The Impact of Liquidity, Subsequent Share Issuance, and ESG Risk Indicator on Share Value
流動性、その後の株式発行、およびESGリスク指標が株式価値に与える影響 (AI 翻訳)
Deimantė Vasiliauskaitė, Kotryna Butkutė, Miglė Rusilaitė, G. Sadauskaitė, Wenting Meng
🤖 gxceed AI 要約
日本語
本論文は、Nasdaq Stockholm上場企業を対象に、流動性、追加株式発行、ESGリスク指標が株式価値に与える影響を実証分析した。流動性はビッド・アスクスプレッド等で測定し、大企業ほどスプレッドが狭いことを確認。追加発行の市場反応は投資家の認識に依存し、ESGリスクが低いほど信頼と評価が高まることを示した。
English
This paper empirically examines the impact of liquidity, subsequent share issuance, and ESG risk indicators on share value for Nasdaq Stockholm-listed firms. Liquidity is measured by bid-ask spreads and volume ratios, showing larger firms have narrower spreads. Market reactions to additional share issuances depend on investor perceptions, and lower ESG risk is correlated with higher investor trust and valuation.
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
スウェーデン市場を対象としているが、ESGリスクと企業価値の関係を示す実証結果は、日本のESG投資や開示実務にも示唆を与える。特にSSBJ基準や統合報告書でのESG情報開示の重要性を裏付ける。
In the global GX context
While focused on the Swedish market, the empirical link between ESG risk and share value supports global ESG disclosure initiatives such as ISSB and CSRD, reinforcing the case for integrating ESG risks into financial reporting.
👥 読者別の含意
🔬研究者:Provides empirical evidence on how ESG risk indicators affect share valuation, useful for researchers studying ESG integration in financial markets.
🏢実務担当者:Highlights the importance of managing ESG risk to enhance investor confidence and share value, relevant for corporate sustainability and IR teams.
📄 Abstract（原文）
This study examines the impact of liquidity, subsequent share issuance, and environmental, social, and governance (ESG) risk indicators on the value of publicly traded shares. By integrating theoretical insights with empirical analysis, the research examines both financial and non-financial factors that influence share performance. Liquidity was assessed through bid– ask spreads and purchase-to-sale volume ratios for companies listed on the Nasdaq Stockholm exchange. Results indicate that larger firms exhibit narrower spreads and greater market depth, while smaller firms experience higher illiquidity and reduced investor demand. The effect of subsequent share issuances was analyzed using an event study approach, measuring abnormal and cumulative abnormal returns (AR and CAR) within a seven-day event window. Findings suggest that market reactions depend on investor perceptions: positive when capital is raised for expansion and negative when issuance signals dilution or financial weakness. The analysis of ESG risk indicators reveals that lower ESG risk ratings are correlated with greater investor trust, transparency, and higher share valuation, while higher risk ratings are associated with weaker market performance. Overall, the results confirm that strong liquidity, transparent and strategically motivated share issuances, and robust ESG performance jointly enhance share value and investor confidence in modern financial markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://online-journals.org/index.php/iTDAF/article/download/59447/17123first seen 2026-07-18 08:04:23
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