The Green Permium Paradox
グリーンプレミアムのパラドックス (AI 翻訳)
Daniel Nenguke, Filip Dudek, Ali Ahmed
🤖 gxceed AI 要約
日本語
本論文は、投資家がESGラベルに追加コストを払うが、企業のサステナビリティ報告の質を検証しない「グリーンプレミアムパラドックス」を提起。独自の開示忠実度指数と「グリーン会計幻想」バイアスを導入し、IFRS S1/S2の国別導入を事例に、共通基準・第三者検証・わかりやすい開示設計の必要性を論じる。
English
This paper identifies the 'Green Premium Paradox' where investors pay extra for ESG-labeled stocks without verifying the quality of sustainability claims. It introduces a Disclosure Fidelity Index and the 'Green Accounting Illusion' bias, uses IFRS S1/S2 staggered adoption as a case study, and proposes policy recommendations for common standards, independent assurance, and investor-friendly disclosures.
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がISSB基準を基にした開示基準を策定中であり、本論文の「開示の質と投資家行動」の分析は、日本の企業がこれからサステナビリティ情報を開示する際の重要な示唆となる。特に「グリーン会計幻想」は、開示量の増加が投資家の誤解を招く可能性を警告しており、実務上有用な知見である。
In the global GX context
With the global adoption of IFRS S1 and S2 (and equivalently ISSB standards), this paper provides a behavioral finance lens to understand how disclosure quality affects investor behavior and the so-called green premium. Its model and policy suggestions are timely for countries implementing sustainability disclosure mandates, including the EU's CSRD, SEC's climate rules, and Japan's SSBJ standards.
👥 読者別の含意
🔬研究者:The paper offers a novel behavioral model linking disclosure quality (Disclosure Fidelity Index) to stock pricing, contributing to the literature on ESG disclosure and market efficiency.
🏢実務担当者:Corporate sustainability teams should note the 'Green Accounting Illusion' and the importance of clear, comparable, and verified ESG disclosures to avoid mispricing and potential greenwashing accusations.
🏛政策担当者:Regulators should consider the paper's three policy proposals: common reporting standards, independent assurance, and investor-friendly formatting, especially when implementing new disclosure standards like ISSB/SSBJ.
📄 Abstract（原文）
This paper looks at what we call the "Green Premium Paradox". This is when everydayinvestors pay extra for stocks labeled as ESG (which means environmentally friendly,social, or well-governed) without really checking if the company's sustainability claims aretruthful or comparable with others. Based on ideas from behavioural finance (whichstudies how people make financial decisions), we argue that this price difference is notbecause these companies are actually safer. Instead, it happens because companiesoften report their sustainability data in an unclear way. We made a four-step model that connects the quality of a company’s ESG reporting(measured by our new Disclosure Fidelity Index) to how much investors will pay for itsstock. We also introduce something called the "Green Accounting Illusion", a bias whereinvestors mistake more information for better information. To test our ideas, we use thereal-world example of new global sustainability standards (IFRS S1 and S2) beingadopted at different times in different countries. Finally, we offer policy suggestions: weshould require companies to use common reporting standards, have independent checkson sustainability data, and design disclosures so they are easier for everyday investors tounderstand.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.5281/zenodo.19582613first seen 2026-06-11 05:16:39
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。