Does the COVID-19 Pandemic Highlights the Value of Firm’s ESG Performance?
COVID-19パンデミックは企業のESGパフォーマンスの価値を際立たせるか？ (AI 翻訳)
Ching-Feng Chen, Yuanchen Chang
🤖 gxceed AI 要約
日本語
本研究は、2016年から2023年までの台湾の非金融企業のパネルデータを用いて、ESGパフォーマンスがCOVID-19パンデミックによる財務業績への悪影響を緩和するかを調査した。結果、ESGパフォーマンスが高い企業は業績低下が小さく、ESGが保険的な役割を果たすことが示された。特にガバナンスと社会的側面の効果が顕著であった。
English
This study uses panel data of Taiwanese non-financial firms from 2016-2023 to examine whether ESG performance mitigates the negative impact of COVID-19 on financial performance. Results show that firms with stronger ESG performance experienced smaller declines, consistent with ESG's insurance-like role. The effect is strongest for governance and social dimensions.
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の動きやESG開示が進む中、本論文はESGパフォーマンスが危機時の財務安定性に寄与することを示し、日本の企業や規制当局にとってESG統合の重要性を再認識させる。ただし、台湾データに基づくため、日本への直接適用には注意が必要。
In the global GX context
This paper contributes to the global debate on ESG's financial materiality, showing that ESG performance provides a buffer against exogenous shocks like COVID-19. It aligns with TCFD/ISSB frameworks that emphasize resilience and risk management. The findings support the business case for ESG integration across markets.
👥 読者別の含意
🔬研究者:This study provides empirical evidence on ESG's insurance-like effect during a global shock, useful for researchers exploring ESG-financial performance links and crisis resilience.
🏢実務担当者:Practitioners can use these findings to justify ESG investments as risk management tools that protect financial performance during downturns.
🏛政策担当者:Policymakers can reference this to promote ESG adoption as a means to enhance market resilience, similar to Taiwan's approach.
📄 Abstract（原文）
This study investigates whether Environmental, Social, and Governance performance mitigates the adverse impact of the COVID-19 pandemic on firm financial performance using panel data for non-financial firms listed on the Taiwan Stock Exchange and the Taipei Exchange from 2016 to 2023. We employ multiple ESG proxies, including aggregate ESG ratings and score, disaggregated ESG scores, industry-adjusted rankings, and an extensive set of firm-level financial and governance controls, and estimate the models using regression analysis. The results show that firm financial performance deteriorated significantly during the COVID-19 period. However, firms with stronger ESG performance experienced markedly smaller performance declines, consistent with an insurance-like role of ESG. This moderating effect is most pronounced for the governance and social dimensions, indicating that robust ESG practices enhance firms’ ability to absorb exogenous shocks. Overall, the findings highlight ESG performance as a resilience mechanism that supports financial stability and sustainable competitiveness. From a practical standpoint, the evidence suggests that firms should integrate ESG considerations into core strategic and risk management processes, while policymakers may promote ESG adoption to strengthen capital market resilience.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://ccsenet.org/journal/index.php/ijef/article/download/0/0/52891/57664first seen 2026-07-18 08:08:57
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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。