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Socially Responsible Investors and Corporate Resistance to Climate Disruptions: Agents of Change or Passive Participants?

社会的責任投資家と気候変動への企業の抵抗力：変革の推進者か受動的参加者か？ (AI 翻訳)

Alejandro J. Useche, Marta Sánchez‐Sancho, Jennifer Martínez‐Ferrero, Emma García‐Meca

Accounting and Finance📚 査読済 / ジャーナル2026-04-29#気候金融Origin: EU
DOI: 10.1111/acfi.70225
原典: https://doi.org/10.1111/acfi.70225

🤖 gxceed AI 要約

日本語

この研究は、欧州上場企業のデータを用いて、社会的責任投資家（SRI）の所有が企業の気候ショックへの耐性を高めるかどうかを分析した。SRI所有は、企業の株式リターンの気候イベントへの感応度を低下させ、科学に基づく気候目標の採用、グリーン収益の増加、炭素排出強度の低下と関連する。ただし、これらの効果は投資家の所在国の気候規制や投資期間などの条件に依存する。

English

This study examines whether ownership by socially responsible investors (SRIs) enhances firms' resilience to climate shocks using a panel of European firms (2018-2022). SRI ownership is associated with lower stock return sensitivity to climate events, adoption of science-based climate targets, higher green revenue shares, and lower carbon emissions intensity. Effects are conditional on investor domicile climate regulation, investment horizon, and firm exposure.

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

日本のGX文脈では、機関投資家のスチュワードシップ責任と気候変動対応が重要視されており、本論文のSRIの効果に関する知見は、日本企業が気候適応力を向上させる上での投資家の役割を示唆する。ただし、欧州データに基づくため、日本の規制環境や投資慣行への適用には注意が必要。

In the global GX context

This paper contributes to the global debate on the role of institutional investors in corporate climate action. It provides evidence that socially responsible investors can be effective catalysts for climate resilience, but their impact depends on regulatory environments and investment horizons. This is relevant for disclosure frameworks (e.g., TCFD, ISSB) that emphasize investor stewardship and climate risk management.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the conditional effects of SRI ownership on corporate climate resilience, useful for researchers studying investor influence and climate finance.

🏢実務担当者:Corporate sustainability teams can leverage these findings to engage with long-term SRI investors to strengthen climate adaptation strategies.

🏛政策担当者:Regulators may consider these results in designing policies that encourage active ownership and alignment with climate goals.

📄 Abstract（原文）

ABSTRACT Climate change is a global challenge with far‐reaching implications for firms and capital markets. This study examines whether ownership by socially responsible investors (SRIs) enhances firms' resilience to climate shocks. Focusing on transition and physical climate risks, we analyse whether SRI ownership reduces firms' stock return sensitivity to climate events. Using a panel of listed European firms (2018–2022), we find that SRI ownership is associated with greater corporate capacity to manage climate disruptions. Further analyses show that SRIs are linked to firms' adoption of science‐based climate targets, higher green revenue shares, and lower carbon emissions intensity. However, these effects are conditional. SRI stewardship is stronger when investors are domiciled in countries with stringent climate regulations, maintain longer investment horizons, and invest in firms with high climate change exposure and located in jurisdictions with strong climate performance. These findings highlight the role of SRIs as catalysts for corporate climate adaptation while emphasizing boundary conditions that shape their active ownership.

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