Climate Governance as a Buffer Against ESG Controversies: Implications for Firm Performance
ESG論争に対する緩衝材としての気候ガバナンス：企業業績への示唆 (AI 翻訳)
Hussain Muhammad, Muhammad Farooq
🤖 gxceed AI 要約
日本語
気候ガバナンスがESG論争の業績への負の影響を緩和することを、米国上場企業のサンプルを用いて実証。動的パネル回帰により、気候ガバナンスはESG関連ショックに対する緩衝材として機能し、企業価値維持に寄与することを示した。
English
This study examines whether climate governance buffers firm performance from ESG controversies. Using US-listed nonfinancial firms, dynamic regression models show that ESG controversies negatively affect performance, while climate governance positively relates to performance and weakens the negative impact of controversies. The findings suggest climate governance serves as a value-preserving mechanism during ESG-related shocks.
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、気候ガバナンスが単なる開示属性ではなく、ESG論争による業績悪化を緩和する実質的なコーポレートガバナンス機構であることを示す。日本ではSSBJ対応や有報での気候関連開示が進む中、取締役会の気候監視機能の強化が投資家対応や企業価値向上につながる点で示唆に富む。
In the global GX context
This paper provides evidence that climate governance is a substantive mechanism that buffers firm performance from ESG controversies, beyond mere disclosure. Globally, with ISSB standards and increasing stakeholder scrutiny, the findings support the integration of climate oversight into board governance as a strategic value-protecting tool, relevant for firms facing ESG incidents.
👥 読者別の含意
🔬研究者:Offers empirical evidence on the buffering role of climate governance, advancing the understanding of how governance mechanisms mitigate ESG-related risks.
🏢実務担当者:Highlights the importance of formal climate oversight to protect firm value during ESG controversies, guiding corporate governance and disclosure strategies.
🏛政策担当者:Suggests that regulatory frameworks should encourage climate governance at the board level as a risk management tool, complementing disclosure mandates.
📄 Abstract（原文）
We examine whether climate governance acts as a buffer against the adverse performance effects of ESG controversies. Motivated by the growing financial salience of controversy risk and the increasing importance of climate‐related oversight, we investigate whether firms with stronger climate governance are better able to withstand the penalties associated with environmental, social, and governance incidents. Using a sample of US‐listed nonfinancial firms, we estimate dynamic regression models incorporating lagged dependent variables to account for persistence in firm performance and to improve identification. ESG controversies are measured using the controversies score, and climate governance is captured through a composite index of formal climate‐related oversight mechanisms. Our results indicate that ESG controversies are negatively associated with firm performance, whereas climate governance exhibits a positive relation with both market‐based and accounting‐based measures. More importantly, we find that climate governance weakens the negative impact of ESG controversies on firm performance, consistent with a buffering effect driven by enhanced oversight, accountability, and strategic responsiveness. Overall, our evidence shows that climate governance is not merely a disclosure‐related attribute, but a governance mechanism that helps preserve firm value in the face of ESG‐related shocks, with implications for theory, corporate practice, and regulatory design.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70701first seen 2026-06-29 08:43:02
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