When More Isn't Better: The Curvilinear Effects of ESG on Firm Performance
多ければ良いわけではない：ESGが企業業績に及ぼす曲線的効果 (AI 翻訳)
J. Dossa, Aamir Ali Gopang, Tony Osborn Kapola, C. Ukwuoma, Dara Thomas, James Mhoja Dossa
🤖 gxceed AI 要約
日本語
本研究は2009〜2023年の中国A株上場企業を対象に、ESGパフォーマンスと企業価値の非線形な関係を検証。逆U字型の関係が確認され、適度なESG投資は業績向上に寄与するが、過剰投資は収益を減少させる。環境・ガバナンス要素が主な推進力であり、社会的側面の効果は限定的。非国有・財務制約なし・高汚染企業で効果が顕著。
English
This study examines the non-linear relationship between ESG performance and firm value in Chinese A-share listed firms (2009-2023). It finds an inverted U-shaped relationship: moderate ESG engagement enhances firm performance, while excessive investment leads to diminishing returns. The effect is strongest in non-state-owned, financially unconstrained, and high-polluting firms. Environmental and governance dimensions are primary drivers, while social initiatives have limited impact.
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
本論文は中国市場を対象としているが、日本企業にとってESG投資の閾値の重要性を示唆する。特に過剰なESG投資が逆効果となる可能性を認識し、戦略的なESG配分を検討する際の参考となる。
In the global GX context
This paper contributes to the global ESG literature by providing empirical evidence of a curvilinear ESG-performance link in an emerging market. It challenges the assumption of a linear positive relationship and suggests that firms should calibrate ESG investments to avoid diminishing returns. Relevant for investors and managers setting ESG strategies under frameworks like ISSB and TCFD.
👥 読者別の含意
🔬研究者:Useful for researchers studying the non-linear effects of ESG on financial performance, particularly in emerging markets.
🏢実務担当者:Corporate sustainability teams can use these findings to calibrate ESG investment levels and avoid over-investment that harms performance.
🏛政策担当者:Policymakers may consider optimal ESG regulation thresholds to encourage firm engagement without imposing excessive costs.
📄 Abstract（原文）
This study examines the non‐linear effects of ESG performance on firm value in Chinese A‐share listed firms from 2009 to 2023, addressing a gap in emerging‐market ESG research that often assumes a linear, universally positive relationship. Using 29,439 firm‐year observations and performance measures including Tobin's Q, ROA, and ROE, the study applies two‐way fixed‐effect, Lind‐Mehlum U ‐tests, and robustness checks with alternative ESG ratings (Bloomberg and Huazheng) and by excluding extreme market shocks (the 2015 stock market crash and COVID‐19). The findings reveal a robust inverted U‐shaped relationship, demonstrating that moderate ESG engagement enhances firm performance, whereas excessive ESG investment results in diminishing or even negative returns. Heterogeneity analyses show that this effect is strongest in non‐state‐owned, financially unconstrained, and high‐polluting firms, while SOEs and constrained firms exhibit weaker or more linear effects. Pillar‐level analysis highlights environmental and governance dimensions as primary drivers, whereas social initiatives have limited impact. The study's novelty lies in providing empirical evidence for the curvilinear ESG‐performance link in an emerging market context, advancing theory by showing that ESG investments create intangible assets such as legitimacy, trust, and innovation only up to an optimal threshold, with institutional and financial contexts shaping the relationship. These insights inform policymakers and managers to calibrate ESG strategies strategically, and motivate future research across other markets, ESG ratings, and causal designs.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1111/beer.70074first seen 2026-07-18 08:12:16
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