ESG Performance and Corporate Financial Performance: The Moderating Effects of Financing Constraints and Ownership Structure
ESGパフォーマンスと企業財務パフォーマンス：資金調達制約と所有構造の調整効果 (AI 翻訳)
Tingting Li, Huiting Wang
🤖 gxceed AI 要約
日本語
本研究は、200社の米国上場企業（2010-2020年）を対象に、ESGパフォーマンスと企業財務パフォーマンスの関係を分析。資金調達制約と所有構造が調整効果を持つことを発見。ESGの増加はROAを13.5%、ROEを15.6%向上させるが、高レバレッジ企業では効果が減少する。所有集中度はESG効果を強化する。
English
This study analyzes the relationship between ESG performance and corporate financial performance using 200 US listed firms (2010-2020). It finds a significant positive link, with financing constraints negatively moderating and ownership concentration positively moderating the relationship. ESG increases ROA by 13.5% and ROE by 15.6%, but high leverage reduces the impact by 38.7%.
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
日本のESG投資実務において、企業の財務状況や所有構造に応じた戦略の重要性を示唆。資金調達制約の高い企業へのESG推進には追加的支援が必要かもしれない。
In the global GX context
This paper provides empirical evidence on how financing constraints and ownership structure shape the ESG-financial performance link, informing global ESG strategy design for corporations and policymakers.
👥 読者別の含意
🔬研究者:Researchers gain insights into the moderating role of financial and governance factors in ESG-CFP relationship.
🏢実務担当者:Practitioners can use these findings to tailor ESG strategies based on their firm's leverage and ownership concentration.
🏛政策担当者:Policymakers may consider differentiated ESG disclosure requirements based on firm size and financial health.
📄 Abstract（原文）
This study examines the relationship between ESG performance and corporate financial performance (CFP), investigating the moderating roles of financing constraints and ownership structure. Using fixed‐effects models and instrumental variable analysis on 200 U.S. listed firms (2010–2020), we find a significant positive ESG‐CFP linkage: one standard deviation ESG increase boosts ROA by 13.5% and ROE by 15.6%. Financing constraints negatively moderate this relationship, with the positive impact of ESG on CFP being reduced by 38.7% in high‐leverage firms (calculated as the percentage difference in the ESG‐CFP slope coefficient between firms with leverage ratios above the 75th percentile and those below the 25th percentile); conversely, strong liquidity enhances the strength of the ESG‐CFP association. Ownership concentration strengthens ESG‐CFP effects, with 25% equity concentration increasing ESG impact by 43.1%. Heterogeneity analysis reveals stronger ESG effects in high‐tech firms and large enterprises, with ESG investments peaking in the second lag period. Findings underscore the necessity for context‐specific ESG strategies that explicitly integrate firms' financing conditions (operationalized as leverage ratio and current ratio) and governance features (operationalized as ownership concentration). For policymakers, the results provide empirical foundations for differentiated regulatory frameworks, including tiered ESG disclosure requirements based on firm size and leverage levels, targeted green financial incentives for low‐liquidity enterprises, and governance‐aligned ESG guidance for firms with concentrated versus dispersed ownership structures. Practically, policymakers can implement these frameworks by calibrating compliance thresholds for ESG reporting to firms' financial capacity and designing incentive mechanisms that account for ownership‐driven differences in ESG implementation efficiency.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70525first seen 2026-05-15 18:59:31
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