Corporate SDG performance and the cost of equity capital
企業のSDGsパフォーマンスと自己資本コスト (AI 翻訳)
Cyrine Mhiri, A. Ajina
🤖 gxceed AI 要約
日本語
米国企業337社のパネルデータを用いて、SDGsパフォーマンスが自己資本コストに与える影響を分析。結果、SDGsへの取り組みが高い企業は資本コストが低く、サステナビリティ戦略の財務的メリットを示唆。
English
Using panel data of 337 US firms from 2015-2021, this study finds that better SDG performance reduces the cost of equity, highlighting financial benefits of sustainability.
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
日本の企業でもSDGs開示が進む中、資本コスト低減のエビデンスは有報や統合報告書での情報開示の重要性を強調。IRや投資家対応に活用可能。
In the global GX context
This study provides robust evidence linking sustainability performance to lower financing costs, reinforcing the business case for ESG integration under frameworks like ISSB and TCFD.
👥 読者別の含意
🔬研究者:Provides robust evidence on the SDG-cost of equity link using GMM to address endogeneity.
🏢実務担当者:Demonstrates that strong SDG performance can lower cost of equity, supporting sustainability investments.
🏛政策担当者:Indicates that promoting SDG disclosures can benefit firms' capital access.
📄 Abstract（原文）
This paper aims to empirically investigate the impact of Sustainable Development Goals (SDGs) performance on the cost of equity for US companies. This study analyzes a balanced panel of 337 US companies over the period 2015–2021. The authors use dynamic panel data analysis to examine the effect of SDG performance on the cost of equity. The main analysis relies on a system Generalized Method of Moments (GMM) estimator, which explicitly addresses endogeneity, persistence in the dependent variable and unobserved firm-specific heterogeneity. To improve methodological coherence and avoid redundancy, complementary estimations using Driscoll–Kraay standard errors are conducted to correct for cross-sectional dependence arising from common shocks. In addition, an alternative System-GMM specification is estimated, in which SDG performance is explicitly treated as endogenous and instrumented using a GMM-style approach, allowing for a more rigorous treatment of potential reverse causality. The results consistently show a negative and statistically significant relationship between SDG performance and the cost of equity across all specifications. Firms with stronger sustainability performance benefit from lower equity financing costs, indicating that SDG engagement reduces perceived risk and improves firms’ risk profiles in capital markets. This evidence highlights the financial advantages of integrating sustainability into corporate strategies. This study contributes to the growing literature on sustainability and corporate finance by providing robust empirical evidence on the financial benefits of SDG performance. The findings offer valuable insights for regulators, legislators, shareholders, creditors and practitioners, underscoring the importance of sustainability initiatives in improving both economic and environmental outcomes, while reducing the cost of equity.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/jfra-07-2025-0565first seen 2026-05-15 21:28:36
🔔 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。