ESG Integration and Long-Term Portfolio Performance: Evidence from International Markets
ESG統合と長期ポートフォリオパフォーマンス：国際市場からの証拠 (AI 翻訳)
Jiale Cai
🤖 gxceed AI 要約
日本語
本稿は、ESG統合が長期ポートフォリオのリスク調整後リターンを向上させるメカニズムを分析。テールリスク回避と資本コスト最適化を通じて効果を発揮するが、先進国と新興国市場間で超過収益に有意な異質性が存在。また、評価基準の相違や「グリーンウォッシング」が実証上の課題であることを指摘。
English
This paper analyzes how ESG integration improves long-term portfolio risk-adjusted returns through tail risk avoidance and cost of capital optimization. It finds significant heterogeneity between developed and emerging markets in excess returns. Challenges include divergent rating standards and greenwashing.
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ESG投資が拡大する中、本論文はESG統合がポートフォリオの長期的なリスク調整後リターンを向上させる実証的根拠を提供。GPIFなどの機関投資家にとって、ESG要因を投資判断に組み込む理論的裏付けとなる。一方、評価基準のばらつきやグリーンウォッシングの課題は、日本の開示制度（SSBJ等）の設計にも示唆を与える。
In the global GX context
This paper offers empirical evidence that ESG integration enhances risk-adjusted returns, supporting investor rationale for ESG adoption. Its findings on heterogeneity across markets and challenges like rating divergence and greenwashing are highly relevant to global efforts to standardize ESG disclosure (ISSB, CSRD) and combat greenwashing.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG integration mechanisms and market heterogeneity, useful for further research on ESG performance drivers.
🏢実務担当者:Institutional investors can use findings to justify ESG integration in portfolio construction and understand cross-market differences.
🏛政策担当者:Regulators should note the challenges of rating divergence and greenwashing, informing disclosure standardization efforts.
📄 Abstract（原文）
In the macro context of the deep transformation of the global economy to a sustainable development model, environmental, social and corporate governance (ESG) factors are increasingly established in the core position of asset pricing and portfolio construction in the international capital market. This article explores the core mechanism of ESG integration on long-term portfolio performance and international market performance. The study shows that ESG integration is not a simple moral constraint, but significantly improves the long-term risk-adjusted returns of the portfolio by avoiding tail risks and optimizing the cost of capital of enterprises. However, due to the differences in market development stages, the excess returns of ESG investment show significant heterogeneity between developed and emerging markets, and face empirical challenges such as divergent rating standards and "greenwashing". Clarifying the above complex mapping mechanism provides a solid theoretical basis for institutional investors to optimize the cross-cycle asset allocation framework and regulatory authorities to improve the information disclosure system.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.62177/apemr.v3i3.1405first seen 2026-05-15 19:04:03
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