都市レベルの気候政策不確実性と企業のESG報告書発行：中国上場企業における有界な帰無関連
City-Level Climate Policy Uncertainty and Corporate ESG Report Issuance: A Bounded Null Association in Chinese Listed Firms (原題)
Linrui Zhang
🤖 gxceed AI 要約
日本語
本論文は、中国の都市レベルの気候政策不確実性が企業のESG報告書発行に与える影響を検証した。実物オプション理論と政治的正当性理論の対立する予測を、2011-2022年の約4万社年データを用いて検証した結果、平均的な効果はほぼゼロであり、±0.75パーセントポイント以内に限定されることを示した。仕様曲線分析や様々な頑健性チェックでも効果は確認されず、政策不確実性がESG開示に与える影響は限定的であることが示唆された。
English
This paper examines the impact of city-level climate policy uncertainty on corporate ESG report issuance in China. Using data from 2011-2022, the authors find that the average effect is essentially zero, bounded within ±0.75 percentage points, despite theoretical predictions of either postponement or increased disclosure. Specification curve analysis and robustness checks confirm the null result, suggesting that climate policy uncertainty has limited influence on ESG disclosure decisions.
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開示が始まるが、政策不確実性と開示行動の関連は示唆的。日本企業の開示が政策不確実性にどう反応するかは今後の課題。
In the global GX context
This paper contributes to global disclosure scholarship by providing causal evidence on the link between climate policy uncertainty and ESG disclosure, a topic relevant to ISSB and CSRD contexts. The null result challenges assumptions about policy-driven disclosure behavior.
👥 読者別の含意
🔬研究者:Provides rigorous causal methodology for studying policy uncertainty and disclosure, applicable to other contexts.
🏢実務担当者:Suggests that climate policy uncertainty alone may not drive ESG disclosure decisions; other factors matter.
🏛政策担当者:Indicates that policy uncertainty may not be a key lever for encouraging ESG disclosure; stable policies might be more effective.
📄 Abstract（原文）
The direction of the impact of climate policy uncertainty on enterprise ESG disclosure is theoretically uncertain: real option logic predicts that enterprises postpone irreversible investment, and political legitimacy logic predicts that enterprises increase disclosure to hedge policy risks. This article uses the climate policy uncertainty index of the news text covering 293 prefecture-level cities. After matching, it obtained 40069 observations of 3,955 enterprises in 239 cities from 2011 to 2022. The dependent variable is whether the enterprise issued an independent ESG or social responsibility report in that year. After controlling the fixed effect of the enterprise and the year, for every 1 standard deviation increase in the index, the probability of the report release changes by 0.15 percentage points, and the 95% confidence interval [-0.27, 0.56] percentage points, and the benchmark release rate relative to 18.39% is [-1.5%, 3.0%]. The equivalence test can reject the real coefficient outside ±0.75 percentage points at the 5% level. None of the 19 specifications in the specification curve is significant at the level of 10%. Provincial clustering, two-way clustering, wild cluster bootstrap and 1,000 permutation placebos cannot reject the zero effect. The significance of the scale interaction item changes according to the setting, which is exploratory evidence. Under the measurement and identification settings of this article, the average correlation between the uncertainty of urban climate policies and the release of enterprise ESG reports is limited to ±0.75 percentage points, which is about 4.1% of the benchmark release rate.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.54254/2754-1169/2026.36400first seen 2026-09-02 04:49:59
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