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南アジア企業の資金調達改善ツールとしてのESG報告：批判的レビュー

ESG Reporting as Tool to Improve Access to Finance in South Asian Businesses: A Critical Review (原題)

D. P. M. S. M. Peiris, H.D.I. Silva

📚 査読済 / ジャーナル2026-08-26#ESGOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.62510/cjbehm.2026.v2i2.p6
原典: https://doi.org/10.62510/cjbehm.2026.v2i2.p6

🤖 gxceed AI 要約

日本語

本論文は、南アジア企業におけるESG報告と資金調達の関係を体系的にレビューし、地域特有の制度的・文化的要因を考慮した概念モデルを提案する。ESG報告は一般的に資金調達を改善するが、その効果は規制執行、制度の質、保証メカニズム、市場成熟度に依存する。グリーンウォッシングやガバナンスの弱さがその影響を制限するため、政策立案者や金融機関は開示基準の強化と独立保証の促進を推奨する。

English

This paper critically reviews the relationship between ESG reporting and access to finance in South Asian businesses, proposing a conceptual model that incorporates institutional, economic, and socio-cultural factors. It finds that ESG reporting generally improves financing conditions, but the benefits depend on regulatory enforcement, institutional quality, assurance, and market maturity. Weak governance and greenwashing limit impact, so policymakers should strengthen disclosure standards and promote independent assurance.

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開示が進む中、ESG情報の質と資金調達コストの関係は投資家対応の観点で重要。本論文の南アジアの知見は、新興市場での開示実務や制度設計に示唆を与える。

In the global GX context

This review contributes to global disclosure scholarship by synthesizing evidence from South Asia, a region often underrepresented in ESG-finance literature. It highlights the role of institutional quality and assurance in realizing financial benefits, relevant for ISSB and CSRD implementation in emerging markets.

👥 読者別の含意

🔬研究者:Provides a region-specific conceptual model linking ESG reporting to finance, useful for comparative studies.

🏢実務担当者:Highlights how high-quality ESG reporting can signal lower risk and improve financing terms in emerging markets.

🏛政策担当者:Emphasizes the need for stronger disclosure standards and independent assurance to enhance ESG's financial impact.

📄 Abstract（原文）

ESG reporting is increasingly recognized as a tool for corporate transparency and financial legitimacy, yet its role in facilitating access to finance in South Asia remains underexplored. This paper examines how ESG reporting is conceptualized, synthesizes evidence on its impact on finance, identifies contextual factors shaping this relationship, and proposes a conceptual model for South Asian firms. A structured critical literature review was conducted, analyzing peer-reviewed articles, policy reports, and empirical studies on ESG reporting and access to finance in South Asia. Conceptual, empirical, and institutional insights were synthesized to develop a region-specific framework. ESG reporting generally improves access to finance, lowering capital costs, enhancing credit terms, and boosting investor confidence. In South Asia, however, these benefits depend on regulatory enforcement, institutional quality, assurance mechanisms, and market maturity. Weak governance and greenwashing limit ESG’s financial impact. Policymakers and financial institutions should strengthen disclosure standards, promote independent assurance, and improve enforcement. Firms can use high-quality ESG reporting to signal lower risk and attract better financing conditions. Enhanced ESG reporting can foster sustainable financial systems, promoting environmental protection, social inclusion, and long-term economic resilience in South Asia. This study offers one of the first South Asia–specific syntheses of ESG reporting and finance, integrating institutional, economic, and socio-cultural factors into a multi-level conceptual model for emerging markets.

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