ESG and Firm Performance: Non-linear Dynamics and Bidirectional Causality in Pharmaceutical Industry
ESGと企業パフォーマンス：製薬業界における非線形ダイナミクスと双方向因果関係 (AI 翻訳)
Jayasree Mangalagiri, Malla Praveen Bhasa, V. Parvathi
🤖 gxceed AI 要約
日本語
本研究は、世界的な製薬企業255社を対象に、ESGパフォーマンスと企業パフォーマンスの双方向関係を交差遅延パネルモデルで分析。ESGは会計ベースの指標（ROA、ROIC）に正の影響を与えるが、市場評価（トービンのQ）はU字型関係を示す。逆因果は支持されず、ESG投資の戦略的価値を示唆。
English
This study examines the bidirectional ESG–firm performance relationship using a cross-lagged panel model of 255 global pharmaceutical firms. Lagged ESG positively influences accounting-based metrics (ROA, ROIC) but market valuation (Tobin's Q) shows a U-shaped pattern. Reverse causality is rejected, highlighting strategic value of ESG in high-stakes sectors.
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によるサステナビリティ開示基準が進む中、製薬業界は規制・評判リスクが高く、ESG投資のパフォーマンス効果を非線形に捉える本分析は、資源配分の最適化に役立つ。
In the global GX context
Amid global ESG disclosure convergence (ISSB, CSRD), this sector-specific evidence on non-linear ESG-performance dynamics offers insights for optimizing sustainability investments and disclosure frameworks, particularly in regulated industries.
👥 読者別の含意
🔬研究者:Examines bidirectional causality and non-linear dynamics in the ESG–performance link, advancing stakeholder and signalling theory.
🏢実務担当者:Demonstrates that ESG investments yield operational efficiencies over time, but market valuation may initially be skeptical, aiding resource allocation.
🏛政策担当者:Highlights the need for improved disclosure frameworks to reduce market inefficiencies in pricing sustainability.
📄 Abstract（原文）
This study examines the bidirectional relationship between environmental, social and governance (ESG) performance and firm performance in the global pharmaceutical sector, employing a cross-lagged panel model for 255 firms from 2016 to 2022. Using Bloomberg ESG scores and three performance metrics, namely return on assets (RoA), return on invested capital (RoIC) and Tobin’s Q, we uncover nuanced, non-linear relationships. Results indicate that lagged ESG performance positively influences accounting-based measures (RoA and RoIC), supporting the notion that sustainability investments yield operational efficiencies over time. However, market-based valuation (Tobin’s Q) exhibits a U-shaped relationship, suggesting initial investor scepticism followed by long-term rewards for persistent ESG commitment. On the other hand, financial performance does not consistently drive subsequent ESG improvements, rejecting reverse causality. The inverted U-shaped relationship for RoIC aligns with the environmental Kuznets curve (EKC), revealing diminishing returns to ESG investments beyond a threshold. These findings contribute to stakeholder and signalling theories, demonstrating that ESG integration enhances financial resilience while highlighting market inefficiencies in pricing sustainability. The study advances the ESG–performance literature by providing sector-specific insights, emphasizing the strategic value of ESG in pharmaceuticals, where regulatory and reputational stakes are high. Policymakers and managers can leverage these insights to optimize ESG resource allocation and improve disclosure frameworks.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1177/09721509251415307first seen 2026-07-18 07:46:23
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