人的資本開示と資本コスト：企業サステナビリティにおける財務マテリアリティの役割
Human Capital Disclosure and the Cost of Capital: The Role of Financial Materiality in Corporate Sustainability (原題)
Yuriko Uemura, Hidemichi Fujii
🤖 gxceed AI 要約
日本語
本研究は、53カ国1180社のパネルデータを用いて、人的資本開示と資本コストの関係を分析。開示は資本コスト上昇と関連するが、強固な管理慣行と組み合わさると資本コスト低下と関連し、特に人的資本が財務的に重要な場合に顕著。市場は人的資本情報を一様に評価せず、文脈依存的であることを示唆。
English
Using a global panel of 1,180 firms across 53 countries, this study finds that human capital disclosure is positively associated with cost of capital, but when coupled with strong management practices, it lowers cost of equity, especially when human capital is financially material. Market valuation of human capital information is conditional on credibility and materiality.
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開示や人的資本情報の法定開示が進む中、開示が資本コストに与える影響は投資家対応の観点で重要。本研究成果は、単なる開示ではなく実質的な管理慣行の重要性を示し、日本企業の開示戦略に示唆を与える。
In the global GX context
Globally, with ISSB and CSRD emphasizing materiality, this study provides empirical evidence that human capital disclosure alone may not reduce capital costs; credibility and materiality matter. It informs ongoing debates on ESG disclosure effectiveness and investor decision-making.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the conditional pricing of human capital disclosure, relevant for ESG and disclosure research.
🏢実務担当者:Highlights that substantive human capital management practices are crucial for disclosure to lower financing costs.
🏛政策担当者:Suggests that disclosure regulations should consider materiality and management quality to achieve intended capital market effects.
📄 Abstract（原文）
Despite growing regulatory and investor attention to human capital as a core pillar of corporate sustainability and ESG reporting, it remains unclear how human capital-related information is priced in financial markets. This study examines the associations between human capital disclosure, management practices, and firms’ financing costs. Using a global panel of 1180 non-financial firms across 53 countries from 2017 to 2023, we employ Bloomberg ESG data to construct measures of human capital disclosure, management practices, and materiality. Panel regression analyses indicate that while human capital management practices exhibit no significant standalone associations, human capital disclosure is positively associated with the cost of equity, cost of debt, and the weighted average cost of capital. However, we document a significant complementary effect: when coupled with strong management practices, disclosure is associated with a lower cost of equity, particularly in contexts where human capital is financially material. Furthermore, the positive association between disclosure and capital costs becomes weaker as human capital materiality increases. Overall, our findings suggest that capital markets do not uniformly price human capital information; rather, its valuation is highly conditional, depending on the substantive credibility of management practices and contextual materiality.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18168560first seen 2026-08-23 05:13:24 · last seen 2026-09-22 04:58:48
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