“Green Finance, Policy Uncertainty, and Corporate Environmental Performance: Institutional Pathways in Developed Markets”
グリーンファイナンス、政策不確実性、そして企業の環境パフォーマンス：先進市場における制度的経路 (AI 翻訳)
Dilani Perera, Priyanka Nanayakkara, Prof. Wasanthie Maduraraperuma
🤖 gxceed AI 要約
日本語
本研究は、2012-2024年の先進9か国の1,280社のデータを用いて、グリーンファイナンスが企業の環境パフォーマンスを向上させることを実証。しかし、経済政策の不確実性が高いとその効果は弱まる。TCFDやCSRD、SBTiなどの制度的ガバナンスが不確実性の悪影響を緩和することを示した。
English
This study uses panel data from 1,280 firms across nine developed economies (2012-2024) to show that green finance significantly improves corporate environmental performance. However, high economic policy uncertainty weakens this effect. Institutional governance mechanisms like TCFD, CSRD, and SBTi mitigate the negative impact of uncertainty. The findings underscore the need for stable climate policies and transparent disclosure systems.
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
日本では、SSBJ基準の策定や有報でのTCFD開示が進んでいる。本研究は、グリーンファイナンスの効果が政策の安定性に依存することを示し、日本の気候関連開示制度の重要性を裏付ける。政策不確実性が高いとグリーンファイナンスの効果が減殺されるため、日本政府は一貫した政策を維持することが求められる。
In the global GX context
This paper provides cross-country evidence from developed markets that TCFD, CSRD, and SBTi commitments help sustain the positive impact of green finance even under policy uncertainty. It supports the global push for mandatory climate disclosures as a way to stabilize the effectiveness of sustainable finance.
👥 読者別の含意
🔬研究者:Empirical evidence on the moderating role of policy uncertainty and institutional governance in green finance effectiveness, using rigorous econometric methods.
🏢実務担当者:Adopting TCFD, CSRD, and SBTi can enhance the environmental performance gains from green finance, especially in times of policy uncertainty.
🏛政策担当者:Stable climate policies and strong disclosure mandates are essential for green finance to deliver environmental improvements.
📄 Abstract（原文）
Background Green finance has emerged as an important mechanism for mobilizing private capital toward climate mitigation and sustainable development. Despite the rapid expansion of sustainable finance markets, limited empirical evidence exists on how macroeconomic conditions, particularly economic policy uncertainty (EPU), influence the effectiveness of green finance in improving corporate environmental performance (CEP) in developed economies. Methods This study examines the relationship between green finance, policy uncertainty, and corporate environmental performance using panel data from 1,280 listed non financial firms across nine developed economies during 2012 2024. The analysis applies a multi-stage econometric framework including two-way fixed-effects, instrumental variable two-stage least squares (IV-2SLS), and propensity score matching difference-in-differences (PSM-DiD) to address endogeneity, selection bias, and unobserved heterogeneity. Results The findings indicate that green finance significantly improves corporate environmental performance, as access to sustainable financial instruments enables firms to invest in renewable energy, energy efficiency, and lowcarbon technologies. However, the positive impact of green finance weakens under high economic policy uncertainty, consistent with real options theory, which suggests firms delay irreversible sustainability investments in unstable policy environments. The results also show that institutional governance mechanisms, including climate disclosures under the Task Force on Climate-related Financial Disclosures (TCFD), the Corporate Sustainability Reporting Directive (CSRD), and corporate commitments to the Science-Based Targets initiative (SBTi), mitigate the negative effects of policy uncertainty. Conclusions Overall, the study highlights that the effectiveness of green finance depends on stable climate policies, transparent disclosure systems, and strong institutional governance, which are essential for advancing global climate objectives and achieving Sustainable Development Goal 13 (Climate Action).
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.12688/f1000research.179271.1first seen 2026-05-30 05:14:33 · last seen 2026-06-03 05:12:53
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