Institutional investors and corporate carbon emissions
機関投資家と企業の炭素排出 (AI 翻訳)
R Wang
🤖 gxceed AI 要約
日本語
本稿は、機関投資家が企業の炭素排出を削減するかどうかに関する理論的・実証的議論をレビュー。排出削減やグリーンウォッシングの役割、投資家の異質性（所有割合、投資期間、ガバナンス能力など）が効果に影響することを示す。受動的投資家は実質的な圧力よりもレトリックに依存しがちであり、効果は条件付きであると結論づける。
English
This paper reviews theoretical and empirical arguments on whether institutional investors reduce corporate carbon emissions. It finds that the impact is conditional on ownership levels, investment horizon, governance expertise, and regulatory frameworks. Passive investors often rely on rhetoric rather than actual pressure. The heterogeneity of investors is critical for assessing financial markets' climate mitigation capacity.
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GPIFなどの機関投資家が気候変動エンゲージメントを強化しており、本レビューは効果的な投資家行動の条件（長期保有、ガバナンス専門性など）を示すことで、日本の機関投資家や規制当局に実践的示唆を提供する。
In the global GX context
Globally, debates on institutional investor impact on emissions and greenwashing risks are central to TCFD/ISSB disclosure and transition finance. This paper synthesizes conditions under which investors can effectively reduce emissions, informing both asset managers and regulators.
👥 読者別の含意
🔬研究者:Highlights the heterogeneity of institutional investors and conditional factors for emissions reduction, guiding future empirical work.
🏢実務担当者:Emphasizes that long-term ownership and governance expertise are key for effective climate engagement, while passive strategies may be insufficient.
🏛政策担当者:Indicates that regulatory frameworks enabling active ownership and long-term horizons can enhance investor-driven decarbonization.
📄 Abstract（原文）
There is debate about whether institutional investors reduce corporate carbon emissions. This paper reviews the theoretical and empirical arguments about the emissions-reducing and greenwashing roles of institutional investors, such as mutual funds, private equity, and pension funds. On the other hand, other studies have found the impact of institutional investors to be limited or symbolic. It has been suggested that institutional investors are more inclined to rebalance their portfolios or divest their shares rather than directly influence firms' emissions. In some cases, the reported reductions in emissions by firms may result from asset transfers, outsourcing, and disclosure strategies rather than from actual emissions reductions. In addition, the green image of firms, which is a major concern among institutional investors, could lead them to focus more on disclosure and branding rather than actual efforts in reducing emissions. Therefore, the impact of institutional investors is highly heterogeneous. Emissions reduction is more likely to be achieved by institutional investors when they have a high level of ownership, a long investment horizon, governance expertise, and a conducive regulatory framework. In contrast, passive investors, who have limited divestment power and are subject to strong benchmarking pressure, are more likely to rely on rhetoric rather than actual pressure to achieve their goals. Overall, the discussion above indicates that institutional investors can reduce firms' carbon emissions under specific institutional and regulatory conditions. However, the impact of institutional investors is conditional rather than absolute. Understanding the heterogeneity of institutional investors and the channels of corporate governance is critical in assessing the overall capacity of financial markets to mitigate the effects of climate change.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.54254/2977-5701/2026.34358first seen 2026-06-18 05:09:55
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