ESG投資と企業価値：バングラデシュにおける企業評判の調整効果と持続可能な成長
ESG INVESTMENT AND FIRM VALUE: THE MODERATING ROLE OF CORPORATE REPUTATION IN ADVANCING CORPORATE SUSTAINABILITY AND SUSTAINABLE GROWTH IN BANGLADESH (原題)
K. M. Anwarul Islam
🤖 gxceed AI 要約
日本語
ダッカ証券取引所の非金融110社・2004〜2024年のパネルデータ（2,310社年）を用い、ESG投資が企業価値（Tobin's Q）を高めるか、企業評判がその関係を調整するかを検証。ESG投資は有意に企業価値を高め（β=0.126）、ESG×評判の交互作用も正で有意（β=0.117）。評判が閾値（Johnson–Neyman 49.6）を下回るとESGの限界効果はゼロに近く、評判はESG投資の補完物であり代替物ではないことを示す。
English
Using a balanced panel of 110 non-financial Dhaka Stock Exchange firms (2004–2024, 2,310 firm-years), this study tests whether ESG investment raises firm value and whether corporate reputation moderates that link. ESG investment significantly raises Tobin's Q (β=0.126), and the ESG×reputation interaction is positive and significant (β=0.117). Below a Johnson–Neyman reputation threshold of 49.6 the marginal ESG effect is near zero, indicating reputation complements rather than substitutes for ESG investment.
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基準・有報のサステナビリティ開示が進み、ESG投資と企業価値の関係は投資家対応の核心。本稿は評判という無形資産がESGの価値創出を条件付ける点を示し、開示の質と評判構築を一体で捉える視点を日本企業に提供する。
In the global GX context
Amid ISSB/CSRD-driven disclosure mandates, this paper adds emerging-market evidence that the ESG–value link is contingent on reputation, not automatic. It supports the global shift from mere disclosure compliance toward credibility and reputational capital as determinants of transition-finance access.
👥 読者別の含意
🔬研究者:ESG投資と企業価値の関係における評判の調整効果を、新興国パネルと因果推論手法で示した実証的貢献。
🏢実務担当者:ESG支出の価値創出は評判構築とセットで初めて発現するため、開示・ブランド・ステークホルダー対応を統合すべきという示唆。
🏛政策担当者:グリーンバンキングや開示指令の強化が企業価値に与える効果は評判形成と連動するため、制度設計に評判・信頼の視点を組み込む必要性を示す。
📄 Abstract（原文）
Emerging-market firms are asked to fund environmental, social and governance commitments at a moment when capital is scarce and investors still question whether corporate sustainability spending destroys or creates shareholder wealth; in Bangladesh, where the cumulative intensity of green-banking and disclosure directives has risen almost eightfold since 2004, the value consequences of such spending remain unsettled. This study examines whether ESG investment raises firm value and whether corporate reputation conditions that relationship. The analysis employs a balanced panel of 110 non-financial firms listed on the Dhaka Stock Exchange over 2004–2024, comprising 2,310 firm-year observations, and applies two-way fixed-effects moderation models, panel unit-root and cointegration tests, pooled mean group ARDL estimation, a panel vector autoregression with variance decomposition, Dumitrescu–Hurlin causality tests, mediation decomposition and two-stage least squares. The results show that ESG investment raises Tobin’s Q (β = 0.126, p = .001) and that the ESG × reputation interaction is positive and significant (β = 0.117, p < .001), lifting explained variance by 5.5 percentage points; the marginal effect of ESG investment is indistinguishable from zero below a Johnson–Neyman reputation threshold of 49.6 and reaches 0.305 one standard deviation above the reputation mean. Panel cointegration is confirmed, the pooled mean group long-run ESG coefficient is 0.457, and the error-correction speed is −0.619. The findings suggest that reputation is a complement rather than a substitute for ESG investment, that approximately 15% of the ESG–value relation is transmitted through reputation building, and that the payoff to sustainable growth commitments is contingent rather than automatic.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.cribfb.com/journal/index.php/BJMSR/article/download/2951/1630first seen 2026-09-23 05:33:10 · last seen 2026-09-29 05:43:35
🔔 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。