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持続可能性とデジタル化のバランス：カントリー・フィンテックランクが論争下のESGと企業価値の関係を調整する

Balancing Sustainability and Digitalization: How Country FinTech Rank Moderates the ESG –Firm Value Relationship Amid Controversies (原題)

Amira Tarek Ibrahim Metwally, Sandra Ibrahim Mikhael Ibrahim

Corporate Social Responsibility and Environmental Management📚 査読済 / ジャーナル2026-08-28#ESGOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1002/csr.70950
原典: https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/csr.70950
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🤖 gxceed AI 要約

日本語

本研究は、ESGパフォーマンスとESGウォッシングが企業価値に与える影響を、デジタル金融システムの発展度合いを考慮して分析。2018〜2023年のグローバルESGリーダーズ指数構成企業のパネルデータを用い、固定効果回帰により、ESGパフォーマンスの向上と論争の減少が企業価値を高めることを示す。さらに、国レベルのFinTech発展が、実質的な持続可能性実践とESGウォッシングを投資家が区別する能力を強化することを明らかにした。

English

This study examines how ESG performance and ESG washing affect firm value in the context of digital financial system development. Using panel data from global ESG Leaders Index firms (2018-2023) and fixed-effects regressions, it finds that higher ESG performance and fewer controversies enhance firm value. Country-level FinTech development strengthens the positive valuation effect of credible ESG, helping investors distinguish substantive sustainability from ESG washing.

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開示が始まり、ESG情報の信頼性が問われる中、FinTech発展がESG開示の評価に与える影響は、日本の金融市場や企業の開示戦略に示唆を与える。特に、デジタル化が進む日本市場で、実質的なESG実践のシグナルとしての価値を高める可能性がある。

In the global GX context

Globally, this paper contributes to the debate on ESG disclosure credibility amid greenwashing concerns. It highlights the role of FinTech maturity in enhancing market discipline, relevant for ISSB and SEC disclosure frameworks that aim to improve information quality. The findings suggest that digital financial infrastructure can complement regulatory efforts to curb greenwashing.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the moderating role of FinTech in the ESG-firm value nexus, opening avenues for research on digital finance and sustainability.

🏢実務担当者:Highlights the importance of verifiable ESG practices, especially in sensitive industries, and suggests leveraging FinTech for credible disclosure.

🏛政策担当者:Indicates that FinTech development can support ESG disclosure credibility, informing policies that promote digital finance and sustainability integration.

📄 Abstract（原文）

This paper investigates the impact of ESG performance and ESG washing on firm value within the context of rapidly evolving digital financial systems. Although ESG disclosure has become central to corporate decision‐making, concerns regarding ESG washing have raised doubts about the credibility of reported sustainability practices and their true valuation effects. At the same time, the rise of FinTech development may reshape how markets process and price ESG‐related information, yet this interaction remains underexplored in the literature. Using panel data from global ESG Leaders Index firms between 2018 and 2023, fixed‐effects regression models and industry‐sensitivity robustness checks capture the interplay between ESG, ESG controversies, FinTech development, and firm value. Results show that higher ESG performance and reduced exposure to controversies significantly enhance firm value. Furthermore, country‐level FinTech development strengthens the positive valuation effect of credible ESG performance, indicating that digitally advanced financial ecosystems enhance investors' ability to distinguish between firms with substantive sustainability practices and those engaging in ESG washing. Industry‐sensitive sectors also exhibit stronger ESG–value linkages. For managers, the findings highlight the importance of verifiable ESG practices, particularly in sensitive industries. For policymakers and investors, the study underscores the relevance of FinTech maturity and industry context when assessing ESG disclosure credibility. This study contributes to the literature by examining the ESG washing–value relationship within the broader framework of country‐level FinTech development.

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