The Impact Mechanisms of ESG Ratings on Corporate Green Technology Innovation: A Multi-Period Difference-in-Differences Analysis of Innovation Quantity, Quality, and Efficiency
ESG格付けが企業のグリーン技術革新に与える影響メカニズム：革新の量、質、効率に関する複数期間の差分の差分分析 (AI 翻訳)
Amina Hamdouni, Nesrine Gafsi
🤖 gxceed AI 要約
日本語
サウジアラビアの上場企業を対象に、ESG格付けがグリーン技術革新（量・質・効率）に与える因果効果を複数期間DIDで分析。ESG格付けは財務制約の緩和とエージェンシー問題の軽減を通じて革新を促進し、その効果は時間とともに強まる。情報環境の改善が鍵。
English
Using a multi-period DID on Saudi listed firms (2015–2024), this study finds that ESG ratings causally enhance green technology innovation in quantity, quality, and efficiency. The effect strengthens over time, mediated by reduced financial constraints and agency problems. Improved information environment drives the results.
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基準の導入が進む中、ESG情報が企業のグリーン技術投資に与える影響を示す本知見は、開示戦略の設計や投資家エンゲージメントの強化に示唆を与える。サウジアラビアという新興国での実証であるが、メカニズムの普遍性から日本企業にも応用可能。
In the global GX context
Globally, this paper contributes evidence from an emerging market (Saudi Arabia) under Vision 2030, showing that ESG ratings serve as a digital information infrastructure that reduces informational entropy and guides R&D decisions. The findings support the role of ESG disclosure frameworks like ISSB in fostering green innovation.
👥 読者別の含意
🔬研究者:Provides causal evidence on the ESG-innovation link using DID and mechanism analysis (financial constraints, agency problems).
🏢実務担当者:Suggests that firms can leverage ESG ratings to reduce information asymmetry and secure financing for green R&D projects.
🏛政策担当者:Highlights how mandatory ESG disclosure can drive green innovation, relevant for designing national sustainability frameworks.
📄 Abstract（原文）
This study examines the causal impact of environmental, social, and governance (ESG) ratings on corporate green technology innovation using a panel of Saudi listed firms over the period 2015–2024. Adopting a multi-period difference-in-differences (DID) framework, the analysis evaluates three dimensions of innovation outcomes—quantity, quality, and efficiency (CGTI1–CGTI3). The results show that ESG ratings significantly enhance green technology innovation. Dynamic evidence indicates that these effects strengthen over time, reflecting gradual adjustment in firms’ innovation strategies. Mechanism analysis reveals that ESG ratings promote innovation primarily by alleviating financial constraints and mitigating agency problems. These effects are driven by improvements in the information environment, as ESG ratings reduce information asymmetry and enhance monitoring. From a theoretical perspective, ESG ratings are conceptualized as a digital information infrastructure that reduces informational entropy and provides algorithmic evaluation signals, thereby guiding managerial decision-making in R&D investment and project selection. Robustness tests, including propensity score matching difference-in-differences (PSM-DID), confirm that the results are not driven by selection bias. Focusing on Saudi Arabia under Vision 2030, the findings highlight the role of ESG information systems in shaping green innovation in an emerging market context.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18105094first seen 2026-07-18 08:15:46
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