企業サステナビリティと企業価値：CSR・ESGパフォーマンスが財務評価に結びつく条件の解明
Corporate Sustainability and Firm Value Understanding the Conditions Under Which CSR and ESG Performance Translate into Financial Valuation (原題)
Kambale, Paluku
🤖 gxceed AI 要約
日本語
CSR・ESGパフォーマンスと企業価値の関係を理論・実証研究のレビューで統合した論文。ステークホルダー信頼、評判資本、情報透明性、リスク低減、資金アクセス等の経路を整理する。関係は自動的・一律に正ではなく、重要性、開示品質、業種エクスポージャー、制度・所有構造、ESG測定の信頼性に依存すると結論。ESG論争、炭素リスク、サステナビリティ報告、格付機関間の不一致も論点として提示する。
English
This review synthesizes theoretical and empirical work on how CSR and ESG performance translate into firm value through stakeholder trust, reputation, transparency, risk reduction, governance, and access to finance. It argues the relationship is conditional—not automatic—depending on materiality, disclosure quality, industry exposure, institutions, ownership, board structure, and ESG measurement credibility. It also highlights ESG controversies, carbon risk, sustainability reporting, and rating-provider disagreement as key moderators and methodological challenges.
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
SSBJ基準・有価証券報告書でのサステナビリティ開示が進む日本では、ESG評価と企業価値の条件付き関係を理解することが投資家対話や開示戦略の設計に直結する。特にESG格付の不一致や炭素リスクの評価は、日本企業が海外投資家向けに説明責任を果たす上で重要な論点となる。
In the global GX context
Amid ISSB/SSBJ-aligned disclosure and CSRD-driven reporting, this paper's emphasis on disclosure quality, materiality, and ESG rating disagreement speaks directly to global debates on whether sustainability performance is priced. It offers a balanced framework for interpreting mixed empirical evidence on ESG and valuation.
👥 読者別の含意
🔬研究者:ESGと企業価値の条件付き関係を整理する枠組みとして、実証研究のモデレーター設計に有用。
🏢実務担当者:ESG格付の不一致や開示品質の重要性を踏まえ、投資家向け説明の説得力を高める示唆を提供。
🏛政策担当者:開示制度の質とESG測定の信頼性が企業価値評価に与える影響を考慮した政策設計の参考になる。
📄 Abstract（原文）
This paper examines the relationship between corporate social responsibility (CSR), environmental, social and governance (ESG) performance, and firm value by synthesizing recent theoretical and empirical contributions on corporate sustainability and financial outcomes. The literature indicates that CSR and ESG activities can influence valuation through several interconnected mechanisms, including stakeholder trust, reputational capital, information transparency, operating efficiency, risk reduction, governance quality, access to finance, and resilience during periods of uncertainty. However, the relationship is neither automatic nor uniformly positive. Its magnitude depends on the materiality of sustainability issues, the quality of disclosure, industry exposure, institutional conditions, ownership characteristics, board structures, and the credibility of ESG measurement. Particular attention is given to ESG controversies, carbon risk, sustainability reporting, governance mechanisms, and emerging-market conditions. The evidence also highlights substantial methodological challenges arising from disagreement among ESG rating providers and differences between accounting and market-based performance measures. Overall, the literature suggests that CSR and ESG contribute to firm value when sustainability initiatives are strategically aligned with financially material risks and opportunities, credibly communicated, and supported by effective governance. The paper therefore presents sustainability as a conditional corporate value mechanism rather than a universal source of superior financial performance.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.5281/zenodo.23285378first seen 2026-11-05 04:44:42
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