ESGスコアと企業レバレッジ：東アジア・ASEANの企業レベル実証分析

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:ESGスコアと資本構成の関係を頑健な推論で再検証し、推論手法の選択が結論を左右することを示す。

🏢実務担当者:ESGスコア向上が必ずしも資本コストやレバレッジ改善に直結しない可能性を踏まえ、開示戦略を検討する材料となる。

🏛政策担当者:開示義務化がESGスコアと企業財務行動の関係を条件付ける証拠は乏しく、政策設計の前提を見直す必要がある。

Asian markets are phasing in mandatory sustainability disclosure, yet whether ESG scores relate to leverage, and whether the regime conditions that, remains open. Two-way fixed-effects models are fitted to 841 firms over 2017–2023 and 856 over 2010–2023 in eight East Asian and ASEAN markets, with each estimate read under assumptions weakening to a wild cluster bootstrap. The level coefficient is indistinguishable from zero once inference accounts for the clustering hierarchy: on the unbalanced book-leverage panel, p rises from 0.0019 to 0.2543 while the coefficient does not move, and one standard deviation of the score shifts leverage at most 43 basis points. Joint tests support curvature in none of twelve cells, and the disclosure mandate conditions nothing: interaction p runs 0.171 to 0.918, the marginal slope indistinguishable from zero throughout. What is suggestive sits on the adjustment margin, and only within 2017–2023, where deviation from target interacts with ESG at 0.0338 under firm clustering and firms close 44.2 percent of the market-leverage gap yearly. The 2010–2023 window does not confirm it, returning 0.0037 with a tighter standard error, though the two cannot be told apart. The disagreement here is largely one of inference.

• openalex https://doi.org/10.3390/su18189429first seen 2026-09-17 05:00:16
• semanticscholar https://doi.org/10.3390/su18189429first seen 2026-09-19 05:30:20 · last seen 2026-09-22 05:00:43