国のESGパフォーマンス、会計透明性、外国直接投資：動学的システムGMMとパネル平滑遷移回帰による証拠
National ESG Performance, Accounting Transparency, and Foreign Direct Investment: Evidence from Dynamic System-GMM and Panel Smooth Transition Regression (原題)
Ngoc Toan Pham, Hieu Le Tran Trung
🤖 gxceed AI 要約
日本語
265経済・2006〜2020年のパネルデータを用い、ESG三要素と会計・税務変数（IFRS強制適用、監査品質、事業開示、法人税負担）がFDIに与える影響を動学的システムGMMとパネル平滑遷移回帰で分析。監査品質と開示はFDIを有意に促進し、法人税負担は阻害する。ガバナンス水準0.97付近の閾値を超えるとIFRSの負の効果が消え、開示・サステナビリティ報告の効果が強まる非線形関係を発見した。
English
Using a 265-economy panel (2006–2020), this study estimates a dynamic FDI model combining the three ESG pillars with accounting and tax variables (IFRS adoption, audit quality, business disclosure, corporate tax burden) via fixed effects, two-step system GMM, and panel smooth transition regression. Audit quality and disclosure significantly attract FDI, while corporate tax burden deters it. A governance threshold near 0.97 reverses the negative IFRS effect and strengthens disclosure and sustainability-reporting effects, reframing ESG–FDI around the reporting and assurance environment.
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
日本企業の海外直接投資やSSBJ開示の国際比較を考える際、投資家が国のESG情報を会計・保証環境を通じて解釈するという視点は、日本版サステナビリティ開示の信頼性設計に示唆を与える。
In the global GX context
This paper adds to global disclosure scholarship by showing that ESG credentials are read through accounting transparency and assurance quality, relevant to ISSB/CSRD debates on how reporting infrastructure shapes cross-border capital allocation.
👥 読者別の含意
🔬研究者:ESGとFDIの関係を静学モデルでなく動学・非線形モデルで捉え、開示・保証環境の媒介役割を実証した点が参考になる。
🏢実務担当者:海外拠点のESG評価や投資誘致を検討する際、会計透明性・監査品質・開示充実が資本流入に直結することを示す。
🏛政策担当者:ESG指標の整備だけでなく、会計・監査・開示制度の質的向上がFDI誘致に有効であることを政策設計に反映できる。
📄 Abstract（原文）
Sustainable investing has moved environmental, social, and governance (ESG) criteria toward the center of cross-border capital decisions, yet the country-level evidence on whether these criteria attract foreign direct investment (FDI) rests almost entirely on static models and rarely accounts for the quality of a country’s accounting and reporting environment. This study estimates a dynamic model of FDI for 265 economies observed from 2006 to 2020, combining the three ESG pillars with four accounting and tax variables: mandatory adoption of International Financial Reporting Standards (IFRS), the strength of auditing standards, the extent of business disclosure, and the corporate tax burden. A fixed-effects estimator and a two-step system generalized method of moments (GMM) estimator address persistence and the reverse causality between FDI and national conditions, and a panel smooth transition regression tests whether the relationship is nonlinear. Accounting transparency attracts FDI: audit quality and disclosure carry large positive and significant coefficients under fixed effects and across income groups, while the aggregate governance index enters negatively. The corporate tax burden deters FDI with no evidence of an optimal-tax turning point. The relationship is nonlinear in governance rather than income: a panel smooth transition regression locates a governance threshold near 0.97 on the standardized scale, above which the negative association between IFRS and FDI disappears and the effects of disclosure and sustainability reporting strengthen. The results reframe the ESG–FDI question around the reporting and assurance environment through which investors read a country’s ESG credentials, and around the governance quality that makes that environment credible.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.20944/preprints202608.0913.v1first seen 2026-11-05 04:45:22
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