見ることは信じること以上：ESGパフォーマンス・アスピレーション・ギャップと機関投資家の現地視察
Seeing Is More than Believing: ESG Performance Aspiration Gap and Institutional Investors’ Site Visits (原題)
Ling-Peng Kong, Xue-Meng Guo, Han-Zhong Zheng
🤖 gxceed AI 要約
日本語
中国深セン証券取引所のA株非金融上場企業（2013〜2024年）を対象に、企業のESG実績とアスピレーション水準との乖離（ESGアスピレーション・ギャップ）と機関投資家の現地視察の関係を実証分析した。ギャップが大きいほど視察が増え、情報非対称性がその経路として示唆される。市場化水準とアナリスト・カバレッジはこの正の関係を弱める。ESG情報開示制度の改善と資本市場の情報効率向上への政策的含意を提示する。
English
Using Shenzhen A-share non-financial listed firms (2013–2024), this paper examines how the gap between corporate ESG performance and aspiration levels relates to institutional investors’ site visits. The gap is positively associated with site visits, with information asymmetry as a likely channel; marketization level and analyst coverage weaken this relation. It extends research on ESG consequences and investor information search, offering implications for disclosure systems and market information efficiency.
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基準や有報でのESG開示が進む日本では、開示内容と投資家の実地検証行動の関係を考える上で示唆がある。ただし中国市場固有の制度的背景が強く、日本企業・投資家への直接適用には慎重さが必要。
In the global GX context
Amid ISSB/CSRD-driven disclosure harmonization, this study shows that investors respond to the dynamic gap between ESG performance and expectations, not just absolute levels—relevant to debates on disclosure quality and information intermediation. Its China-specific setting limits direct generalization but adds non-Western empirical evidence to global disclosure scholarship.
👥 読者別の含意
🔬研究者:ESG実績の絶対水準ではなくアスピレーション・ギャップに着目し、投資家の情報探索行動との関係を実証した点が研究上の貢献。
🏢実務担当者:ESG実績が期待水準から乖離すると投資家の実地視察を招き得るため、開示の一貫性と期待管理が重要になる。
🏛政策担当者:ESG情報開示制度の整備が資本市場の情報効率と投資家の検証行動に与える影響を示唆する。
📄 Abstract（原文）
ESG has profoundly influenced asset pricing and resource allocation in capital markets. However, existing research largely focuses on the economic consequences of absolute ESG levels, with limited attention paid to how the gap between corporate ESG performance and aspiration levels—the ESG performance aspiration gap—is related to the behavior of information intermediaries in the capital market. Using a sample of A-share non-financial listed companies on the Shenzhen Stock Exchange from 2013 to 2024, this paper empirically examines the relation between the ESG performance aspiration gap and institutional investors’ site visits and its potential underlying channel. The findings are as follows. First, the ESG performance aspiration gap is positively correlated with institutional investors’ site visits. This conclusion remains robust after a series of robustness tests. Second, the mechanism analysis is consistent with information asymmetry serving as a potential channel linking the ESG performance aspiration gap and institutional investors’ site visits. Third, the moderating effect analysis shows that both marketization level and analyst coverage negatively moderate the positive relation between the ESG performance aspiration gap and institutional investors’ site visits. This paper extends the research boundaries of the economic consequences of ESG and institutional investors’ information search behavior, providing a new theoretical explanation for how the capital market responds to the dynamic changes in corporate ESG performance. It also offers policy implications for improving the ESG information disclosure system and enhancing the information efficiency of the capital market.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/ijfs14090249first seen 2026-09-19 05:55:23 · last seen 2026-09-20 05:15:57
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。