ESG開示と資本コスト：TCCMに基づく体系的文献レビューと計量書誌分析
ESG disclosures and cost of capital: A TCCM-based systematic literature review and bibliometric analysis (原題)
Zarfishan Aslam, Ravinder Kumar
🤖 gxceed AI 要約
日本語
2020〜2025年の実証研究69本を対象に、ESG開示と資本コストの関係をTCCM枠組みと計量書誌分析で整理したレビュー。伝統的理論への依存、先進国中心の地理的偏り、ESG・資本コスト指標の測定ばらつき、パネル回帰偏重といった課題を特定。新興国・業種別文脈、測定の一貫性、因果推論手法の活用を今後の研究課題として提示する。
English
A PRISMA-based systematic review and bibliometric analysis of 69 empirical studies (2020-2025) on ESG disclosure and cost of capital, structured via the TCCM framework. It finds heavy reliance on traditional theories, a developed-market geographic bias, inconsistent ESG/cost-of-capital measures, and panel-regression dominance. The authors call for broader contexts, measurement consistency, and advanced causal methods.
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
ESG開示が資本コスト低減に寄与するかは、SSBJ基準策定や有報・統合報告書での開示拡充を進める日本企業・投資家にとって核心的論点。測定ばらつきの指摘は、日本での開示効果検証や投資家対応の設計に示唆を与える。
In the global GX context
Directly relevant to the global disclosure agenda (ISSB, CSRD, SEC climate) by synthesizing evidence on whether ESG disclosure lowers cost of capital. Its critique of measurement inconsistency and weak causal identification speaks to ongoing debates on the economic materiality of disclosure and transition finance pricing.
👥 読者別の含意
🔬研究者:ESG開示と資本コスト研究の理論・文脈・測定・手法のギャップを俯瞰でき、今後の研究設計に活用できる。
🏢実務担当者:ESG開示が資本コストや資金調達に与える影響の実証的傾向を把握し、開示戦略の根拠として参照できる。
🏛政策担当者:開示義務化の経済的効果を検証する際、測定の一貫性と因果推論の必要性を示す根拠として有用。
📄 Abstract（原文）
Environmental, Social, and Governance (ESG) disclosure has attracted considerable interest due to its effects on corporate financing, yet consolidation of recent empirical evidence remains absent. This study combines a TCCM-based systematic literature review with bibliometric analysis, using 69 empirical studies published between 2020 and 2025. The PRISMA framework is applied for the selection of studies. To provide an overview of the literature, bibliometric performance and network analyses are conducted. The Theory–Context–Characteristics–Methodology (TCCM) framework is used to analyse the theoretical framework, geographical and sectoral context, construct definitions, and methodological approaches. Findings show strong dependence on traditional theories, with comparatively limited use of alternative viewpoints. Geographically, research is concentrated in developed regions, with emerging markets and sector-specific settings remaining underexplored. The analysis also reveals variations in ESG and cost of capital construct measures. Methodologically, it relies on panel regressions, with limited use of advanced causal techniques. The review identifies key gaps and outlines a future research agenda for researchers to contribute towards ESG disclosure–cost of capital literature, emphasising broader contexts, improved measurement consistency, and the use of advanced causal methods.
🔗 Provenance — このレコードを発見したソース
- openalex https://malque.pub/ojs/index.php/mr/article/view/19902first seen 2026-10-06 05:05:36
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