“Financing the Climate Transition: Green Finance, Policy Uncertainty, and Corporate Environmental Performance in Emerging Markets”
気候移行のための資金調達：グリーンファイナンス、政策の不確実性、及び新興市場における企業の環境パフォーマンス (AI 翻訳)
V. perera, M. Nanayakkara, W. Madurapperuma
🤖 gxceed AI 要約
日本語
本研究は、2014年から2024年までの9つの新興経済圏に上場する1,370社のパネルデータを用いて、グリーンファイナンスが企業の環境パフォーマンスに与える影響を分析した。結果、グリーンファイナンスは環境パフォーマンスを有意に改善するが、経済政策の不確実性が高い状況ではその効果が弱まることが明らかになった。また、制度の質やグリーン技術の導入が不確実性の悪影響を緩和する。
English
Using a panel of 1,370 firms across nine emerging economies from 2014-2024, this study finds that green finance significantly improves corporate environmental performance, but this positive effect is weakened under higher economic policy uncertainty. Strong institutional quality and green technology adoption mitigate the negative moderating effect of uncertainty.
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
本論文は新興市場を対象としているが、日本のグリーンファイナンス推進における政策の安定性の重要性を示唆する。また、日本の機関投資家が新興国での環境投資を評価する際の参考となる。
In the global GX context
This paper contributes to the global understanding of how policy uncertainty moderates the effectiveness of green finance, with implications for investors and policymakers in both developed and emerging economies. It highlights the need for stable policy environments to maximize the environmental benefits of green finance.
👥 読者別の含意
🔬研究者:Provides robust empirical evidence on the green finance-environmental performance nexus and the moderating role of economic policy uncertainty in emerging markets.
🏢実務担当者:Highlights that green finance initiatives should be coupled with stable policy environments and institutional support to be effective in improving environmental performance.
🏛政策担当者:Demonstrates that reducing policy uncertainty and strengthening institutions can enhance the impact of green finance on corporate environmental outcomes.
📄 Abstract（原文）
Background Green finance has emerged as a key mechanism for promoting corporate environmental performance and supporting sustainable development, particularly in emerging economies where environmental challenges and financing gaps remain substantial. However, the effectiveness of green finance may depend on macroeconomic conditions, especially economic policy uncertainty, which can influence firms’ willingness to undertake longterm environmental investments. Methods This study examines the relationship between green finance and corporate environmental performance using a balanced panel dataset of 1,370 listed firms across nine emerging economies from 2014 to 2024 (13,970 firm-year observations). The analysis employs two-way fixed effects panel models, interaction terms, and instrumental variable two-stage least squares (IV–2SLS) estimation to address endogeneity and examine the moderating role of economic policy uncertainty. Results The findings indicate that green finance significantly improves corporate environmental performance, suggesting that access to sustainable financial instruments enables firms to invest in environmentally friendly technologies and practices. However, the positive impact of green finance is weakened under conditions of higher economic policy uncertainty, as firms become more cautious about committing to long- term environmental investments. The results also show that strong institutional quality and higher levels of green technology adoption mitigate the negative effects of policy uncertainty, enabling firms to sustain environmental investments despite uncertain policy environments. Conclusions Overall, the study highlights the importance of stable policy environments, effective institutional governance, and technological innovation in strengthening the environmental benefits of green finance and supporting sustainable climate transitions in emerging markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.12688/f1000research.179330.1first seen 2026-05-06 00:19:34
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。