Can ESG and green innovation investments contribute to reach carbon emission efficiency and enhance sustainable firm valuation
ESG投資とグリーンイノベーション投資は炭素排出効率の達成と持続可能な企業価値向上に貢献できるか (AI 翻訳)
Ayse Hyusein, M. Seraj
🤖 gxceed AI 要約
日本語
本研究は、エネルギー集約型・重公害産業におけるESG開示とグリーンイノベーションが炭素排出効率（CEE）と企業価値に与える影響を分析した。ロンドン証券取引所グループのデータを用いた結果、ESG投資はCEEを向上させるが、グリーンイノベーションは有意な効果を示さなかった。一方、両投資は企業価値に負の影響を与え、長期的なサステナビリティ投資の財務的負担を示唆する。業界別のインセンティブ設計が必要と結論付けた。
English
This study examines the impact of ESG disclosure and green innovation on carbon emission efficiency (CEE) and firm valuation in energy-intensive and heavy-polluting industries. Using data from the London Stock Exchange Group Asset 4 Database, it finds that ESG investments improve CEE, while green innovation does not significantly affect CEE. However, both ESG and green innovation investments negatively impact firm valuation due to high costs and long-term nature. The findings highlight the need for industry-specific financial incentives.
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やTCFDに基づく開示が進む中、エネルギー多消費産業におけるESG投資と炭素効率の関連性は実務上の関心事である。本研究は、ESD投資が短期的に企業価値を低下させる可能性を示しており、日本の政策立案者が移行金融や補助金設計を検討する際のエビデンスとなる。
In the global GX context
This paper contributes to global debates on ESG investments and carbon efficiency, particularly for hard-to-abate sectors. It provides empirical evidence that while ESG improves carbon emission efficiency, it may reduce firm valuation in the short term, informing international frameworks like ISSB and CSRD. The study underscores the need for tailored financial incentives to support long-term sustainability investments.
👥 読者別の含意
🔬研究者:This paper offers empirical evidence on the trade-off between ESG investments and firm valuation in carbon-intensive sectors, challenging the assumption that ESG always enhances value.
🏢実務担当者:Corporate sustainability teams can use these findings to justify ESG investments for carbon efficiency but should anticipate potential negative market reactions and plan for long-term communication.
🏛政策担当者:Regulators should design industry-specific financial incentives to offset the valuation burden of ESG and green innovation investments in energy-intensive industries.
📄 Abstract（原文）
The objective of this study is to measure the impact of environmental, social and governance (ESG) disclosure and green innovation initiatives on carbon emission efficiency (CEE) and firm valuation among companies operating in energy-intensive and heavy polluting industries. The sample comprised ESG reporting data disclosed to London Stock Exchange Group Asset 4 Database (previously Refinitiv). Our final sample included 326 companies and comprised 3,260 firm-year observations. Feasible generalised least squares (FGLS) and Driscoll–Kraay standard errors techniques were utilised. All analyses were conducted using Stata 17. The results confirm that companies integrating ESG initiatives to business models enhanced their CEE. Green innovation initiatives did not have significant impact on CEE performance. On the contrary of ESG literature, the results suggest that ESG investments and green innovation initiatives have significant but negative impact on firm valuation. Overall, this study underlines the significant role of ESG investments in energy-intensive heavy polluting industries in enhancing CEE performance and reaching global carbon goals on a micro level; it further pinpoints the relevance for the construction of strategic regulatory adaptation of risk mitigation initiatives and financial incentives on an industry basis. The results imply that the long-term nature of sustainability projects and high financial costs force companies to use external financial leverage which added to sector-specific mandatory governance requirements that act as a financial burden for companies operating in energy-intensive sectors prolonging the positive effect on the valuation of firms.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/meq-10-2025-0687first seen 2026-05-15 18:20:36
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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。