The Impact of ESG Compliance and Greenwashing Risk on the Value of Companies Listed on the Bucharest Stock Exchange
ブカレスト証券取引所上場企業におけるESGコンプライアンスとグリーンウォッシングリスクが企業価値に与える影響 (AI 翻訳)
Ioana Andrioaia, Veronica Grosu, Svetlana Mihaila, A. Ciobotar
🤖 gxceed AI 要約
日本語
本研究はブカレスト証券取引所上場25社の2020～2024年データを用い、ESG報告の質とグリーンウォッシングリスク（報告情報から推計）が企業価値に与える影響を分析。内容分析とパネルデータのOLS推定により、環境・社会次元の報告品質と市場価値の関連を確認したが、グリーンウォッシング指標の影響は限定的だった。新興市場におけるESG報告の信頼性と投資家評価に示唆を与える。
English
This study analyzes the relationship between ESG reporting quality, greenwashing risk (proxied from reported information), and market value of 25 companies listed on the Bucharest Stock Exchange from 2020-2024. Using content analysis and pooled OLS on short panel data, it finds associations between environmental and social reporting quality and market capitalization, while greenwashing risk shows limited statistical influence. The findings contribute to ESG disclosure literature in emerging markets.
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
日本企業にとっても、ESG報告の質とグリーンウォッシングリスクの評価は投資家対応で重要。本稿は新興市場の事例として、報告情報に基づく指標の注意深い解釈の必要性を示しており、SSBJ対応や統合報告書の作成において参考になる可能性がある。
In the global GX context
Globally, greenwashing risk is a growing concern under ISSB and CSRD disclosure frameworks. This paper provides empirical evidence from an emerging market, showing that the quality of ESG reporting is associated with market value, but greenwashing proxies derived from disclosures have limited predictive power—highlighting the challenge of identifying greenwashing from reported data alone.
👥 読者別の含意
🔬研究者:Contributes to the literature on ESG reporting quality and greenwashing in emerging markets, offering a methodological approach using ordinal scores and OLS.
🏢実務担当者:Highlights that investors value ESG reporting quality, but greenwashing risk inferred from disclosures may not be clearly penalized; caution needed in interpreting ESG scores.
🏛政策担当者:Suggests regulators in emerging markets should monitor greenwashing risk and consider strengthening disclosure requirements to improve market transparency.
📄 Abstract（原文）
Corporate sustainability and the reliability of ESG reporting have gained relevance in the evaluation of listed companies, particularly in emerging capital markets, where reporting practices are still in their early stages of development. The purpose of this study is to analyze the relationship between the quality of ESG reporting, the risk of greenwashing estimated using a proxy derived from reported information, and the market value of companies listed on the Bucharest Stock Exchange. The research employs a mixed-methods design, involving content analysis of annual reports, sustainability reports, and sustainability statements for 25 companies over the 2020–2024 period. The scores corresponding to the Environmental, Social, and Governance dimensions, as well as the proxy for greenwashing risk, were developed using an ordinal scoring grid, which was validated through inter-rater assessment. During the course of the study, the empirical relationships were tested using pooled OLS specifications on short panel data, incorporating the natural logarithm of market capitalization, financial controls, year effects, and sector dummy variables. The results highlight the presence of an association between the quality of ESG reporting and market value, particularly for environmental and social dimensions, while the greenwashing risk proxy exhibits a limited statistical influence. The study contributes to the literature on ESG reporting in emerging markets and highlights the need for a cautious interpretation of indicators constructed based on corporate disclosures.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/jrfm19060448first seen 2026-06-30 05:36:57
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