開示を超えて：持続可能な金融規制と成熟資本市場におけるESGパフォーマンスの価格付け
Beyond Disclosure: Sustainable Finance Regulation and the Pricing of ESG Performance in Mature Capital Markets (原題)
Nicola Del Sarto
🤖 gxceed AI 要約
日本語
EURO STOXX 50とS&P 100の大企業を対象に2015〜2024年のパネルデータで、ESGパフォーマンスと企業価値・収益性の関係を分析。ESG改善はTobin's Qと弱い正の関連を示すが会計収益性とは系統的関係がない。2018年EUアクションプランや2021年SFDR施行前後でEU企業のESG価値関連性が米国企業比で顕著に強まる証拠は得られず、規制は急激な価格変動よりも制度的信認インフラとして機能する可能性を示唆する。
English
Using a 2015–2024 transatlantic panel of EURO STOXX 50 and S&P 100 firms, this study tests whether ESG performance is financially priced. ESG improvements show only a weak positive link to Tobin's Q and no systematic link to accounting profitability. Neither the 2018 EU Action Plan nor the 2021 SFDR produced a discrete strengthening of ESG value relevance for EU versus US firms, suggesting regulation may act as credibility infrastructure rather than a valuation shock.
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基準の導入や有報でのサステナ開示義務化が進む日本にとって、開示規制が企業価値に与える影響の限界を示す重要な示唆。規制強化が即座にESG評価の価格反映につながらない可能性を踏まえ、日本企業は開示の質と信頼性構築を長期的視点で捉える必要がある。
In the global GX context
Directly informs the ISSB/CSRD/SEC climate disclosure debate by testing whether regulation actually prices ESG performance. The null result for SFDR challenges assumptions behind EU sustainable finance policy and offers a cautionary benchmark for jurisdictions now building disclosure regimes, including Japan's SSBJ.
👥 読者別の含意
🔬研究者:ESG価値関連性の条件性と規制効果の識別困難性を示す実証ベンチマークとして活用できる。
🏢実務担当者:開示対応は短期的な評価向上より長期的な信認構築と捉え、ESG論争リスク管理を優先すべき。
🏛政策担当者:開示規制の価格効果は限定的かつ遅延的であり、制度設計では信頼性インフラとしての役割を重視すべき。
📄 Abstract（原文）
ABSTRACT This study examines whether and under what conditions Environmental, Social, and Governance (ESG) performance becomes financially meaningful in mature capital markets. Using a longitudinal transatlantic panel of large firms listed in the EURO STOXX 50 and S&P 100 over the period 2015–2024, we analyse the within‐firm association between lagged ESG performance, market valuation, and accounting profitability. We further examine whether this relationship changes around the 2018 EU Action Plan on Financing Sustainable Growth and the 2021 implementation of the Sustainable Finance Disclosure Regulation, and whether ESG controversies moderate the financial relevance of ESG performance. Firm and year fixed‐effect models show that improvements in ESG performance are positively but only weakly associated with Tobin's Q , whereas no systematic relationship emerges with accounting profitability. Policy interaction models and a dynamic event study provide no evidence of a discrete strengthening of the ESG–valuation relationship for EU‐domiciled firms relative to US‐domiciled firms following the selected regulatory milestones. ESG controversies are directionally associated with weaker ESG value relevance, although the evidence is more pronounced for profitability than for market valuation. Moreover, the Environmental, Social, and Governance pillars are not statistically distinguishable from one another. Among large and highly visible firms, sustainable finance regulation may operate as institutional codification and credibility infrastructure rather than as an abrupt valuation shock, although the evidence is equally consistent with limited statistical power and with measurement error in a domicile‐based indicator of regulatory exposure. The results highlight the conditional and statistically fragile nature of ESG value relevance and should be generalized cautiously beyond institutionally mature capital markets.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/bse.71692first seen 2026-10-18 04:52:55
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