National FDI and Corporate ESG: Redefine Business Models in Emerging G20 Economies
海外直接投資と企業ESG：新興G20経済におけるビジネスモデルの再定義 (AI 翻訳)
P. Roy
🤖 gxceed AI 要約
日本語
本研究は、新興G20諸国における内外の海外直接投資（FDI）と企業のESGパフォーマンスの非線形関係を、2014〜2023年の6511社年データを用いて分析。内向きFDIはU字型、外向きFDIは逆U字型の関係を示し、閾値（内向き1.941%、外向き1.027%）を特定。パリ協定以降のFDIの役割と、持続可能性に資する「良いFDI」誘致には制度的補完が必要と示唆。
English
This study analyzes the nonlinear relationship between inward and outward FDI and corporate ESG performance using 6,511 firm-year observations from G20 emerging economies (2014-2023). It finds a U-shaped effect for inward FDI and an inverted U-shape for outward FDI, with thresholds at 1.941% and 1.027%, respectively. The Paris Agreement highlights FDI's role in attracting capital. Policy implications stress institutional capacity for attracting 'good' FDI, while managerial implications suggest sequencing internationalization with ESG capability-building.
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
日本企業の海外展開やESG経営に示唆。新興国でのFDIとESGの関係を理解することで、日本企業の国際戦略や投資判断に有用。また、日本のESG投資家や政策担当者にとって、新興国市場でのESGリスク管理の重要性を示す。
In the global GX context
This paper contributes to global sustainable finance by showing that FDI's impact on ESG is nonlinear and context-dependent. For global policymakers, it underscores the need for institutional reforms to attract sustainable FDI. For multinationals, it suggests that internationalization should be sequenced with ESG capability building, relevant to ISSB and CSRD reporting contexts.
👥 読者別の含意
🔬研究者:Provides empirical evidence on FDI-ESG nonlinearity, useful for sustainable finance and international business scholars.
🏢実務担当者:Highlights the need to build ESG capabilities when internationalizing, and to consider FDI thresholds in investment decisions.
🏛政策担当者:Emphasizes institutional capacity and governance reforms to attract 'good' FDI for sustainability.
📄 Abstract（原文）
This study examines the paradoxical role of both inward and outward foreign direct investment (FDI) in shaping corporate Environmental, Social and Governance (ESG) performance. We analyse panel data from 2014 to 2023, comprising 6511 firm-year observations from the G20 emerging economies. We analyse using fixed effects (FE), FE-robust, Driscoll–Kraay, and high-dimensional fixed effects (HDFE), as well as dynamic threshold regressions. Our results show a U-shaped association between inward FDI and corporate ESG performance. At low levels, inward FDI is associated with weaker ESG performance, while beyond the threshold, the marginal effect becomes positive. Conversely, outward FDI follows an inverted U-shaped relationship with ESG, implying that ESG gains from internationalisation up to a threshold, followed by diminishing or negative marginal returns. Results from the panel threshold regression support regime shifts in the FDI–ESG relationship and identify threshold values for inward (1.941%) and outward FDI (1.027%). The Paris Agreement of 2016 marks the importance of FDI in attracting capital for international expansion. The findings contribute to global business and sustainable finance research by documenting that globalisation affects ESG in nonlinear ways that depend on national-level FDI intensity and the institutional environment. Policy implications highlight that attracting "good" FDI for sustainability requires institutional capacity and complementary governance reforms; managerial implications emphasise sequencing internationalisation with ESG capability-building.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1142/s0217590826400084first seen 2026-05-15 21:45:35 · last seen 2026-07-01 05:45:42
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