世界金融セクターにおけるESGスコアの収束：アジア、欧州、米国におけるベータ収束、シグマ収束、クラブ形成
ESG Score Convergence in the Global Financial Sector: Beta-Convergence, Sigma-Convergence, and Club Formation Across Asia, Europe, and the United States (原題)
Ngan Bich Nguyen
🤖 gxceed AI 要約
日本語
本研究は、アジア・欧州・米国の金融機関843社のESGスコアが共通のグローバル基準に収束するか、地域別のクラブを形成するかを検証。シグマ収束、ベータ収束、動的パネル分析を用い、欧州と米国では地域内のばらつきが縮小する一方、アジアでは拡大。また、米国の平均スコアが他地域より20ポイント低いなど、単一のグローバル収束ではなくクラブ収束が支持された。
English
This study examines whether ESG scores of 843 financial firms across Asia, Europe, and the US converge to a common global standard or form regional clubs. Using sigma- and beta-convergence and dynamic panel analysis, it finds within-region dispersion narrowed in Europe and the US but widened in Asia. A model-free Phillips-Sul test supports club convergence, with US firms lagging by about 20 points, implying global benchmarks may misclassify firms.
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
日本の金融機関にとって、ESG評価の地域差は投資家対応や開示戦略に影響する。SSBJ開示や統合報告書でのESG情報の位置づけを再考する材料となる。
In the global GX context
This study contributes to global ESG disclosure scholarship by showing that ESG scores do not converge globally but form regional clubs, challenging the assumption of a single global ESG standard. It has implications for ISSB and other standard-setters aiming for global comparability.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG score convergence and club formation, useful for understanding regional dynamics in ESG ratings.
🏢実務担当者:Highlights that ESG benchmarks should be region-specific; firms should be aware of regional club membership when setting ESG targets.
🏛政策担当者:Suggests that global ESG standards may need to account for regional differences to avoid misclassification.
📄 Abstract（原文）
This study examines whether environmental, social, and governance (ESG) scores among financial institutions across Asia, Europe, and the United States are converging toward a common global standard or settling into distinct regional regimes. Using a panel of 843 publicly listed banks and financial firms over fifteen fiscal years (7754 firm-year observations), the analysis applies sigma-convergence, cross-sectional beta-convergence, and a dynamic panel specification with firm and year fixed effects. Within-region ESG dispersion has narrowed significantly in Europe and the United States but widened in Asia, even as all three regions display strong beta-convergence, with laggard firms closing the gap within about a year. A pooled model with region interaction terms and a Chow test, both of which impose the regional grouping in advance, reject the hypothesis of a single global convergence process, a conclusion independently corroborated by a model-free Phillips–Sul log-t test and clustering algorithm, supporting a club convergence interpretation in which European and Asian financial firms gravitate toward a materially higher steady-state ESG level than their American counterparts, whose mean score remains twenty points lower at the most recent fiscal year. Robustness checks across all three regions, including industry subsamples in Europe, developed versus emerging market banks in Asia, and coverage-depth splits in the United States, confirm findings are not artifacts of sample composition. These results imply that benchmarks calibrated to a single global ESG threshold would misclassify firms operating under different regional convergence clubs.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/ijfs14090233first seen 2026-09-06 05:15:14
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