A Review of Recent Developments in ESG and Corporate Finance
ESGとコーポレートファイナンスにおける最近の動向のレビュー (AI 翻訳)
Dongxing Jia, Ting-Ya Yang, Kai Wu
🤖 gxceed AI 要約
日本語
本レビューは、企業財務におけるESG研究を「価値対価値観」の枠組みで統合し、格付けの分断やリスク軽減としてのESGの財務的価値を明らかにする。グリーンウォッシュと規制圧力が企業行動を変えつつある実態を指摘し、因果関係と測定の改善を今後の課題とする。
English
This review synthesizes ESG and corporate finance literature using a Value vs Values framework, finding that ESG's primary financial benefit is risk mitigation not alpha, while mandatory disclosure and stakeholder pressure are driving real corporate changes despite widespread greenwashing.
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
本レビューは、ESG格付けの不一致やグリーンウォッシュ問題を整理しており、SSBJ対応や投資家対話を進める日本企業にとって、開示の実効性を問い直す示唆を与える。
In the global GX context
This review maps global debates on ESG ratings divergence and regulatory effectiveness, offering a roadmap for future research that is directly relevant to ISSB, CSRD, and SEC climate disclosure rulemaking.
👥 読者別の含意
🔬研究者:Provides a comprehensive synthesis of ESG-corporate finance literature with identified causal and measurement research gaps.
🏢実務担当者:Highlights how mandatory disclosure and stakeholder pressure are compelling tangible changes in corporate investment and operations.
🏛政策担当者:Emphasizes the need for standardized disclosure frameworks and evaluation of policy effectiveness.
📄 Abstract（原文）
The rapid increase of Environmental, Social, and Governance (ESG) investing has given rise to a complex and often contradictory body of research. This review synthesizes the corporate finance literature on ESG by applying a unifying ’Value versus Values’ framework, which distinguishes between motivations driven by financial performance and those rooted in non-pecuniary preferences. We document a consensus that the ESG information ecosystem is fractured by divergent ratings and that the primary financial benefit of ESG lies in risk mitigation rather than consistent alpha generation. Furthermore, while evidence of widespread greenwashing highlights a significant gap between rhetoric and reality, we demonstrate that stakeholder pressure and mandatory disclosure regulations are compelling tangible changes in corporate investment, financing, and operational policies. By clarifying central debates and identifying critical gaps, this paper maps the current state of knowledge and charts a course for future research focused on causality, measurement, and policy effectiveness.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://cfjournal.hse.ru/article/download/33984/26661first seen 2026-07-18 07:54:15
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