INTERNATIONAL COMPETITIVENESS EFFECTS OF ESG TRANSPARENCY: A PANEL STUDY OF ASIAN AND EU BANKS
ESG透明性の国際競争力効果：アジアおよびEU銀行のパネル研究 (AI 翻訳)
Mashkhurbek Jalalov
🤖 gxceed AI 要約
日本語
本研究は、中央アジアとEUの商業銀行を対象に、ESG開示の質と国際競争力の関係を分析。新たなESG開示品質指数（EDQI）を用い、2018〜2024年の495銀行年データのパネル回帰により、中央アジアの銀行のESG透明性がEUに比べ有意に低いことを確認。高いESG開示は外国投資流入、ユーロ債発行、外国所有権、信用格付け向上と強く関連し、特に中央アジアで効果が大きい。これらの結果は、グローバルなESG報告基準（ISSB、TCFD等）の戦略的採用を支持する。
English
This study examines the relationship between ESG disclosure quality and international competitiveness among commercial banks in Central Asia and the EU. Using a novel ESG Disclosure Quality Index (EDQI) and panel regressions on 495 bank-year observations (2018-2024), it finds that Central Asian banks have significantly lower ESG transparency. Higher ESG disclosure is robustly associated with greater foreign investment, Eurobond issuance, foreign ownership, and higher credit ratings, with stronger effects in Central Asia. The findings support adoption of global ESG standards like ISSB and TCFD.
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
本論文は、中央アジアの銀行におけるESG開示の質が国際競争力に与える影響を実証的に分析しており、日本企業や規制当局にとっても参考になる。特に新興市場におけるESG開示のシグナリング効果の強さを示し、日本の銀行の海外展開やSSBJ基準の導入検討に示唆を与える。
In the global GX context
This paper provides robust evidence from Central Asia that higher ESG disclosure quality significantly boosts international capital flows, credit ratings, and foreign ownership. For the global GX context, it underscores the critical role of credible disclosure under ISSB/TCFD frameworks in enhancing financial integration, especially in emerging markets with high information asymmetry.
👥 読者別の含意
🔬研究者:This paper offers a novel ESG Disclosure Quality Index (EDQI) and causal evidence linking ESG transparency to international competitiveness, using a unique dataset from Central Asian and EU banks.
🏢実務担当者:Corporate sustainability teams can use the findings to justify investments in high-quality ESG disclosure, as it directly correlates with attracting foreign investment and improving credit ratings.
🏛政策担当者:Regulators in emerging markets should note the strong signaling value of adopting global ESG standards (ISSB, TCFD) to boost financial integration and investor confidence.
📄 Abstract（原文）
This study investigates the relationship between ESG disclosure quality and international competitiveness among commercial banks in Central Asia, benchmarked against a matched sample of European Union (EU) institutions. Using a mixed-methods approach –including content analysis of sustainability reports (2018–2024), a novel ESG Disclosure Quality Index (EDQI), and panel regressions on 495 bank-year observations – we find that Central Asian banks exhibit significantly lower ESG transparency across environmental, social, and governance dimensions compared to EU peers. Crucially, higher-quality ESG disclosure is robustly associated with greater foreign investment inflows, increased likelihood of Eurobond issuance, higher foreign ownership, and improved credit ratings – even after controlling for bank fundamentals and institutional quality. Notably, the marginal benefit of ESG transparency is significantly stronger in Central Asia than in the EU, suggesting that credible disclosure serves as a critical signaling mechanism in emerging markets where such information is scarce. These findings support the strategic adoption of global ESG reporting standards (e.g., ISSB, TCFD) by Central Asian regulators and banks to enhance financial integration and investor confidence.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.60078/3060-4842-2026-vol3-iss1-pp35-47first seen 2026-05-05 21:47:49
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。