ESG Disclosure, ESG Performance, and Outward Foreign Direct Investment: Evidence from Chinese Listed Firms
ESG開示、ESGパフォーマンス、および対外直接投資：中国上場企業からの証拠 (AI 翻訳)
Huanyin Guo, Xiaojuan Wang, 郑海娜
🤖 gxceed AI 要約
日本語
本研究は、中国A株上場企業の2017〜2023年のパネルデータを用いて、ESG開示と対外直接投資（OFDI）の関係を分析した。ChinaBond ESGデータベースから産業別指標に基づく開示率を構築した結果、ESG開示はOFDIと正の相関を示し、特に環境・ガバナンス開示の効果が強い。イノベーション能力は関係を強化する一方、資金制約やエージェンシーコストは弱める。第三者評価よりも開示自体の情報的・正当化的役割が重要であることが示唆された。
English
This study examines the link between ESG disclosure and outward foreign direct investment (OFDI) using a sample of Chinese A-share listed firms. The authors construct a firm-level disclosure rate from the ChinaBond ESG database and find that ESG disclosure positively correlates with OFDI, especially for environmental and governance components. The effect is distinct from external ESG ratings, suggesting disclosure plays an informational and legitimating role.
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
日本企業の海外展開においても、ESG開示が投資先での信頼獲得や規制対応に寄与する可能性を示唆する。特に、第三者評価だけでなく開示内容自体の充実が重要である点は、SSBJ等の国内基準策定にも示唆を与える。
In the global GX context
For global audiences, this study provides empirical evidence from China on the strategic value of ESG disclosure in facilitating international expansion. It differentiates the roles of disclosure versus external ratings, informing debates on disclosure regulation (ISSB, CSRD) and corporate strategy for emerging-market multinationals.
👥 読者別の含意
🔬研究者:This paper provides causal evidence on the informational and legitimating role of ESG disclosure in FDI decisions, distinguishing it from third-party ratings.
🏢実務担当者:Firms should consider that transparent ESG disclosure may enhance their ability to invest abroad, beyond just achieving high ESG ratings.
🏛政策担当者:Regulators can view disclosure mandates as tools to promote sustainable outward investment; standards that are comparable across jurisdictions are beneficial.
📄 Abstract（原文）
This study investigates the relationship between environmental, social, and governance (ESG) disclosure and outward foreign direct investment (OFDI) by emerging-market firms. Using a panel of Chinese A-share listed firms from 2017 to 2023, we construct a firm-level disclosure rate from the industry-specific indicators underlying the ChinaBond ESG database. The disclosure rate is defined as the number of applicable ESG indicators disclosed by a firm divided by the total number of applicable indicators. The results show that ESG disclosure is positively associated with OFDI and that the association becomes stronger when the standardized disclosure measure exceeds 0.156. Environmental and governance disclosure have stronger effects than social disclosure. Financing constraints and agency costs weaken the relationship, whereas innovation capability strengthens it. The results remain robust to instrumental-variable estimation, lagged explanatory variables, and alternative sample restrictions. When ESG disclosure and third-party ESG ratings are included jointly, disclosure retains the larger coefficient. These findings indicate that disclosure has an informational and legitimating role in the overseas expansion of Chinese firms that is distinct from externally assessed ESG performance.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/10971475.2026.2709264first seen 2026-07-30 05:40:37
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