Towards environmentally responsible finance: How ESG and carbon efficiency shape green bond allocation in Asian firms
環境に責任ある金融へ：ESGと炭素効率がアジア企業のグリーンボンド配分をどう形作るか (AI 翻訳)
Kelvin Soegiarto, Linda Kusumaning Wedari
🤖 gxceed AI 要約
日本語
本研究は2019〜2023年のアジア上場企業177社を対象に、ESGパフォーマンスがグリーンボンド発行比率に与える影響を実証分析。結果、ESGパフォーマンスはグリーンボンド比率に負の影響を与え、企業規模がこれを負に調整することを発見。シグナリング理論と資本構造の統合に貢献し、政策立案者や投資家に示唆を提供。
English
This study empirically examines how ESG performance affects green bond issuance proportion among 177 Asian listed firms from 2019-2023. It finds a significant negative impact, with firm size negatively moderating the relationship. The research integrates signaling theory and capital structure in sustainable finance, offering insights for policymakers and investors to design targeted incentives for green financing.
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
この研究はアジア企業に焦点を当てており、日本企業への直接的な示唆は限定的だが、ESG評価とグリーンボンド発行の関係に関する実証エビデンスは、日本のSSBJや有報における非財務情報開示の実務に参考となる。特に企業規模による調整効果は、日本の大企業と中小企業で異なる対応が必要であることを示唆。
In the global GX context
This paper provides empirical evidence on the relationship between ESG performance and green bond issuance in Asian emerging markets. It contributes to global understanding of how firm characteristics like size moderate sustainable finance decisions. The findings are relevant for global policymakers considering disclosure standards (ISSB, CSRD) and transition finance frameworks, as they highlight the need for differentiated incentives based on firm size and ESG maturity.
👥 読者別の含意
🔬研究者:Adds empirical evidence from Asia on ESG-green bond link, useful for researchers studying sustainable finance in emerging markets.
🏢実務担当者:Corporate sustainability teams can use findings to understand how their ESG performance may affect green bond issuance decisions, and the moderating role of firm size.
🏛政策担当者:Highlights that blanket policies may not work; differentiated incentives based on firm size and ESG levels could enhance green bond uptake.
📄 Abstract（原文）
The accelerating environmental challenges in Asia have heightened the urgency for sustainable financing mechanisms that can balance economic growth with environmental preservation. Green bonds have emerged as a key financial instrument to mobilize capital for low-carbon and environmentally responsible projects. This study empirically examines the effect of Environmental, Social, and Governance (ESG) performance on the proportion of green bond issuance among publicly listed firms in Asia from 2019 to 2023. Using 177 firm-year observations, this research also examines the moderating role of firm size in the relationship between ESG performance and green bond issuance. The empirical results show that ESG performance has a significant negative impact on the proportion of green bonds issued. Furthermore, firm size negatively moderates the relationship between ESG performance and green bond issuance. Theoretically, this study contributes to the integration of signaling theory and capital structure in the context of sustainable finance in emerging Asian markets. The findings provide valuable insights for policymakers, regulators, and investors to design more targeted incentives and improve disclosure standards that encourage green financing among firms of different sizes and ESG maturity levels, while supporting a framework that enhances transparency, accountability, and inclusiveness in Asia’s transition to a green economy.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.55214/2576-8484.v10i2.12101first seen 2026-05-14 21:35:34
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