気候リスク開示が企業価値と投資家行動に与える影響：世界の規制データを用いた経済学研究
The impact of climate risk disclosure on corporate valuation and investor behavior: an economic study using global regulatory data (原題)
J. Turg'unov, Eshmamat Khirramov, N. Durdiev, Abdumalik Mamataliyev, Dinora Muxammadiyeva, B. Boronov
🤖 gxceed AI 要約
日本語
30カ国1,840社の2018〜2024年パネルデータを用い、TCFD原則に基づく気候リスク開示指数（質・量・適時性）が企業価値と投資家行動に与える影響を分析した研究。開示指数10ポイント上昇でTobin's Qが0.035ポイント、機関投資家持株比率が0.47ポイント上昇し、操作変数推定では効果がさらに大きい。強制開示規則の発表には市場が正に反応（CAR=0.72%）するが、新興国では有意でなく、制度の質が正の調整効果を持つ。
English
Using panel data on 1,840 firms in 30 countries (2018–2024), this study builds a TCFD-based climate risk disclosure index (quality, quantity, timeliness) and links it to firm value and investor behavior. A 10pp rise in disclosure raises Tobin's Q by 0.035 and institutional ownership by 0.47pp, with larger IV estimates. Markets react positively to mandatory disclosure announcements (CAR=0.72%), though effects are insignificant in emerging markets, where institutional quality moderates positively.
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
SSBJ基準の導入と有価証券報告書での気候開示義務化が進む日本では、開示が企業価値や機関投資家の持株比率にどう反映されるかの実証根拠として直接参考になる。特に制度の質が効果を左右する点は、日本の開示インフラ整備の重要性を示唆する。
In the global GX context
Provides cross-country empirical evidence that TCFD-aligned disclosure is priced by markets and attracts institutional capital, reinforcing the ISSB/CSRD push for mandatory climate disclosure. The finding that institutional quality moderates the effect is relevant to debates on disclosure infrastructure in emerging markets and transition finance.
👥 読者別の含意
🔬研究者:Offers a replicable TCFD-based disclosure index and causal estimates linking disclosure to valuation and institutional ownership across 30 countries.
🏢実務担当者:Supports the business case for improving climate disclosure quality and timeliness, as it correlates with higher valuation and institutional ownership.
🏛政策担当者:Suggests mandatory disclosure rules generate positive market reactions, but institutional quality is needed for effects to materialize in emerging markets.
📄 Abstract（原文）
Climate risk disclosure has emerged as an additional component of financial regulation globally, although its influence on the company value and investor behavior, particularly in transitional economies, has not been studied in depth. In order to estimate the impact of climate risk disclosure on firm value and investor behavior, this research uses panel data on 1,840 firms in 30 countries, including Uzbekistan and other emerging markets over the period of 2018-2024. Climate risk disclosure index was computed taking into account the dimensions of quality, quantity, and timeliness of climate risk disclosure according to TCFD principles. Company value was calculated using Tobin’s Q indicator and the investor behavior – institutional ownership share. It is evident from the results that a 10 percentage point rise in the disclosure index leads to a rise in Tobin’s Q by 0.035 points and in institutional ownership by 0.47 percentage points. Results based on instrumental variable estimations provide even bigger coefficients (0.52 and 7.25). Event studies have proved the positive response of the market on the announcement of mandatory disclosure rules (CAR = 0.72%). However, this effect is not significant for emerging markets and institution quality plays a positive moderating role.
🔗 Provenance — このレコードを発見したソース
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