A Study on the Nonlinear Governance Effects of ESG Performance: Dual Evidence from ST Risk and ESG Rating Migration
ESGパフォーマンスの非線形ガバナンス効果に関する研究：STリスクとESG格付移行からの二重証拠 (AI 翻訳)
Yuejia Dai, Yuanhua Liu
🤖 gxceed AI 要約
日本語
中国A株上場企業（2009-2024年）のデータと華証ESGスコアを用い、パネル閾値LogitモデルでESGパフォーマンスの非線形効果を分析。ESGはSTリスク低減に単一閾値効果を持ち、閾値以上で効果が強化。ESG格付の上方移行には天井効果、下方移行には非対称閾値効果がある。資金制約が調整効果を持ち、産業の環境感応性に構造的異質性がある。
English
Using data from Chinese A-share listed firms (2009-2024) and Huazheng ESG scores, this study employs a panel threshold Logit model to analyze nonlinear effects of ESG on ST risk and ESG rating migration. Findings show a single threshold effect for ST risk reduction, asymmetric effects on rating migrations, and a moderating role of financing constraints. Industry environmental sensitivity reveals structural heterogeneity.
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
中国A株市場のデータに基づくが、ESGパフォーマンスの非線形効果や格付移行の非対称性は日本の企業にも示唆を与える。特に、ESG格付の天井効果や下方移行リスクは、日本のSSBJ対応や投資家向け開示戦略に有用な知見を提供する。
In the global GX context
This paper contributes to global ESG literature by demonstrating nonlinear thresholds in ESG's impact on financial risk and rating dynamics, using a large Chinese sample. It highlights the importance of considering threshold effects in ESG strategy and regulation, relevant for global disclosure frameworks like ISSB and TCFD.
👥 読者別の含意
🔬研究者:Useful for scholars studying nonlinear effects of ESG on corporate risk and rating migrations.
🏢実務担当者:Corporate sustainability teams can learn about threshold effects in ESG performance that affect rating outcomes and ST risk.
🏛政策担当者:Regulators may note the asymmetric effects on rating migrations and the moderating role of financing constraints for policy design.
📄 Abstract（原文）
: In the context of the "dual carbon" strategy and the growing integration of sustainable principles into business activities, ESG performance has become an essential non-financial indicator for corporate value. This study utilizes data from A-share listed businesses (2009–2024) and Huazheng ESG scores, employing a panel threshold Logit model to analyze the nonlinear effects of ESG performance on ST risk and ESG rating migration, as well as the underlying mechanisms. Findings indicate that ESG demonstrates a single threshold effect on reducing ST risk, with a threshold of approximately 70.013 for ST risk, 70.013 for rating upgrade and 75.060 for rating downgrade, beyond which the risk-mitigation effect significantly intensifies. Secondly, ESG influences rating migration asymmetrically: upward migration is limited by a "ceiling effect" for high ESG enterprises, whereas downward migration exhibits an asymmetric threshold effect, increasing downgrade risks for these entities. Third, financing constraints serve as a critical boundary condition, exerting a profound moderating effect. The environmental sensitivity of industries reveals structural heterogeneity: sensitive sectors exhibit stronger ST risk mitigation, whereas non-sensitive sectors face more severe upgrade constraints. This study elucidates the nonlinear structural impact of ESG in corporate extreme risk and ESG dynamics from a nonlinear governance viewpoint, providing theoretical and empirical backing for differentiated ESG strategies, improved rating systems, and augmented regulatory risk alerts.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.25236/ajbm.2026.080301first seen 2026-07-18 07:32:28
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