← 論文一覧に戻る

ESG情報の価格形成の条件としての検証可能性：開示義務と保証義務を比較するシグナリングモデルとイベントスタディ設計

Verifiability as a Condition for the Pricing of ESG Information: A Signalling Model and an Event-Study Design Comparing Disclosure Mandates and Assurance Mandates (原題)

Moojin Park

Zenodo (CERN European Organization for Nuclear Research)プレプリント2026-08-13#AI×ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.5281/zenodo.22073081
原典: https://doi.org/10.5281/zenodo.22073081

🤖 gxceed AI 要約

日本語

本プレプリントは、ESG規制イベントのうち第三者保証を義務付けるものが、単なる開示拡大よりも大きな資産価格反応を生むかを問う。検証可能性が情報の価格形成の条件であるとし、検証強度をコスト関数に組み込んだシグナリングゲームを定式化。グリーンウォッシングをプーリング均衡の性質として捉え、開示系列と保証系列の差を処置とするイベントスタディ設計を提案する。データ収集前の提案段階であり、実証結果は未報告。

English

This preprint asks whether ESG regulatory events mandating independent third-party assurance produce larger asset-price reactions than mere disclosure expansions. It formalizes a signaling game where verification intensity enters the cost function, defining greenwashing as a property of a pooling equilibrium. The design splits regulatory events into disclosure and assurance series, treating the difference as treatment, using event-study methodology. At pre-data-collection stage, no empirical results are reported.

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開示が始まり、保証（assurance）の要否が実務上の論点となっている。本論文は保証義務が資本市場で価格形成に寄与するかを理論的に示すもので、今後の保証制度設計や企業の開示戦略に示唆を与える。日本語の原稿であり、日本の研究者・実務者への直接的な関連性が高い。

In the global GX context

Globally, as ISSB and CSRD evolve, the role of assurance in climate and ESG disclosure is a key debate. This paper provides a theoretical framework linking verification intensity to market pricing, relevant for regulators designing assurance mandates and for understanding greenwashing in equilibrium. The event-study design offers a template for evaluating disclosure mandates worldwide.

👥 読者別の含意

🔬研究者:Provides a formal model linking verification intensity to ESG information pricing, with a pre-registered event-study design for future empirical testing.

🏢実務担当者:Highlights that third-party assurance may be critical for ESG information to affect market prices, informing corporate disclosure and assurance strategies.

🏛政策担当者:Suggests that assurance mandates, not just disclosure mandates, are likely to move asset prices, supporting arguments for mandatory assurance in ESG reporting.

📄 Abstract（原文）

This preprint deposits three linked documents from an ongoing master’s thesis project: a research proposal, a draft formal model chapter, and a pre-registered classification protocol. Research question. Do ESG regulatory events that mandate independent third-party assurance produce larger asset-price reactions than events that merely expand reporting requirements? Proposition. The pricing of ESG information is conditioned not by the existence of information but by its verifiability. Where verification is weak, signalling costs fall, types do not separate, and disclosure is observed without becoming price. Contribution. The paper formalises a signalling game in which verification intensity enters the cost function, extending the standard single-crossing condition to a function of verification intensity. Greenwashing is defined not as a normative failing but as a property of a pooling equilibrium — a state in which true and false claims can be sent at the same cost. Design. Regulatory events are split into a disclosure series and an assurance series, and the difference is treated as the treatment. Event-study methodology (market model and Fama-French three-factor) with cross-sectional regression as support. The classification protocol (Annex A) was fixed before data collection and is deposited here as evidence of pre-specification. Status. This is a proposal at the pre-data-collection stage. It reports no empirical results. Competing interests. The author is the chief executive of a company engaged in waste recovery and recycling. The empirical work in this thesis relies entirely on public market data; no data generated by the author’s business activity is used in the main body. Empirical work using the author’s own data is deferred to the doctoral stage. Language. The deposited documents are in Korean. An English working paper is in preparation.

🔗 Provenance — このレコードを発見したソース

🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。

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。