Investigating the Impact of ESG Practices on Corporate Value Creation Pathways
ESG実践が企業価値創造経路に与える影響の調査 (AI 翻訳)
Haidong Bai, Miao Yu
🤖 gxceed AI 要約
日本語
本研究は、ESG活動が企業価値に与える影響を、グリーンイノベーションと資金調達制約の媒介効果、ガバナンスとデジタル変革の調整効果、業界マテリアリティと論争の異質性を考慮した枠組みで分析。大規模企業データを用いたパネル推定の結果、ESGはイノベーションと資本コスト低減を通じて評価を高め、強力なガバナンスとデジタル能力が効果を増幅し、マテリアリティ適合がリターンを向上させる一方、論争は減衰させることを示した。
English
This study examines how ESG engagement influences corporate value using large firm-level data through 2024. It finds that ESG raises valuation partly via green innovation and lower capital costs, with stronger governance and digital capabilities amplifying effects. Alignment with industry materiality enhances returns, while ESG controversies attenuate them. The results guide managers to embed ESG in innovation and financing strategy.
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、ESG実践が実際に企業価値向上につながるメカニズムを実証しており、SSBJ基準に基づく開示を進める日本企業にとって、マテリアリティの特定やESG戦略の有効性を評価する上で示唆に富む。また、ガバナンスやデジタル変革の調整効果は、日本のコーポレートガバナンス改革やDX推進とも関連する。
In the global GX context
This paper offers robust empirical evidence on how ESG creates value, relevant to global disclosure frameworks like ISSB and CSRD that emphasize materiality and outcomes. The findings on moderation by governance quality and digital transformation provide actionable insights for investors and firms worldwide seeking to integrate ESG into core strategy.
👥 読者別の含意
🔬研究者:Provides a comprehensive mediation-moderation framework for ESG-value link, useful for further empirical studies on mechanisms and contingencies.
🏢実務担当者:Demonstrates that aligning ESG with materiality and strengthening governance and digital capabilities can enhance value creation, guiding corporate strategy.
🏛政策担当者:Supports the case for disclosure standards that encourage material ESG integration, with evidence on how governance and innovation mediate outcomes.
📄 Abstract（原文）
This study examines how ESG engagement influences corporate value using large firm‐level data through 2024. A framework integrates mediation by green innovation and financing frictions, moderation by governance quality and digital transformation, and heterogeneity from industry materiality and controversies. Panel estimations with fixed effects, mediation decomposition, interaction tests, and instrumental/dynamic corrections show ESG raises valuation partly via innovation and lower capital costs; stronger governance and digital capabilities amplify effects; alignment with industry materiality enhances returns, while ESG controversies attenuate them. Results guide managers to embed ESG in innovation and financing strategy and suggest investors assess contextual credibility effectively and sustainably.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70526first seen 2026-05-15 21:46:32
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。