The Relationship Between Corporate ESG Ratings and Initial Public Offering Pricing Efficiency
企業のESG評価と新規公開株の価格設定効率の関係 (AI 翻訳)
Qirun Chen
🤖 gxceed AI 要約
日本語
本稿は米国市場を対象に、企業のESG評価が新規公開株(IPO)の価格設定効率に与える影響を分析。ESG情報開示が情報非対称性を緩和し投資家の信頼を高めることで初日のアンダープライシングを低減する一方、グリーンウォッシュや評価の不一致がそのシグナル効果を弱める可能性を示唆。理論枠組みの拡張と実務への示唆を提供。
English
This paper examines the impact of ESG ratings on IPO pricing efficiency in the US market. It finds that ESG disclosure can reduce underpricing by alleviating information asymmetry and boosting investor confidence, but greenwashing and rating inconsistencies may weaken this signaling function. The study extends the theoretical framework and offers practical insights for regulators, issuers, and investors.
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開示基準の策定が進む中、ESG情報が市場評価に与える影響を理解することは重要。本稿の米国市場の知見は、日本企業のIPO時のESG情報活用や規制当局の基準設計に参考となる。ただし、市場構造の違いに留意が必要。
In the global GX context
This paper contributes to the global understanding of how ESG information affects capital market efficiency, aligning with ISSB disclosure standards. It provides empirical evidence that ESG ratings can influence IPO pricing, highlighting the dual role of transparency and greenwashing. The findings are relevant for international regulators, investors, and firms navigating ESG disclosure.
👥 読者別の含意
🔬研究者:This paper offers a novel link between ESG ratings and IPO pricing efficiency, extending the literature on non-financial factors in market anomalies.
🏢実務担当者:Corporate sustainability teams can use these insights to understand the market signaling value of ESG disclosure during IPOs and the risks of rating inconsistencies.
🏛政策担当者:Regulators can note that ESG disclosure may enhance IPO market efficiency, but must address greenwashing and rating divergence to maintain credibility.
📄 Abstract（原文）
This paper takes the United States market as its research object to explore the relationship between the Environmental, Social, and Governance (ESG) ratings of enterprises and the pricing efficiency of Initial Public Offerings (IPOs). Traditional IPO literature mostly explains the phenomenon of underpricing on the first day from the aspects of information asymmetry, underwriter reputation and market sentiment. Yet, the role of ESG, as an emerging non-financial factor, remains underexplored. This paper analyzes the potential impact of ESG on pricing efficiency from three perspectives: information asymmetry, investor demand, and institutional certification. It also examines the moderating effects of external guarantees and rating differences. The research shows that ESG disclosure can enhance transparency, boost investor confidence, and reduce underpricing under certain conditions. However, greenwashing and rating inconsistency may weaken its signaling function, leading to resource misallocation. This paper expands the theoretical framework of IPO pricing efficiency and provides empirical references and practical inspirations for regulatory authorities, issuers and investors when utilizing ESG information.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.61173/6q6hds41first seen 2026-07-18 05:09:28
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