Community Garden Disclosures and Municipal Bond Interest Costs: A Study of New England States
コミュニティガーデンの開示と地方債利子費用：ニューイングランド諸州の研究 (AI 翻訳)
Jacqueline Jamsheed, Linda Ragland
🤖 gxceed AI 要約
日本語
本研究は、地方自治体のESG開示、特にコミュニティガーデン支援の開示が地方債の利子費用に与える影響を調査。ニューイングランドの地方自治体を対象に、ウェブサイトや年次財務報告書での開示と一般義務債の利子費用の負の関連を発見した。非定量情報が政府債務市場で評価される可能性を示唆。
English
This study examines whether municipal ESG disclosures, specifically support for community gardens, are associated with lower bond interest costs. Analyzing New England municipalities, it finds a negative correlation between disclosing such initiatives on websites or ACFRs and general obligation bond interest costs, suggesting that non-quantifiable ESG information is priced in the municipal bond market.
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
米国地方自治体の事例だが、ESG開示が債務コストに影響しうることを示しており、日本の自治体や企業によるGX/ESG情報開示の財務効果を考察する上で参考になる。
In the global GX context
This paper provides evidence that even soft ESG disclosures (community garden support) can lower borrowing costs for municipalities. It contributes to the global debate on the materiality of non-financial information and its pricing in capital markets, relevant to TCFD/ISSB discussions on decision-usefulness.
👥 読者別の含意
🔬研究者:Highlights a novel link between community-garden ESG disclosure and municipal bond pricing, opening avenues for research on non-traditional ESG factors.
🏢実務担当者:Municipal finance officers can use the finding that transparent communication of social initiatives may reduce bond interest costs.
🏛政策担当者:Suggests that encouraging or standardizing ESG disclosures by municipalities could lower their cost of capital.
📄 Abstract（原文）
ABSTRACT In this study, we explore whether a municipality’s disclosure of environmental, social, and governance (ESG) initiatives has a positive impact in the municipal bond market. In particular, we investigate the “Environmental and Social” aspects of ESG reporting through the support of Urban Agriculture (UA) related to community gardens. We examine disclosures of support by way of websites and Annual Comprehensive Financial Reports (ACFRs). Motivation for this study comes from a gap in the accounting literature dedicated to the business impacts of municipalities’ sustainability efforts. To address our research question, we collected and analyzed data from general obligation (GO) bond issue reports, websites, and ACFRs for municipalities in New England. We find that disclosing support for community garden initiatives on websites and/or in the ACFR is negatively associated with bond interest costs. This relationship suggests that the government debt market may incorporate this (new type of) nonquantifiable information into investment decisions. Data Availability: Please contact the authors. JEL Classifications: H74; M14; M40; M41; Q15; Q18; Q54; Q56.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.2308/jogna-2024-005first seen 2026-05-14 22:34:56
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