Market reactions to the corporate sustainability reporting directive
企業サステナビリティ報告指令に対する市場の反応 (AI 翻訳)
V. Kumari, Waleed M. Al‐ahdal, H. Hashim
🤖 gxceed AI 要約
日本語
本研究は、CSRDの施行（2023年1月5日）が欧州経済領域27カ国の株式市場に与えた影響をイベントスタディ法で分析。市場モデルを用いた検証の結果、有意な正の累積異常収益率（+3.48%、t+7日）が確認され、特に先進国市場で顕著（+4.43%）であった。ESG規制の市場への影響を示す実証研究として貢献。
English
This study uses event study methodology to examine the stock market reaction to the implementation of the Corporate Sustainability Reporting Directive (CSRD) across 27 European Economic Area countries. Results show a significant positive cumulative abnormal return of 3.48% by t+7, with developed markets showing stronger reaction. The findings support efficient market hypothesis and stakeholder theory, demonstrating the market's positive valuation of mandatory sustainability disclosure.
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EUのCSRD施行が株価に与えた影響を実証。日本ではSSBJによるサステナビリティ開示基準の策定が進む中、強制開示が市場評価にどう影響するかを示す知見は、日本の規制当局やEUに事業展開する日本企業にとって参考になる。
In the global GX context
The CSRD is a landmark regulation in the EU, and this study provides early empirical evidence on its market impact. It extends the literature on ESG disclosure and financial markets, offering insights for regulators worldwide (e.g., SEC climate rule, ISSB standards) on how mandatory reporting affects investor perceptions and market returns.
👥 読者別の含意
🔬研究者:For researchers, this provides empirical evidence on the market reaction to mandatory sustainability disclosure regulation, contributing to the ESG-finance literature.
🏢実務担当者:Practitioners can use the findings to understand how compliance with CSRD can positively impact stock performance, informing their ESG strategy and investor relations.
🏛政策担当者:Policymakers can use the results to assess the economic implications of mandatory disclosure regulations and balance compliance costs with market benefits.
📄 Abstract（原文）
This study aims to empirically examine the impact of the implementation of the Corporate Sustainability Reporting Directive (CSRD) on stock market returns across the European Economic Area. This study uses the event study method to examine the impact of the CSRD implementation (5 January 2023) on stock market returns in 27 European Economic Area nations. We use the market model estimation with a 252-day estimation window and a 15-day event window. The MSCI European Union index serves as the benchmark. The market model is further corrected for Exponential Generalized Auto-Regressive Conditional Heteroskedasticity. The results indicate a significant positive stock market reaction to the CSRD implementation. The average significant event day impact is 0.45% and a significant cumulative impact of 3.48% on t+7. A significant (insignificant) positive event day abnormal return is evident in emerging (developed) markets. While the cumulative impact on emerging markets is 3.02% on t+5, that on developed markets is 4.43% on t+7. These findings support the Efficient Market Hypothesis and stakeholder theory. The results are robust to different tests. The study highlights the importance of ESG regulations in shaping market perceptions. This study is among the first to empirically examine the stock market reaction to the CSRD. It contributes to the literature on ESG disclosure regulations and financial market responses, providing valuable insights for academics, policymakers, and practitioners. Investors can use these insights for portfolio diversification, policymakers can refine sustainability policies to balance compliance and transparency, and corporate managers can align ESG strategies with investor expectations.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/jes-10-2025-0765first seen 2026-06-21 05:49:58
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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。