Do Sovereign ESG Indicators Improve Portfolio Resilience in Emerging and Developing Markets? Evidence from Open Financial and ESG Data
新興・発展途上国におけるソブリンESG指標はポートフォリオのレジリエンスを向上させるか？オープンファイナンスおよびESGデータからのエビデンス (AI 翻訳)
Maria Azatyan
🤖 gxceed AI 要約
日本語
本論文は、新興国・発展途上国において、ソブリンESG指標が株式市場のレジリエンスと関連するかを、1996-2024年のパネルデータを用いて検証。World Bankのオープンデータを活用した透明性の高い分析を提供し、ガバナンス指標がボラティリティ低下と関連することを示唆。
English
This paper tests whether sovereign ESG indicators are associated with equity-market resilience in emerging and developing economies using a transparent, open-data framework covering 1996-2024. Descriptive evidence suggests governance indicators are more consistently related to lower stock-market volatility than to higher returns, supporting a resilience interpretation.
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
日本においてもESG投資の効果検証は重要だが、新興国への適用は未確立。本論文はオープンデータを用いた再現可能な手法を提示しており、日本の機関投資家が新興国ポートフォリオのESG評価を行う際の参考となる。
In the global GX context
This paper contributes to the global debate on ESG and portfolio resilience by providing reproducible evidence from emerging markets. It supports the view that sovereign ESG indicators, especially governance, may enhance resilience rather than alpha, which is relevant for transition finance frameworks.
👥 読者別の含意
🔬研究者:Provides a reproducible open-data framework for testing sovereign ESG–portfolio resilience links.
🏢実務担当者:Useful for emerging-market portfolio construction and risk monitoring with open ESG data.
🏛政策担当者:Suggests governance improvements may enhance financial resilience, supporting policy focus on governance.
📄 Abstract（原文）
Environmental, social, and governance (ESG) information is increasingly used in portfolio construction, risk monitoring, and sustainable investment mandates. Yet the empirical role of ESG in emerging and developing markets remains contested because many studies rely on proprietary firm-level ratings, limited samples, or non-reproducible data sources. This article develops an open-data framework for testing whether sovereign ESG indicators are associated with equity-market resilience in emerging and developing economies. Using World Bank Sovereign ESG, Worldwide Governance Indicators, World Development Indicators, Global Financial Development indicators, FRED global risk controls, and Fama-French emerging-market factor files, the study constructs a country-year panel covering the period 1996-2024. The research design links lagged sovereign ESG indicators to annual equity-index returns, stock-market volatility, and crisis-period performance. The empirical strategy combines descriptive portfolio-style comparisons, fixed-effects country-year regressions, and crisis interaction models for 2008-2009, 2020, and 2022. Descriptive evidence suggests that governance indicators are more consistently related to stock-market volatility than to annual return levels, supporting a resilience interpretation rather than a simple ESG-alpha interpretation. The study contributes to sustainable finance research by offering a transparent, reproducible approach to sovereign ESG analysis that can be extended by investors, researchers, and policy analysts working with open financial data.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://americanimpactreview.com/articles/e2026060.pdffirst seen 2026-07-18 07:47:03
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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。