Sustainable Finance and ESG: The Impact of Environmental, Social, and Governance Principles Implementation on Corporate Financial Performance and Firm Value
サステナブルファイナンスとESG：環境・社会・ガバナンス原則の導入が企業の財務パフォーマンスと企業価値に与える影響 (AI 翻訳)
Agung Nugroho, Andini Nurwulandari, E. Hasanudin
🤖 gxceed AI 要約
日本語
本レビューは、ESG実践が企業の収益性と市場価値に与える影響を2010～2025年の実証研究から分析。ESG開示の信頼性や業界の財務的マテリアリティなど5つの要因が成果を左右する。統合的フレームワークを提案し、新興国での今後の研究機会を示す。
English
This systematic literature review examines whether ESG practices enhance corporate profitability and firm value, finding generally positive relationships but with context-dependent variation. Five key factors influence outcomes, including disclosure credibility and industry materiality. An integrative framework is proposed, highlighting future research opportunities in emerging economies.
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や統合報告書の普及によりESGと財務パフォーマンスの関連性への関心が高まっている。本レビューは日本企業がESG実践の投資効果を理解する上で示唆に富むが、国内の制度的特性（例：政策連動）への言及はない。
In the global GX context
Globally, this review contributes to the ongoing debate on ESG-financial performance linkages, relevant to ISSB and TCFD frameworks. It consolidates empirical evidence across contexts, offering a systematic overview for practitioners and researchers navigating the business case for ESG.
👥 読者別の含意
🔬研究者:The integrative framework and identification of moderating factors provide a foundation for future empirical studies, especially in emerging markets.
🏢実務担当者:Insights on how ESG credibility and materiality affect financial outcomes can guide corporate disclosure and strategy.
🏛政策担当者:Evidence supporting the financial benefits of ESG may strengthen the case for mandatory disclosure regulations.
📄 Abstract（原文）
This study examines whether environmental, social, and governance (ESG) practices enhance corporate profitability and firm value by reviewing empirical evidence from previous studies. Using a systematic literature review guided by a PRISMA approach, peer-reviewed articles published between 2010 and 2025 and indexed in Scopus and Web of Science were analyzed. The findings indicate that firms adopting ESG practices generally achieve stronger financial performance and higher market valuation, although the strength and direction of the relationship vary across contexts. Five key factors influence these outcomes: the credibility of ESG disclosure, the financial materiality of ESG issues within the industry, governance quality, environmental exposure, and the institutional maturity of the market. The review also highlights that inconsistencies among ESG rating agencies contribute to measurement differences, leading to mixed empirical findings. Drawing on stakeholder and legitimacy theories, the study suggests that effective ESG implementation reduces information asymmetry, lowers financing costs, strengthens corporate reputation, and increases investor confidence. An integrative framework is proposed to explain the relationship between ESG implementation and firm value while identifying future research opportunities, particularly in emerging economies such as Indonesia, where sustainable finance regulations continue to develop.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://international.areai.or.id/index.php/IJECM/article/download/1256/1124first seen 2026-07-14 05:08:09
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