ESG Reporting and Firm Value: A Systematic Literature Review of Sustainability Disclosure Strategies
ESG報告と企業価値：サステナビリティ開示戦略に関する系統的文献レビュー (AI 翻訳)
Cindy Nur Azaria Mansa, Haliah, Darmawati
🤖 gxceed AI 要約
日本語
本研究は2021年から2025年までの35件の論文を系統的にレビューし、ESG要因が企業価値に与える影響を分析した。60%の研究で正の効果が見られ、測定指標や文脈要因（資本市場発展度、所有構造など）が結果を左右することを明らかにした。ESGマテリアリティスコアが汎用スコアより情報価値が高いことも示された。
English
This systematic review of 35 studies (2021-2025) synthesizes evidence on ESG and firm value. 60% of studies find a positive effect. Measurement proxies vary greatly (Refinitiv, Bloomberg, ESG risk scores), with industry-calibrated materiality scores more informative. Contextual factors like capital market development and ownership structure moderate the relationship.
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基準の策定やコーポレートガバナンス・コード改訂によりESG開示が重要視されている。本レビューはESGと企業価値の関係を包括的に示し、特にマテリアリティ重視の開示戦略が有効であることを示唆する点で、日本の開示実務・投資家対応に示唆を与える。
In the global GX context
This review contributes to the ongoing discussion on the financial materiality of ESG factors, supporting the ISSB's focus on materiality and the shift towards more nuanced disclosure. It highlights the importance of context- and industry-specific ESG measurement, relevant for companies preparing TCFD/ISSB reports.
👥 読者別の含意
🔬研究者:This review consolidates recent evidence on the ESG-firm value link, identifying methodological heterogeneity and contextual moderators that can guide future empirical work.
🏢実務担当者:Provides evidence that ESG strategies can enhance firm value, but recommends using materiality-based metrics rather than generic scores for better alignment with financial performance.
🏛政策担当者:Supports the push for mandatory, materiality-focused ESG disclosure standards, as evidence suggests market rewards relevant ESG information.
📄 Abstract（原文）
This study synthesises empirical evidence on the effect of Environmental, Social, and Governance (ESG) factors on firm value using a Systematic Literature Review (SLR) approach, covering literature published between 2021 and 2025. A search on Google Scholar via Publish or Perish using the keyword "ESG AND firm value" yielded 35 final articles meeting all inclusion criteria. Narrative synthesis produced three principal findings. First, the majority of studies (60.0%) found a positive and significant effect of ESG on firm value. Second, considerable variation exists in ESG measurement proxies from rating-agency scores (Refinitiv, Bloomberg) to disclosure indices and ESG risk scores with industry-calibrated ESG Materiality Scores proving more informative than generic aggregates. Third, contextual factors including capital market development, ownership structure, industry characteristics, and temporal horizon significantly moderate the ESG firm value relationship. These findings carry important implications for managers designing ESG strategies and for investors integrating ESG considerations into investment decisions
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.55927/ijabm.v5i3.12first seen 2026-07-01 05:52:47 · last seen 2026-07-01 05:52:54
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