ESGとセクター特性を考慮した最適資本構成：PRISMA系統的レビュー（2016–2026）
ESG dan Karakteristik Sektoral dalam Optimalisasi Struktur Modal: Tinjauan Sistematis PRISMA (2016–2026) (原題)
Kesya Indira Maharani
🤖 gxceed AI 要約
日本語
ESG準拠とWACC最小化の関係を分析し、セクター特性に基づく最適資本構成（DER）戦略を提案。PRISMAプロトコルに基づく27件の国際論文の系統的レビューにより、ESG開示はリスク軽減と資本コスト低減に有効だが、過度なESGスコアは「コンプライアンスの罠」を招き流動性を低下させWACCを増加させることを示す。エネルギー、インフラ、テクノロジー、銀行などセクターごとに最適な資本構成が異なる。
English
This systematic review (PRISMA, 27 articles, 2016-2026) analyzes the relationship between ESG compliance and WACC minimization, proposing sector-specific optimal capital structure (DER) strategies. ESG disclosure reduces risk and cost of capital, but extreme ESG scores trigger a 'compliance trap' that depletes liquidity and raises WACC. Optimal debt levels vary by sector: energy relies on green debt, infrastructure uses trade-off theory, technology prefers internal financing, and banking focuses on core capital resilience.
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開示が始まり、ESGと資本コストの関係は投資家対応で重要。本レビューはセクター別の資本構成戦略を示し、日本企業の開示実務やIRに示唆を与える。
In the global GX context
Globally, this review informs the debate on ESG and cost of capital, relevant to ISSB/CSRD disclosure and transition finance. It highlights sector-specific capital structure implications, useful for investors and policymakers designing ESG standards.
👥 読者別の含意
🔬研究者:Provides a structured synthesis of ESG-capital structure literature, identifying sectoral patterns and the compliance trap.
🏢実務担当者:Offers guidance for CFOs and sustainability teams on tailoring capital structure to sector-specific ESG risk profiles.
🏛政策担当者:Suggests tightening ESG standards to prevent greenwashing and ensure accurate sustainability claims.
📄 Abstract（原文）
To analyze the relationship between compliance with ESG standards and efforts to minimize WACC, and to formulate an optimal capital structure (DER) strategy based on sectoral characteristics. A Systematic Literature Review (SLR) based on the PRISMA protocol of 27 articles from reputable international journals (Q1–Q4) published between 2016 and 2026. ESG disclosure is effective in mitigating risk and reducing the cost of capital. However, excessively extreme ESG scores trigger a “compliance trap” that depletes liquidity and increases the WACC. There is no universal debt formula: the energy sector relies on green debt, infrastructure aggressively applies the Trade-Off Theory, the technology sector prioritizes internal financing (Pecking Order), and the banking sector focuses on core capital resilience. Financial managers need to implement dynamic capital structures tailored to sector-specific risk profiles, and stock exchange authorities need to tighten ESG standards to prevent false sustainability claims.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://jurnal.ittc.web.id/index.php/jakbs/article/download/5127/4678first seen 2026-08-30 05:33:45 · last seen 2026-09-22 05:22:00
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