‐reduction efforts.

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