Assessing the impact of biodiversity risk exposure on performance of U.S. listed firms
生物多様性リスクのエクスポージャーが米国上場企業の業績に与える影響の評価 (AI 翻訳)
Quang Minh Nguyen, Xinglin Li
🤖 gxceed AI 要約
日本語
本研究は、米国上場企業の2001～2023年のパネルデータを用いて、生物多様性リスクへのエクスポージャーが企業業績に与える影響を検証。Giglioら（2023）の10-K報告書のテキスト分析に基づく負の生物多様性スコアを物理的リスクの代理変数として使用。固定効果回帰では、高いリスクがROAなどの会計ベースの業績を有意に低下させる一方、トービンのQへの影響は有意でないことを発見。
English
This study examines the impact of biodiversity risk exposure on firm performance using a panel of U.S. listed firms from 2001 to 2023. It uses negative biodiversity scores derived from textual analysis of 10-K filings as a proxy for physical risk. Firm- and year-fixed-effects regressions show that higher risk exposure is associated with significantly lower operational performance (ROA), but not with market valuations (Tobin's Q).
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、TNFDへの対応が進んでおり、生物多様性リスクの開示が重要視されている。本論文の手法（10-Kテキスト分析）は、日本の有報や統合報告書への応用可能性を示唆する。
In the global GX context
This paper contributes to the global disclosure literature by providing empirical evidence that biodiversity risk is priced more in accounting outcomes than in equity valuations, highlighting a gap in market pricing. The method using textual analysis of 10-K filings can be extended to other disclosure frameworks like TNFD and ISSB.
👥 読者別の含意
🔬研究者:Highlights the need for better biodiversity risk measurement and its differential impact on accounting vs. market performance.
🏢実務担当者:Supports the business case for biodiversity risk management and disclosure, especially in light of emerging TNFD requirements.
🏛政策担当者:Indicates that current disclosure practices may not fully incorporate biodiversity risks into market pricing, suggesting room for regulatory intervention.
📄 Abstract（原文）
This study examines the impact of biodiversity risks exposure on firm performance using a panel data of U.S. publicly listed companies from 2001 to 2023. We use negative biodiversity scores derived from Giglio et al. (2023), which constructed from textual analysis of firms’ 10-K filings to proxy for physical biodiversity risk exposure. Financial performance is assessed through both accounting-based metrics (Return on Assets, Return on Equity, Net Profit Margin) and a market-based indicator (Tobin’s Q) to capture both operational outcome and investing valuation. Firm- and year-fixed-effects regressions show that higher biodiversity risk exposure is associated with significantly lower operational performance, while effects on ROE and Net Profit Margin are directionally similar but statistically insignificant. In contrast, the association between biodiversity risk exposure and Tobin’s Q is negative but not significant, indicating limited evidence of biodiversity-related valuation effects. Interaction models reveal that the adverse impact on ROA becomes less negative after 2021, while ROE shows a small positive shift, suggesting that firms may have begun adapting to emerging biodiversity-related disclosure expectations. The findings indicate that biodiversity risk exposure is reflected more strongly in accounting outcomes than in equity market valuations, highlighting incomplete market pricing of biodiversity-related risks in the United States.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.59276/jebs.2026.06.2714first seen 2026-06-29 08:43:24
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