← 論文一覧に戻る

ESG開示はいかに価値を創造するか：ESGパフォーマンスの媒介効果と「シン株」セクターの調整的役割

How ESG Disclosure Creates Value: The Mediating Effect of ESG Performance and the Moderating Role of Sin Stock Sectors (原題)

Yongtak Kim, Taeyeon Oh

Corporate Social Responsibility and Environmental Management📚 査読済 / ジャーナル2026-09-01#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1002/csr.70966
原典: https://doi.org/10.1002/csr.70966
📄 PDF

🤖 gxceed AI 要約

日本語

本研究は、ESG開示が企業価値に与える影響を、ESGパフォーマンスの媒介効果と「シン株」セクターの調整効果に着目して検証した。シグナリング理論に基づき、ESG開示は信頼できるESGパフォーマンスに裏付けられた場合にのみ経済的価値を生むと論じる。実証の結果、ESG開示は直接的およびESGパフォーマンスを介して間接的に財務業績と正の関連を持つが、シン株セクターではその効果が弱まることが示唆された。

English

This study examines how ESG disclosure affects firm value, focusing on the mediating role of ESG performance and the moderating effect of sin stock sectors. Drawing on signaling theory, it argues that ESG disclosure creates economic value only when credibly backed by ESG performance. Findings show positive direct and indirect effects on financial performance, but these effects are weaker in sin stock sectors, suggesting industry context matters.

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開示が始まり、開示の実質性が問われる中、本研究成果は開示が形骸化しないための示唆を与える。特に、開示が企業価値に結びつく経路を実証しており、投資家対応や統合報告書の質向上に参考になる。

In the global GX context

Globally, as ISSB and CSRD mandate ESG disclosure, this study provides evidence that disclosure alone is insufficient; credible ESG performance is crucial. It highlights that in controversial industries, disclosure may be perceived as compliance-driven, offering insights for regulators and investors on how to assess disclosure quality.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the mediating role of ESG performance and moderating effect of sin sectors, useful for further research on disclosure effectiveness.

🏢実務担当者:Highlights the importance of translating ESG disclosure into actual performance to create value, especially in controversial sectors.

🏛政策担当者:Suggests that disclosure regulations may need to consider industry context to ensure intended effects.

📄 Abstract（原文）

ABSTRACT This study investigates when and how ESG disclosure is associated with firm value by examining ESG performance as a mediating mechanism and sin stock sectors as a critical boundary condition. Drawing on signaling theory, we argue that ESG disclosure generates economic value only when it is credibly translated into externally assessed ESG performance. In sin stock sectors, however, ESG disclosure is more likely to be perceived as compliance‐driven, undermining its signaling effectiveness. The findings show that ESG disclosure is positively associated with financial performance both directly and indirectly through ESG performance, supporting its role as a key transmission channel. The results also provide suggestive evidence that these effects are weaker in sin stock sectors, where both the direct valuation effect and the indirect performance channel are weakened. These results suggest that ESG disclosure does not have uniform economic consequences and that its effectiveness may depend on industry context.

🔗 Provenance — このレコードを発見したソース

🔔 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。