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Climate Change Pressure: Enhancing or Diminishing Corporate ESG Performance?

気候変動圧力：企業のESGパフォーマンスを高めるか、弱めるか？ (AI 翻訳)

Xiaohui Chen, Yanxue Zhang, Xuerui Qin

Business Strategy and the Environment📚 査読済 / ジャーナル2026-05-05#ESGOrigin: CN
DOI: 10.1002/bse.70949
原典: https://doi.org/10.1002/bse.70949

🤖 gxceed AI 要約

日本語

本研究は資源保全理論に基づき、2008～2023年の中国A株上場企業3562社のデータを用いて、気候変動圧力が企業のESGパフォーマンスに与える影響を実証分析。結果、気候変動圧力はESGパフォーマンスに対して逆U字型の効果を示し、一定の閾値を超えると圧力の増加がESGパフォーマンスを低下させる。また、エージェンシーコストと負債資金調達が媒介メカニズムとして機能することを明らかにした。

English

Using data from 3,562 Chinese A-share listed firms (2008-2023) and resource conservation theory, this study finds an inverted U-shaped effect of climate change pressure on ESG performance: moderate pressure improves ESG, but excessive pressure diminishes it. Agency costs and debt financing are mediating channels. Policy implications suggest gradual carbon reduction.

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

中国企業を対象とした研究だが、日本企業にとっても気候変動圧力が過度になるとESGパフォーマンスに逆効果となる可能性を示唆。日本のGX政策や有報でのESG開示に当たり、圧力の過度な上昇が企業行動を歪めるリスクを認識する上で参考になる。

In the global GX context

This Chinese study adds nuance to global ESG scholarship by demonstrating a nonlinear response to climate pressure. For global audiences, it highlights that while climate regulation can boost ESG, excessive pressure may backfire, relevant for policy design under TCFD/ISSB frameworks.

👥 読者別の含意

🔬研究者:Provides empirical evidence of an inverted U-shaped relationship between climate pressure and ESG, with agency cost and debt financing channels.

🏢実務担当者:Corporate sustainability teams can note that moderate climate pressure improves ESG, but excessive pressure may harm performance; suggests balanced engagement.

🏛政策担当者:Regulators should consider gradual carbon reduction to avoid diminishing corporate ESG outcomes.

📄 Abstract（原文）

ABSTRACT This study employs resource conservation theory as the theoretical framework and empirically examines the effect of climate change pressure on corporate environmental, social and governance (ESG) performance and its underlying mechanisms using data from 3562 A‐share listed companies in China from 2008 to 2023. First, climate change pressure exerts an inverted U‐shaped effect on corporate ESG performance. On the one side of the inflection point, rising climate change pressure improves ESG performance; on the other side, further increases in pressure lead to a decline in ESG performance. Second, climate change pressure exerts a positive U‐shaped effect on corporate agency costs, which, in turn, adversely affects ESG performance, ultimately resulting in an inverted U‐shaped effect of climate change pressure on corporate ESG. Third, climate change pressure exerts an inverted U‐shaped effect on corporate debt financing levels, which, in turn, positively affects corporate ESG performance, thereby resulting in an inverted U‐shaped effect of climate change pressure on corporate ESG performance. Accordingly, governments should adopt a gradual approach when advancing carbon reduction initiatives to avoid excessive forces that could stifle ESG performance and prove counterproductive.

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