インド上場企業におけるESG開示が企業価値と投資効率に与える影響
Impact of Environmental, Social, and Governance Disclosure on Corporate Value and Investment Efficiency in Indian Listed Companies (原題)
Vishnu Kumar Mahawar, Rashi Mathur, Poonam Saini, Arjun Khateek
🤖 gxceed AI 要約
日本語
インドNIFTY500の271社を2019〜2025年で分析し、ESG開示が企業価値（Tobin's Q、Market-to-Book）に正で有意な影響を与え、投資の非効率性を低下させる（投資効率を改善する）ことを示した。固定効果・DiD・システムGMMを用いたパネル分析。企業規模と収益性は企業価値を高め、レバレッジは企業価値を下げ投資非効率を増大させる。規制当局・経営者・投資家への含意を提示。
English
Using 271 NIFTY 500 firms (2019–2025), this study finds ESG disclosure significantly raises corporate value (Tobin's Q, Market-to-Book) and reduces investment inefficiency, i.e. improves investment efficiency. Panel methods (fixed effects, DiD, system GMM) are applied. Firm size and profitability raise value while leverage lowers value and worsens inefficiency, offering implications for regulators, managers, and investors in India.
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
インドはSEBIのBRSR開示義務化を進めており、開示が企業価値・投資効率に効くという実証は、日本でもSSBJ基準・有報開示の拡大が企業価値に資するかを議論する際の比較材料になる。新興国での開示効果の定量化は日本企業の投資家対応の説得材料として有用。
In the global GX context
India's SEBI BRSR mandate makes this a timely test of whether mandatory ESG disclosure translates into valuation and capital-allocation benefits in an emerging market. It complements TCFD/ISSB/CSRD scholarship by providing non-Western empirical evidence that disclosure quality affects firm value and investment efficiency, relevant to global debates on the real effects of disclosure regulation.
👥 読者別の含意
🔬研究者:ESG開示の実効果（企業価値・投資効率）を新興国パネルデータで示す実証手法（DiD・GMM）の参考になる。
🏢実務担当者:ESG開示の拡充が投資効率・企業価値向上に寄与しうる根拠として、開示体制整備の社内説得に使える。
🏛政策担当者:開示義務化が企業価値や資本配分を改善する可能性を示し、開示規制の設計・評価の根拠となる。
📄 Abstract（原文）
In recent years, Environmental, Social, and Governance (ESG) disclosure has emerged as an important component of corporate reporting due to increasing demand for transparency, sustainability, and responsible business practices. This study examines the impact of ESG disclosure on corporate value and investment efficiency in Indian listed companies. The study is based on a sample of 271 companies from the NIFTY 500 index for the period 2019–2025. ESG disclosure is measured using ESG disclosure scores, while corporate value is measured using Tobin’s Q and the Market-to-Book ratio. Investment efficiency is measured using the investment inefficiency model, which is based on the expected investment model. The study employs panel data econometric techniques, including the Fixed Effects Model, Difference-in-Differences (DiD) Model, and System Generalised Method of Moments (GMM), to examine the relationship between ESG disclosure, corporate value, and investment efficiency. The empirical results show that ESG disclosure has a positive and statistically significant impact on corporate value and a negative and significant impact on investment inefficiency, indicating that ESG disclosure improves investment efficiency. The results also show that firm size and profitability positively influence corporate value, while leverage negatively affects corporate value and increases investment inefficiency. The study provides important implications for regulators, corporate managers, and investors regarding the role of ESG disclosure in improving corporate performance and investment efficiency in India.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.5281/zenodo.22089817first seen 2026-11-05 04:43:11
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