The impact of ESG reporting on capital expenditure and technological innovation in the mining sector: a comparative analysis of Europe and North America (2017–2023)
ESG報告が鉱業セクターの資本支出と技術革新に与える影響：欧州と北米の比較分析（2017-2023） (AI 翻訳)
Monika Wodnicka, Agata Gniadkowska-Szymańska
🤖 gxceed AI 要約
日本語
本研究は、2017～2023年の欧州と北米の鉱業企業を対象に、ESG報告が資本支出や技術投資に与える影響を実証分析。高いESG評価（特に欧州の環境・ガバナンス、北米の社会）はCAPEXと技術投資の減少と関連するが、革新指数への直接効果は見られなかった。ESGイニシアチブが長期的な競争力を抑制する可能性を示唆。
English
This study empirically analyzes the impact of ESG reporting on CAPEX and technology investment in mining firms in Europe and North America (2017-2023). Higher ESG ratings (especially environmental/governance in Europe, social in North America) correlate with reduced CAPEX and technology investment, but no direct effect on innovation indices was found. The results suggest ESG initiatives may inadvertently constrain long-term competitiveness, highlighting the need for complementary public financial instruments.
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
日本でも鉱業・資源セクターはSSBJ対応が進むが、ESG開示が設備投資や技術投資を抑制するという示唆は、日本の資源企業（石油天然ガス・金属鉱業など）にとって重要な政策的含意を持つ。欧州と北米の比較から、日本独自のバランスある開示制度設計に示唆を与える可能性がある。
In the global GX context
This paper offers a critical perspective on ESG reporting's unintended consequences for capital allocation and innovation in a carbon-intensive sector. For global GX discourse, it underscores the tension between disclosure mandates and industrial competitiveness, relevant for ISSB implementation and transition finance frameworks.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the trade-off between ESG ratings and capital expenditure in mining, useful for researchers studying disclosure effects on firm behavior.
🏢実務担当者:Mining companies can use these findings to anticipate how ESG ratings might impact their investment decisions and to advocate for balanced disclosure frameworks.
🏛政策担当者:Regulators should consider potential negative effects of ESG disclosure on investment and innovation, and design complementary policies such as green subsidies.
📄 Abstract（原文）
The aim of this research is to empirically determine the impact of digital technology implementation on investment efficiency, transparency of non-financial reporting, and financial stability of mining enterprises operating in Europe and North America between 2017 and 2023. The research also aims to examine the interdependencies between the level of capital expenditure (CAPEX), technological innovation, and the quality of ESG reporting in the context of the global energy transition. Employing panel data and heteroscedasticity-corrected OLS models, the analysis rigorously assesses the impact of environmental (ENV), social (SCR), and governance (CG) indices on CAPEX, technology investment, and innovation, controlling for company scale and financial indicators. The findings demonstrate that higher ESG ratings, notably environmental and governance in Europe and social aspects in North America, correspond with statistically significant reductions in CAPEX and technology investment, while failing to produce direct effects on innovation indices. The study reveals that ESG initiatives, despite their strategic relevance for sustainability, may inadvertently constrain long-term competitiveness and sectoral innovation, underlining a critical need for supplementary public financial instruments. These insights offer novel regional perspectives and provide actionable guidance for managers, investors, and policymakers in the mining sector.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.34659/eis.2026.96.1.1337first seen 2026-07-09 05:11:39
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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。