ESGスコアが企業財務パフォーマンスに与える影響：グローバル自動車企業の事例
The Impact of ESG Scores on Corporate Financial Performance: The Case of Global Automotive Companies (原題)
Michael Angelo A. Cortez, Mochamad Noverian Syafaat
🤖 gxceed AI 要約
日本語
世界の自動車企業16社・2015〜2023年の144社年データを用い、ESGの各次元と財務パフォーマンスの関係をGLS・動学パネル・SEMで分析した。環境スコアは流動性・インタレストカバレッジ・市場評価と正、資産回転率とは負の関係にあり、ラグ付き環境スコアはROA・ROEを正に予測した。ガバナンスは指標により混在、社会スコアは概ね非有意。ESGと財務の関係は次元・指標・時間軸で異なることを示す。
English
Analyzing 16 global automotive firms over 2015–2023 (144 firm-years) with GLS, Arellano–Bond dynamic panel, and SEM, the study finds ESG–CFP links vary by dimension. Environmental scores correlate positively with liquidity, interest coverage, and market valuation but negatively with asset turnover; lagged environmental scores predict higher ROA/ROE. Governance effects are mixed and social scores largely insignificant, suggesting feedback between sustainability and financial performance.
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
自動車産業は日本の輸出・雇用の中核であり、SSBJ基準や有報でのサステナ開示が進む中、ESG評価と財務指標の次元別関係を示す本知見は、日本企業の投資家対話や統合報告書での説明根拠として実務的価値が高い。
In the global GX context
As ISSB/SSBJ and CSRD push mandatory sustainability disclosure, evidence that ESG dimensions map differently onto financial metrics helps global investors and standard-setters calibrate what ESG ratings actually signal for capital allocation in hard-to-abate manufacturing.
👥 読者別の含意
🔬研究者:ESGと財務の次元別・時間軸別の関係を動学パネルとSEMで示す実証枠組みとして参照できる。
🏢実務担当者:環境・ガバナンス施策の優先と、資産回転率など財務トレードオフを投資家説明に織り込む材料になる。
🏛政策担当者:ESG格付・開示制度の設計で、次元別・時間差の効果を踏まえた評価指標の妥当性検討に資する。
📄 Abstract（原文）
Environmental, social, and governance (ESG) practices are increasingly important in the automotive industry, yet their relationship with corporate financial performance (CFP) remains inconsistent. This study examined the relationships between individual ESG dimensions and CFP, including whether financial performance supports subsequent ESG improvements. A longitudinal design analyzed 16 global automotive companies during 2015–2023, yielding 144 firm-year observations. ESG scores and 12 financial indicators were obtained primarily from Bloomberg. Analyses employed generalized least squares regression, Arellano–Bond dynamic panel estimation, and structural equation modeling. Environmental scores were positively associated with current liquidity, interest coverage, and market valuation, but negatively associated with asset turnover. Lagged environmental scores positively predicted returns on assets and equity. Governance scores showed mixed relationships, including positive associations with operating cash flow and asset turnover, negative associations with current liquidity, and a positive lagged association with Tobin’s Q. Social scores were generally insignificant across most specifications. Structural equation modeling identified significant associations involving environmental and governance dimensions, consistent with potential feedback between sustainability and financial performance. ESG–CFP relationships vary by dimension, financial indicator, and timing. Automotive companies should prioritize environmental and governance initiatives while recognizing financial tradeoffs and the limitations of causal interpretation.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.59261/jmef.v4i2.207first seen 2026-11-15 05:29:56
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