Correlation between corporate ESG score and financial performance
企業のESGスコアと財務パフォーマンスの相関関係 (AI 翻訳)
Peppes, Athanasios
🤖 gxceed AI 要約
日本語
本研究は、EUと非EU企業11,328社を対象に、ESGスコアと財務パフォーマンスの相関を分析。2001年から2023年のパネルデータを用い、ESG改善と5年後の時価総額成長の関係を検証。結果、ESG改善はEU企業でのみ有意な正の相関を示し、非EU企業では弱い。この差はEUの規制フレームワーク（NFRD、SFDR、CSRD）によるものと示唆される。
English
This study analyzes the correlation between ESG scores and financial performance using a panel dataset of 11,328 EU and non-EU firms from 2001 to 2023. It finds that ESG improvements are modestly but significantly associated with long-term market capitalization growth only for EU firms, while the relationship is weak for non-EU firms. This divergence aligns with the implementation of major EU regulations (NFRD, SFDR, CSRD), highlighting the role of regulatory frameworks in making ESG financially material.
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
日本ではSSBJや有報でのESG情報開示が進むが、本論文は規制がESGの財務的マテリアリティを高めるエビデンスを提供。日本のGX政策や企業のESG戦略において、規制の役割を再確認させる内容。
In the global GX context
This paper provides empirical evidence that regulatory frameworks (EU directives) enhance the financial materiality of ESG performance. For global markets, it underscores the importance of mandatory disclosure regimes like ISSB and CSRD in driving the link between sustainability and financial outcomes.
👥 読者別の含意
🔬研究者:Provides empirical evidence on how regulation moderates the ESG-financial performance link, useful for future research on disclosure effectiveness.
🏢実務担当者:Demonstrates that ESG improvements alone may not drive market value without strong regulatory frameworks; useful for investment and reporting strategy.
🏛政策担当者:Supports the case for mandatory ESG disclosure regulations as a means to make sustainability financially relevant, relevant for policymakers in Japan and elsewhere.
📄 Abstract（原文）
In recent years, Environmental, Social, and Governance (ESG) criteria have become central to corporate strategy and investment decisions, reflecting growing concerns about climate change, social inequality, and governance accountability. This thesis examines the correlation between ESG performance and financial outcomes through a comparative analysis of European Union (EU) and non‑EU companies, set against the evolving regulatory landscape. The study employs a panel dataset of 11,328 firms—2,579 EU‑based and 8,749 non‑EU‑based—spanning December 2001 to May 2023, combining monthly ESG scores and market capitalization data. It analyzes long‑term ESG trends, the contributions of the Environmental, Social, and Governance pillars, and the relationship between ESG score changes and subsequent five‑year market capitalization growth. The findings reveal that ESG performance improved globally over the past two decades, with EU firms consistently outperforming non‑EU peers, particularly after 2015. This divergence aligns with the implementation of major EU regulations, including the Non‑Financial Reporting Directive, the Sustainable Finance Disclosure Regulation, and the Corporate Sustainability Reporting Directive. Larger firms generally scored higher on ESG, especially in the EU. Importantly, while ESG improvements were modestly and significantly associated with long‑term market capitalization growth in EU firms, this relationship was weak and largely absent in non‑EU markets.These results underscore the critical role of regulatory frameworks in enhancing the financial materiality of ESG performance, while highlighting that ESG alone remains insufficient as a standalone predictor of corporate value creation.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.26219/heal.aueb.9430first seen 2026-05-05 19:08:48
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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。