The Impact of ESG Rating Disparities on Corporate Patient Capital
ESG格付の乖離が企業の患者資本に与える影響 (AI 翻訳)
Fei Wu
🤖 gxceed AI 要約
日本語
本研究は、ESG格付機関間の乖離が企業の長期信用調達（患者資本）に与える影響を、二方向固定効果モデルで実証分析した。結果、格付乖離は患者資本を有意に高め、特に非国有企業や非高汚染産業で顕著である。また、メディア注目は負の調整効果を持つ。規制当局や金融機関への示唆を提供する。
English
This study empirically examines how ESG rating disparities affect corporate patient capital using a two-way fixed effects model. Findings show that rating disparities significantly increase patient capital, especially in non-state-owned and non-high-pollution firms, with media attention negatively moderating the effect. Provides evidence for regulators and financial institutions.
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開示が始まり、ESG格付の信頼性が問われる中、格付乖離が資金調達に与える影響を示す本研究成果は、投資家対応や開示戦略に示唆を与える。
In the global GX context
Globally, with ISSB and CSRD enhancing ESG disclosure, this study adds evidence on how rating divergence affects long-term financing, relevant for investors and standard-setters.
👥 読者別の含意
🔬研究者:ESG格付乖離の経済的帰結に関する実証的知見を提供。
🏢実務担当者:格付乖離が資金調達に与える影響を理解し、開示戦略に活用できる。
🏛政策担当者:格付の透明性向上や規制設計に示唆を与える。
📄 Abstract（原文）
As the ESG (Environmental, Social, and Governance) concept continues to gain prominence, significant disparities often exist in the ESG ratings assigned by different rating agencies to the same company. These disparities can influence external investors’ assessments of a company’s sustainability performance and risk profile. Consequently, whether ESG rating disparities impact a company’s ability to secure long-term credit financing has become an important issue worthy of attention. This study adopts a two-way fixed effects model to empirical tests and further examines the moderating effect of media attention on the relationship between ESG rating disparities and corporate patient capital levels. Additionally, the study examines the heterogeneous effects across ownership structure and industry attributes. The findings reveal that ESG rating disparities significantly enhance corporate patient capital levels, particularly in non-state-owned enterprises and companies in non-high-pollution industries. Moreover, media attention plays a significant negative moderating role in this relationship. The conclusions provide empirical evidence for regulators, financial institutions, and companies to better understand the economic consequences of ESG information disparities.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://madison-proceedings.com/index.php/aemr/article/download/5394/5396first seen 2026-08-17 05:40:51 · last seen 2026-08-18 05:07:06
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