ESG開示が株価同期性に与える影響
THE IMPACT OF ESG DISCLOSURE ON STOCK PRICE SYNCHRONICITY (原題)
YunWei Shen
🤖 gxceed AI 要約
日本語
中国A株上場企業の2011-2023年のパネルデータを用い、ESG開示が株価同期性を有意に低下させることを実証。非製造業と国有企業で効果が顕著で、環境・社会の次元が寄与する一方、ガバナンス次元は有意でない。情報非対称性の緩和と資本市場の効率性向上に寄与する。
English
Using panel data of Chinese A-share listed firms from 2011 to 2023, this study finds that ESG disclosure significantly reduces stock price synchronicity, with stronger effects in non-manufacturing and state-owned enterprises. Environmental and social dimensions matter, while governance does not. The findings support ESG disclosure as a mechanism to mitigate information asymmetry and improve capital market efficiency.
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情報の資本市場への影響が注目される。本研究成果は、日本の上場企業におけるESG開示の質向上が株価の情報効率性を高める可能性を示唆し、投資家対応や開示戦略の参考となる。
In the global GX context
This study contributes to the global literature on ESG disclosure consequences, particularly in emerging markets. It provides evidence that ESG disclosure reduces information asymmetry, relevant for ISSB and SEC disclosure frameworks. The heterogeneity findings (ownership, industry) offer insights for policymakers designing disclosure mandates.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure's impact on stock price synchronicity in China, useful for comparative studies with Japan and other markets.
🏢実務担当者:Highlights the importance of ESG disclosure quality for reducing information asymmetry, which can inform corporate disclosure strategies and investor relations.
🏛政策担当者:Offers evidence that ESG disclosure improves market efficiency, supporting regulatory efforts to enhance disclosure requirements.
📄 Abstract（原文）
Against the dual context of global sustainable development and the high-quality development of China’s capital market, ESG disclosure has gradually become an important mechanism for mitigating information asymmetry and improving resource allocation efficiency, which carries substantial theoretical and practical importance for fostering the stable and effective functioning of the capital market. Using panel data of Chinese A-share listed firms spanning from 2011 to 2023 as the research sample, this paper empirically investigates the impact of ESG disclosure on stock price synchronicity and its heterogeneous effects across different firm characteristics. The empirical results demonstrate that ESG disclosure significantly reduces stock price synchronicity, and this negative impact exhibits noticeable heterogeneity: it is more conspicuous in non-manufacturing enterprises and state-owned enterprises. Further dimensional analysis reveals that environmental (E) and social (S) dimensions play a significant role in lowering stock price synchronicity, whereas the corporate governance (G) dimension shows no significant effect. By distinguishing industry attributes, property rights and three-dimensional differences of ESG, this study enriches research on the capital market consequences of ESG disclosure and supplements the influencing factors of stock price synchronicity, providing empirical evidence for regulatory authorities and listed companies to improve information disclosure quality.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.61784/wjebr3127first seen 2026-09-06 05:14:22
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