ESG開示とコーポレートガバナンス：財務パフォーマンスと市場反応に関するレビュー
ESG Disclosure and Corporate Governance: A Review of Financial Performance and Market Reactions (原題)
Yisu Yuan
🤖 gxceed AI 要約
日本語
ESG開示と企業財務パフォーマンスの関係を扱った近年の査読研究を系統的にレビューした論文。効果の方向と大きさは業種・地域・ガバナンス品質・企業特性に依存することを示す。特にガバナンスは中程度では開示効果を補完するが、極めて高い水準では情報の冗長性により代替関係に転じる非線形性を明らかにし、先行研究の矛盾を解消する。標準化された測定と因果識別、新興国研究の必要性を今後の課題として提示する。
English
A systematic review of recent peer-reviewed studies on ESG disclosure, corporate governance, and firm financial performance. It finds that the direction and magnitude of effects depend on industry, region, governance quality, and firm characteristics. Governance plays a non-linear role—complementing ESG disclosure at moderate levels but substituting at exceptionally high levels due to information redundancy—resolving apparent contradictions in prior literature. The review calls for standardized measurement, causal identification, and more emerging-market research.
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
SSBJ基準の策定や有価証券報告書でのサステナビリティ開示義務化が進む日本では、開示の財務的価値やガバナンス品質との相互作用に関するエビデンスが投資家対応や開示戦略の設計に直結する。本レビューは、日本企業が統合報告書やTCFD開示を進める際のガバナンスの役割を再考する材料を提供する。
In the global GX context
As global disclosure frameworks (ISSB, CSRD, SEC climate) move from voluntary to mandatory, this review clarifies when ESG disclosure translates into financial value and how governance quality moderates that link. It offers a nuanced lens for regulators and standard-setters designing disclosure infrastructure, and for investors interpreting ESG signals across institutional contexts.
👥 読者別の含意
🔬研究者:ESG開示と財務パフォーマンスの実証研究におけるガバナンスの非線形調整効果という新たな視点を提供し、今後の因果識別研究の設計に示唆を与える。
🏢実務担当者:自社のESG開示戦略を設計する際、ガバナンス品質とのバランスを考慮し、過剰開示による情報冗長性を避けることの重要性を示唆する。
🏛政策担当者:開示義務化の政策設計において、ガバナンス品質の違いを考慮した柔軟な枠組みや、標準化された測定の必要性を検討する根拠となり得る。
📄 Abstract（原文）
Environmental, Social and Governance (ESG) disclosure has gradually evolved from a voluntary practice – where it is easier to say it, but harder to prove – into an expected routine by regulatory framework over the last decade; but other than this shift empirical evidence about financial impact of ESG disclosure is still fragmented and contradictory. This systematic review outlines the evidence from recent peer-reviewed studies examining ESG disclosure, corporate governance and firm financial performance. Review findings show that the direction and size of this effect depend on industry, region (institutional framework), corporate governance quality and firm characteristics. Corporate governance also emerges not only as a driver of firm value but also as an important moderator that determines the effect of firm values on ESG transparency. Crucially, this review establishes a non-linear role of governance: it is a complement at moderate levels of governance: it accentuates the positive impact of ESG disclosure, but turns into substitution when governance is exceptionally good, as disclosing more information beyond governance quality becomes less marginal informational and is subject to information redundancy by signaling. This role distinction resolves apparent contradictions in the previous literature. By specifically stressing the mediating role of governance quality in translating ESG disclosure to financial value, our review establishes an agenda for future research, with a stress on standardized measurement, causal identification and also greater focus on emerging markets and governance elements.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.70267/icrafm.202617609617first seen 2026-10-21 04:44:04
- semanticscholar https://journals.zeuspress.org/index.php/conference/article/download/1526/1467first seen 2026-10-23 06:23:21 · last seen 2026-11-06 05:48:33
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