Impact of ESG Sustainability on Cost of Equity: Meta‐Analytic Review Investigating the Moderating Role of Country Characteristics
ESGサステナビリティが資本コストに与える影響：国特性の調整効果を検証するメタ分析レビュー (AI 翻訳)
Monica Singhania, Deepika Swami
🤖 gxceed AI 要約
日本語
本研究は、ESGサステナビリティと企業の資本コスト（CoE）の関連をメタ分析により統合した。2011～2024年の50研究・15カ国・112効果量を分析し、ESGとCoEの正の関連を確認。制度的要因として、ガバナンス環境が強固で持続可能性へのコミットメントが高い国ではこの関連が弱まることを示した。投資家保護の強度は有意な調整効果を持たなかった。
English
This meta-analysis synthesizes 50 studies (2011-2024) across 15 countries to examine the ESG-cost of equity (CoE) relationship. It finds a positive association, which is weakened in countries with strong governance and high sustainability commitment. Investor protection has no significant moderating effect. Implications for regulators and managers are discussed.
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開示が進む中、ESG情報と資本コストの関係は投資家対応の重要論点。本研究成果は、日本のガバナンス環境やサステナビリティへの取り組みが資本コストに与える影響を理解する上で示唆に富む。
In the global GX context
Globally, this meta-analysis informs the ongoing debate on ESG materiality and cost of capital, relevant for ISSB and CSRD implementation. It highlights the role of country-level institutions in shaping the financial impact of ESG, offering insights for regulators and standard-setters.
👥 読者別の含意
🔬研究者:Provides a comprehensive synthesis of ESG-CoE literature and identifies country-level moderators, guiding future research on institutional context.
🏢実務担当者:Helps corporate sustainability teams understand how ESG investments may lower cost of equity, especially in strong governance environments.
🏛政策担当者:Informs regulators on how national governance and sustainability commitment can influence the financial effects of ESG reporting.
📄 Abstract（原文）
The objective of the study is to systematically consolidate and quantitatively integrate the divergent findings of ESG sustainability association with the firm cost of equity (CoE) using a meta‐analysis approach. Using the institutional theory lens, the research underscores the significance of contextualization of research while discovering the macro‐level country factors moderating this relationship. Meta‐analytic technique was applied on 50 studies published during the 2011–2024 period, covering 15 countries, 112 effect sizes, and 580,939 firm‐year observations. To account for heterogeneity in the dataset, a random‐effects model was adopted, and to gauge the impact of country‐level moderators, the meta‐regression moderator analysis technique was used. The results indicated a positive association between ESG sustainability and cost of equity variables, reinforcing the assumptions of agency and trade‐off theory. Using the institutional theoretical lens, the results concluded that the positive ESG sustainability‐CoE association is weakened in countries with robust governance environments and high sustainability commitment and performance. Further, country‐level investor protection strength was found to have an insignificant moderating impact on the ESG sustainability‐CoE association. The results have substantial implications for global regulators and policymakers while framing ESG measurement and reporting standards regulations. The results will also assist managers to strategically plan their investments in ESG‐related activities, which may lead to lowering CoE. This research marks the first effort to synthesize and consolidate the existing research on the ESG sustainability‐CoE relationship by employing a comprehensive systematic literature review to bring together the dispersed and incongruous results across 50 studies and 15 countries. This research will be an important contribution to corporate and sustainable finance literature.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70478first seen 2026-05-15 18:23:56 · last seen 2026-08-02 06:20:52
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