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ESG Disclosure Quality of Pension Funds in East Asia: Evidence from China, South Korea and Japan

東アジアにおける年金基金のESG開示品質：中国、韓国、日本のエビデンス (AI 翻訳)

Zhuo Li

Journal of Digital Intelligence and Economic Growth📚 査読済 / ジャーナル2026-06-30#ESG経営インパクト: 資金調達対象セクター: finance
DOI: 10.63768/jdieg.v3i2.002
原典: https://doi.org/10.63768/jdieg.v3i2.002

🤖 gxceed AI 要約

日本語

本研究は、年金基金に特化したESG開示品質指数(PFDQI)を開発し、中国(NCSSF)、韓国(NPS)、日本(GPIF)の三大年金基金の2020～2025年の開示品質を評価した。内容分析とシグマ収束分析の結果、全基金で開示品質が向上し、GPIFが最高水準を維持、NCSSFはキャッチアップ効果を示した。気候関連開示と信頼性が最も弱い次元であることも明らかになった。

English

This study develops a Pension Fund Disclosure Quality Index (PFDQI) to evaluate ESG disclosure quality of three major East Asian public pension funds (NCSSF, NPS, GPIF) from 2020 to 2025. Using content analysis and sigma-convergence analysis, it finds consistent improvement across all funds, with GPIF maintaining the highest quality and NCSSF showing a significant catch-up effect. Climate disclosure and credibility emerge as the weakest dimensions.

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

GPIFは日本の公的年金運用機関として規模が大きく、そのESG開示は国内のSSBJ基準策定やインベスター・エンゲージメントに影響を与える。本稿の枠組みは、日本企業が年金基金との対話や開示改善を図る際の参照点となる。

In the global GX context

The study provides a comparative lens on pension fund ESG disclosure in East Asia, relevant to global frameworks like ISSB and CDP. The finding that climate disclosure is weakest underscores a common challenge for institutional investors worldwide, supporting the push for enhanced climate reporting under ISSB and CSRD.

👥 読者別の含意

🔬研究者:Offers a novel Pension Fund Disclosure Quality Index and comparative methodology for ESG disclosure assessment in the context of public pension funds.

🏢実務担当者:Pension fund managers and sustainability officers can use the PFDQI framework to benchmark their disclosure practices against peers in East Asia.

🏛政策担当者:Highlights the need for clearer climate disclosure mandates for public pension funds, particularly in East Asia, to enhance credibility and convergence.

📄 Abstract（原文）

This study develops a Pension Fund Disclosure Quality Index (PFDQI) to evaluate the ESG disclosure quality of three major East Asian public pension funds—China’s National Council for Social Security Fund (NCSSF), South Korea’s National Pension Service (NPS), and Japan’s Government Pension Investment Fund (GPIF)—over the period 2020–2025. By using content analysis and sigma-convergence analysis, the study examines both cross-national differences and dynamic changes in disclosure quality. The results indicate that ESG disclosure quality improved consistently across all three pension funds during the study period. GPIF maintained the highest disclosure quality, NPS demonstrated steady progress, and NCSSF exhibited a significant catch-up effect. It is also reflected that climate disclosure and credibility emerged as the weakest dimensions across the three institutions. The findings further reveal a gradual convergence trend in ESG disclosure quality, although substantial institutional differences remain. As a result, this study contributes to the sustainable finance literature by providing a pension fund–specific ESG disclosure assessment framework and new comparative evidence from East Asia.

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