CLIMATE RISK TRANSPARENCY AND FIRMS’ INTEREST COVERAGE RATIO IN EMERGING MARKETS
新興市場における気候リスクの透明性と企業のインタレスト・カバレッジ・レシオ (AI 翻訳)
Nimas Melenia Mutiara Akbary, Irwan Trinugroho, Putra Pamungkas, Ahmad Salim
🤖 gxceed AI 要約
日本語
本研究は、新興市場の企業が気候リスクを開示することで、債務コストが上昇するかどうかを検証。Thomson Reuters/LSEG Eikonの企業別データを用い、System GMM推定により内生性を処理。結果、気候リスク開示企業は非開示企業より高い債務コストに直面することを示し、新興市場では透明性が未対策の脆弱性と解釈される可能性を示唆。規制当局は市場の信頼構築策を併せて検討すべきと提言。
English
This study examines whether disclosing climate risks increases debt costs for firms in emerging markets. Using firm-level data from Thomson Reuters/LSEG Eikon and System GMM estimation, it finds that disclosing firms face higher interest coverage ratios, suggesting creditors interpret transparency as unmitigated vulnerability. The authors recommend coupling disclosure mandates with mechanisms to build market confidence in firms' adaptive capacities.
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
日本ではSSBJ開示が始まり、開示が資本コストに与える影響が注目される。本研究成果は、開示が必ずしも資本コスト低減につながらない可能性を示し、日本の投資家・企業に示唆を与える。
In the global GX context
As ISSB and CSRD disclosures expand globally, this study provides critical evidence that transparency can backfire in emerging markets, highlighting the need for complementary policies to build market trust. It informs global disclosure scholarship by showing unintended consequences of climate risk reporting.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the unintended consequences of climate disclosure in emerging markets, relevant for disclosure research.
🏢実務担当者:Highlights potential financing cost increases from climate risk disclosure, informing corporate disclosure strategies.
🏛政策担当者:Suggests that disclosure mandates should be accompanied by measures to build market confidence in firms' adaptation capacities.
📄 Abstract（原文）
This study investigates whether financial markets in emerging economies impose a cost on firms that disclose climate change risks. By leveraging a novel firm-level dataset of climate risk disclosures from Thomson Reuters/LSEG Eikon, we analyze the relationship between voluntary disclosures of asset exposure to climate transition risk and physical risk and a firm’s interest coverage ratio. Using a System Generalized Method of Moments (System GMM) estimator, we address potential endogeneity and dynamic effects in the relationship between disclosure behavior and financing costs. Our results indicate that firms that disclose climate risk exposure face a higher cost of debt compared to their non-disclosing peers. This suggests that in the institutional context of emerging markets, creditors may interpret transparency as a sign of unmitigated vulnerability rather than a marker of sound governance. The study highlights a critical unintended consequence of climate disclosure, suggesting that regulatory efforts must be coupled with mechanisms that build market confidence in firms’ adaptive capacities to prevent transparency from inadvertently restricting access to capital.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://e-journal.uum.edu.my/index.php/ijbf/article/download/28937/5191first seen 2026-07-31 06:59:57 · last seen 2026-08-02 06:29:08
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