ESGは企業価値を創造するか？相反する実証的証拠と説明メカニズムの批判的レビュー
Does ESG Create Firm Value? A Critical Review of Conflicting Empirical Evidence and Explanatory Mechanisms (原題)
S. Thasneem, Md Kassim Aza Azlina
🤖 gxceed AI 要約
日本語
ESGパフォーマンスと企業価値の関係について、ステークホルダー理論やシグナリング理論等の理論と実証研究を批判的にレビューした論文。正負双方の影響が理論上あり得るとし、実証結果はマテリアリティ、業種、分析期間、制度環境、ESG指標の構成、手法に依存すると指摘する。近年は非線形・S字型関係や閾値の存在が報告され、ESG格付けの不一致、内生性、E・S・G次元の集約が依然として方法論的課題であると論じる。
English
A critical review of theories and empirical evidence on the ESG–firm value relationship. It finds both positive and negative valuation effects are theoretically possible, and that empirical results depend on materiality, industry, time horizon, institutional context, ESG metric construction, and methodology. Recent studies suggest nonlinear, S-shaped, and threshold effects, while rating discrepancies, endogeneity, and E/S/G aggregation remain key methodological issues.
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
SSBJ基準の導入や有報でのサステナビリティ開示義務化が進む日本では、「ESG開示が企業価値にどう結びつくか」は経営者・投資家双方の関心事。本レビューは開示と実態の乖離、マテリアリティ、格付け不一致といった論点を整理しており、日本企業が統合報告書や投資家対応を設計する際の理論的・実証的根拠として有用。
In the global GX context
As ISSB standards are adopted worldwide (SSBJ in Japan, CSRD in the EU, SEC climate rules in the US), the question of whether ESG disclosure translates into firm value is central to the disclosure movement. This review synthesizes conflicting evidence and highlights that materiality, metric construction, and the disclosure–performance gap matter more than aggregate ESG scores — directly relevant to global debates on ratings regulation and double materiality.
👥 読者別の含意
🔬研究者:ESGと企業価値の実証研究における方法論的課題（内生性、格付け不一致、非線形性）を体系的に整理した出発点として有用。
🏢実務担当者:ESG開示が企業価値に直結するとは限らず、マテリアリティと業種特性を踏まえた開示設計が重要であることを示唆。
🏛政策担当者:ESG格付けの不一致や開示と実態の乖離は、格付け業者規制や開示基準の実効性を検討する際の根拠となり得る。
📄 Abstract（原文）
Although environmental, social and governance (ESG) factors have gained increasing prominence in the formulation of corporate strategies, analysis of investments, and financial decision-making, there is still no consensus about the influence of good ESG performance on corporate value despite the large body of research on the topic. Many studies find positive effects on firm value through better stakeholder relations, less restrictive financing conditions, reputation, innovations, customer satisfaction, and mitigation of environmental and social risk factors. At the same time, some studies find no significant or even negative impacts. More recent studies tend to find nonlinear effects. The mixed results raise doubts about the cost of investing in ESG, different institutional environments, investors' perceptions, ESG measurements and the difference between disclosure and actual ESG performance. This paper provides a critical review of the theories explaining and the evidence for the relation between ESG and firm value. Based on stakeholder theory, agency theory, signaling theory, legitimacy theory, and resource-based theory, the review finds that both positive and negative valuation impacts are possible from a theoretical perspective. Further, empirical findings suggest that the link between ESG and firm value is contingent upon the issue of materiality, industry specifics, horizon of analysis, institutional context, ESG metric construction and methodological approaches. In addition, recent findings regarding the existence of a threshold and an S-shape relationship pose an issue as to the widely-held belief in the linear association. Issues of ESG ratings discrepancy, endogeneity, and aggregation of the environmental, social and governance dimensions continue to be the significant methodological issues. While there is an increase in evidence drawn from emerging markets, research remains focused on the rather narrow number of countries, such as China, while the Gulf Cooperation Council (GCC) region continues to attract less attention.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.ijrtmr.com/archiver/archives/does_esg_create_firm_value_a_critical_review_of_conflicting_empirical_evidence_and_explanatory_mechanisms.pdffirst seen 2026-09-26 05:33:36 · last seen 2026-09-29 05:43:57
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