ESG INVESTING AND STOCK MARKET EFFICIENCY IN THE TRANSITION TO SUSTAINABLE FINANCE
Maliarchuk Oleksii
🤖 gxceed AI 要約
日本語
本論文は、ESG投資の急増が株式市場の効率性に与える影響を分析。ESG格付け間の相関が0.54と低く、情報ノイズが価格シグナルを歪める問題を指摘。ESG要因と市場効率性の概念モデルを提案し、機関投資家や規制当局への示唆を提供。
English
This paper examines how the proliferation of ESG investing affects stock market efficiency during the transition to sustainable finance. It highlights the divergence among ESG rating providers (correlation of 0.54) as a source of informational noise and proposes a conceptual model linking ESG factors to market efficiency. The findings offer insights for institutional investors, regulators, and corporate managers.
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
日本の文脈では、SSBJ（サステナビリティ基準委員会）による開示基準の策定や、有価証券報告書でのサステナビリティ情報記載が進む中、ESG格付けのばらつきが投資判断や企業評価に与える影響を考察する上で参考になる。
In the global GX context
Globally, this paper contributes to the debate on how ESG information is priced in capital markets, relevant to ongoing disclosure standard harmonization (ISSB, CSRD) and regulatory efforts to improve ESG rating transparency (e.g., IOSCO).
👥 読者別の含意
🔬研究者:Provides a conceptual framework for studying the relationship between ESG investing and market efficiency, highlighting rating divergence as a key variable.
🏢実務担当者:Useful for ESG portfolio construction and understanding how rating inconsistencies can affect investment signals and risk management.
🏛政策担当者:Relevant for developing ESG disclosure standards and regulations to reduce rating divergence and improve market transparency.
📄 Abstract（原文）
The article examines the relationship between the proliferation of ESG (Environmental, Social, Governance) investing and stock market efficiency within the context of the global transition to sustainable finance. According to Bloomberg Intelligence, ESG assets under management exceeded $40 trillion in 2022, according to various estimates, were expected to exceed USD 50 trillion by 2025. The purpose of the study is to analyse the mechanisms through which ESG-oriented capital allocation affects market efficiency and to identify key trends in sustainable financial markets, including rating convergence and green bond market development. The research employs comparative analysis, the generalisation method, secondary data analysis, and critical analysis to evaluate the methodological limitations of existing research. The findings reveal that ESG investing creates additional informational signals that alter asset pricing, which can both enhance and impair informational market efficiency depending on the quality and consistency of ESG disclosures. An analysis of the efficient market hypothesis through the ESG lens indicates that non-financial information is increasingly priced into securities, challenging traditional assumptions about market efficiency. The study identifies and analyses the problem of ESG rating divergence and its impact on market informational efficiency: the correlation between major ESG rating providers is only 0.54, generating informational noise that distorts price signals. Companies with high ESG ratings demonstrate more resilient long-term financial performance, although short-term excess returns remain inconsistent. A conceptual model of the relationship between ESG factors and market efficiency is proposed. The results are applicable to institutional investors in ESG portfolio construction, capital market regulators in developing ESG disclosure standards, and corporate managers in building ESG strategies and non-financial risk management systems. Future research should focus on empirical analysis of the ESG-return nexus in emerging markets, particularly in Central and Eastern Europe, and on developing a unified approach to assessing ESG disclosure quality.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.34025/2310-8185-2026-1.101.05first seen 2026-06-05 05:35:37
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