The Impact of Environmental, Social, and Governance on Corporate Financial Performance: A Cross-Industry Perspective
環境・社会・ガバナンス（ESG）が企業財務パフォーマンスに与える影響：業種横断的視点 (AI 翻訳)
Wei Liu, Nicholas Dacre, Hao Dong, Jiuh-Biing Sheu, Qin Zhou
🤖 gxceed AI 要約
日本語
本論文は、欧州の化学産業とソフトウェア産業を比較し、ESGパフォーマンスとESG開示が企業財務パフォーマンスに与える影響を実証的に分析した。実際のESGパフォーマンスは化学産業で財務効果が大きい一方、ESG開示はソフトウェア産業で市場価値を高めることが示された。化学企業は非財務報告が先行していたが、短期的な財務効果は見られなかった。
English
This empirical study compares European chemical and software industries to examine how actual ESG performance and ESG disclosure affect corporate financial performance. Results show that actual ESG performance has greater financial impact in the chemical industry, while ESG disclosure provides immediate market value benefits in the software industry. Despite earlier non-financial reporting in chemicals, no significant short-term financial effects emerged.
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によるサステナビリティ開示基準の策定が進む中、ESGパフォーマンスと開示の効果が業種によって異なることを示す本知見は、日本企業が自社の開示戦略を業種特性に合わせて最適化する上で重要な示唆を与える。
In the global GX context
This paper contributes to the global ESG disclosure debate by disentangling the effects of actual performance and voluntary disclosure. It provides evidence that disclosure benefits vary by industry, informing the ongoing development of ISSB standards and regulatory frameworks such as CSRD and SEC climate rules.
👥 読者別の含意
🔬研究者:Provides a nuanced framework for analyzing ESG-CFP links and highlights industry-specific mechanisms.
🏢実務担当者:Helps sustainability teams decide whether to focus on improving actual ESG performance or enhancing disclosure, based on industry context.
🏛政策担当者:Suggests that disclosure mandates should consider industry-specific impacts and the potential disconnect between disclosure and performance.
📄 Abstract（原文）
Environmental, social, and governance (ESG) influences corporate financial performance (CFP), though the effectiveness varies notably across industry sectors. Employing multiple linear regression and multiperiod differences-in-differences (DID), this article empirically examines the differential impacts by comparing European chemical and software industries. Our framework distinguishes between actual ESG performance metrics and voluntary ESG disclosure, and reveals distinct pathways through which sustainability practices and reporting affect CFP outcomes. We find that actual ESG performance impacts CFP more in the chemical industry than in software. Conversely, ESG disclosure, even when not reflecting true performance, provides immediate and sustained market value benefits to software companies. Despite earlier and more comprehensive non-financial reporting by chemical companies, no significant financial effects emerged in the immediate four years. Multiple robustness tests are employed to address the potential selection problem inherent in economic observational data, and the model results are interpreted with due caution. The empirical findings further advance the understanding of ESG–CFP mechanisms by revealing the complex balance between regulatory compliance, sustainability investments, and financial outcomes.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1109/tem.2025.3649696first seen 2026-05-14 22:12:46
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