Empirically Testing the Relationship Between Natural Capital and Corporate Performance Using CDP Scores
CDPスコアを用いた自然資本と企業業績の関係の実証分析 (AI 翻訳)
Shoichiro Hosomi, Soichiro Yamamoto
🤖 gxceed AI 要約
日本語
本研究は、2018年から2023年の日本製造業企業のパネルデータを用いて、CDPスコア（気候変動、水セキュリティ、森林）と企業価値（Tobin's Q）および収益性（ROA、ROE）との関連を検証した。結果、総合CDPスコアはTobin's Qと正の関連を示すが、個別サブスコアの関連は弱く不安定である。これは、総合的なCDP評価が個別スコアよりも価値関連性が高いことを示唆する。
English
This study examines the association between CDP scores (climate change, water security, forests) and firm value (Tobin's Q) and profitability (ROA, ROE) using panel data of Japanese manufacturing firms from 2018 to 2023. Results show that the overall CDP score is positively associated with Tobin's Q, while individual sub-scores show weak and inconsistent significance. This suggests aggregate CDP evaluations are more value-relevant than disaggregated sub-scores.
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SSBJ開示基準の適用が迫る中、CDPスコアと企業価値の関連を示す本研究成果は、投資家対応や統合報告書での情報開示の重要性を裏付ける。また、自然資本（水・森林）を含む点が、カーボン中心の議論を超えた示唆を与える。
In the global GX context
This study provides empirical evidence from Japan that aggregate CDP scores are associated with firm value, contributing to global disclosure scholarship by extending beyond carbon-focused analyses to include natural capital (water, forests). It supports the value-relevance of integrated ESG disclosures under frameworks like ISSB and CSRD.
👥 読者別の含意
🔬研究者:Provides evidence on the value-relevance of aggregate vs. disaggregated ESG scores, useful for environmental accounting research.
🏢実務担当者:Highlights that improving overall CDP scores may enhance firm value, supporting investment in comprehensive ESG disclosure.
🏛政策担当者:Suggests that aggregate ESG metrics may be more meaningful for market valuation, informing disclosure standard design.
📄 Abstract（原文）
Environmental disclosure and environmental, social, and governance assessments are gaining importance, using Corporate Disclosure Project (CDP) scores to evaluate corporate environmental disclosure. However, scarce evidence links CDP scores with performance and value among Japanese manufacturing firms. This study examines these associations using panel data from 2018 to 2023, combining financial data from Nikkei NEEDS Financial QUEST with CDP scores for climate change, water security, and forests. CDP ratings were converted into ordered numerical values, and regression models were estimated with firm-level controls, firm age, applicable fixed effects, and an annual macroeconomic control variable. Robustness checks included categorical score specifications, propensity score matching, and two-step system generalized method of moments estimation. The results indicate that the overall CDP score is positively associated with Tobin’s Q, whereas the evidence for return on assets and return on equity is weaker. Improvements in the overall score are also linked to increases in Tobin’s Q. By contrast, individual climate change, water security, and forest sub-scores show weak and inconsistent statistical significance. These findings should be interpreted as associations, not definitive causal effects. The study extends environmental accounting research beyond carbon-focused analyses, suggesting that aggregate CDP evaluations are more value-relevant than disaggregated sub-scores.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/2076-3387/16/8/376/pdf?version=1785751711first seen 2026-08-12 05:32:19
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