企業のESG格付けと財務パフォーマンス：公開企業データへの依存に関するパネル分析
ESG ratings and financial performance of companies: A panel analysis of dependence on data from public corporations (原題)
Fatmir Redenica
🤖 gxceed AI 要約
日本語
ギリシャのMotor Oil (Hellas) Groupを対象に、2019〜2025年のESG格付けと財務業績の関係を分析した事例研究。2020年の業績悪化後、2022年に売上高・純利益が回復し、ROA・ROEは最大13.44%・45.24%に達した。ROAとROEの相関が最も強く（r=0.945）、Scope 1排出量とROEは中程度（r=0.666）だが、回帰では排出量の有意な影響は確認されなかった。財務業績は単一のESG指標よりも財務・非財務要因の組合せに依存すると結論づけている。
English
A single-firm case study of Motor Oil (Hellas) Group (2019–2025) examining links between ESG ratings and financial performance. Revenue and net profit recovered by 2022 after a 2020 downturn, with ROA and ROE peaking at 13.44% and 45.24%. ROA–ROE correlation was strongest (r=0.945) and Scope 1 emissions–ROE moderate (r=0.666), but regression found no significant emissions effect on ROE (R2=0.444; p=0.22). Financial performance depends on combined financial and non-financial factors rather than single ESG indicators.
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・有報でのESG情報開示と財務指標の関連づけを考える際、単一企業での相関分析の限界（サンプル数・検出力）を示す事例として参考になる。日本企業の統合報告での非財務KPI設計に示唆。
In the global GX context
Adds to the empirical literature linking ESG ratings and GHG metrics to financial outcomes, relevant to ISSB/CSRD-era debates on whether disclosed ESG data is financially material. Its null regression result cautions against over-reading single-firm correlations in disclosure narratives.
👥 読者別の含意
🔬研究者:単一企業・短期パネルでのESG–財務相関の限界と検出力の問題を示す実例として参照できる。
🏢実務担当者:統合報告でESG格付けと財務指標を安易に因果的に結びつけるリスクを再確認できる。
🏛政策担当者:ESG開示の財務重要性を評価する際、単一企業データでの相関分析には限界がある点に留意すべき。
📄 Abstract（原文）
The purpose of this study was to assess the relationship between Environmental, Social and Governance ratings and the financial performance of a public corporation using the example of Motor Oil (Hellas) Group in 2019-2025. Horizontal analysis, financial ratio analysis, comparative analysis, descriptive statistics, Pearson correlation analysis, and simple linear regression were applied. It was found that after the deterioration of financial performance in 2020, the company’s revenue increased to EUR 16,630,862 thousand and net profit to EUR 967,209 thousand in 2022, followed by stabilization during 2023-2025. The maximum values of Return on Assets and Return on Equity reached 13.44% and 45.24%, respectively. The company maintained a Morgan Stanley Capital International Environmental, Social and Governance Rating of A during 2021-2023 and achieved a Corporate Sustainability Assessment Score of 55 and an Environmental, Social and Governance Score of 57 in 2025. Descriptive statistics indicated average Return on Assets and Return on Equity values of 8.09% and 24.23%, respectively. Correlation analysis revealed the strongest relationship between Return on Assets and Return on Equity (r = 0.945), whereas the relationship between Scope 1 emissions and Return on Equity was moderate (r = 0.666). Regression analysis did not confirm a statistically significant impact of direct greenhouse gas emissions on return on equity (R2 = 0.444; p = 0.22). The findings showed that financial performance depended on a combination of financial and nonfinancial factors rather than individual Environmental, Social and Governance indicators. The practical significance of the study lies in applying the proposed approach to comprehensively assess the relationship between Environmental, Social and Governance characteristics and the financial performance of public corporations using publicly available corporate reports
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.52566/msu-econ3.2026.125first seen 2026-10-22 05:53:34 · last seen 2026-11-06 05:49:26
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。