Reassessing Environmental Performance Within <scp>ESG</scp> Frameworks: Efficiency‐Based Evidence From Multinational Firms
ESGフレームワークにおける環境パフォーマンスの再評価：多国籍企業の効率性に基づくエビデンス (AI 翻訳)
Maurizio Pompella, Lorenzo Costantino
🤖 gxceed AI 要約
日本語
本論文は、ESGフレームワーク内での環境パフォーマンス改善が多国籍企業の収益成長に与える影響を検証する。複数段階のモデリング（動的フレームワーク、主成分分析、DEA効率性ベンチマーク）を用いて、2015～2023年の16社を分析した結果、コストゼロの排出削減であっても収益成長への確実な効果は見られず、E[SG]改善が必ずしも成長促進的ではないことを示した。
English
This paper examines whether improvements in environmental performance within ESG frameworks translate into revenue growth for multinational firms. Using multi-stage modeling (dynamic framework, PCA, DEA efficiency benchmarking) on 16 firms from 2015-2023, it finds that even cost-free emissions reductions do not guarantee better economic outcomes, challenging the assumption that ESG improvements are inherently growth-enhancing.
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
日本の企業にとって、SSBJや有報でのESG開示が進む中、環境改善が収益に直結しない可能性を示唆する本結果は、過度な期待に基づく投資判断への警告となる。多国籍企業を対象としているが、日本企業への示唆も大きい。
In the global GX context
In the global context of ISSB, CSRD, and transition finance, this paper provides cautionary evidence that environmental improvements alone may not drive revenue growth, urging regulators and investors to look beyond aggregate ESG scores and consider company-specific dynamics.
👥 読者別の含意
🔬研究者:The multi-stage methodology and null finding for the E[SG]-growth link offer a valuable counterpoint to prevailing assumptions and can inform future research on ESG materiality.
🏢実務担当者:Corporate sustainability teams should be aware that even cost-free emissions reductions may not automatically boost revenue, emphasizing the need to align environmental actions with core business strategy.
🏛政策担当者:Policymakers should not assume that mandating ESG improvements will yield immediate economic growth, and may need to design incentives that account for firm-level heterogeneity.
📄 Abstract（原文）
ABSTRACT The paper explores the evolving relationship between decarbonization strategies, environmental performance within ESG frameworks, and the economic performance of multinational companies in the context of increasing environmental and geopolitical uncertainty. Since the early 2000s, there has been a growing convergence towards greener and more sustainable business models, including the sectors of finance and banking. However, the recent technological transformation and geopolitical tensions pose challenges to the green transition, affecting its economic feasibility and environmental effectiveness. We adopt a risk‐management perspective and argue that aggregate ESG scores may obscure the financial implications of environmental behavior. Using a multi‐stage modeling approach—combining a preliminary dynamic framework with principal component analysis and efficiency benchmarking (DEA)—we test whether improvements in environmental performance translate into improved revenue growth in 16 multinational firms (2015–2023). Results show that even cost‐free emissions reductions do not guarantee better economic outcomes, challenging the assumption that E[SG] improvements are necessarily growth‐enhancing. Across differential‐equations modeling, PCA regressions, DEA benchmarking, and simulated “cost‐free” environmental improvements (up to 20%), we do not find evidence that environmental improvements per se raise revenue growth.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1002/tie.70130first seen 2026-07-01 04:47:49 · last seen 2026-07-05 04:39:21
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。