The Constitutive Role of Law in Sustainable Finance
持続可能な金融における法の構成的役割 (AI 翻訳)
Smolenska, Agnieszka
🤖 gxceed AI 要約
日本語
本論文は、持続可能な金融における法の構成的役割を社会法学・法制度論の観点から分析する。EUグリーンボンド発行を事例に、新たな金融商品が法の促進・規制・構成的側面によって形成され、またそれらを形成する共構成的ダイナミクスを明らかにする。持続可能な債務商品が企業の全体的な業績やコーポレートガバナンスと結びつくにつれ、社会的関心の統合に示唆を与える。
English
This paper analyzes the constitutive role of law in sustainable finance from a sociolegal and legal institutionalist perspective. Using EU green bond issuances as a case study, it reveals co-constitutive dynamics where new financial instruments shape and are shaped by facilitative, regulatory, and constitutive facets of law. As sustainable debt instruments increasingly link to overall corporate performance and governance, findings have implications for integrating social concerns into financial instruments.
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、グリーンボンドやサステナビリティ・リンク・ボンドの市場が拡大しており、金融庁や東証のガイドライン整備が進む。本論文の法的共構成分析は、日本の持続可能な金融の枠組み設計や規制の在り方に示唆を与える。
In the global GX context
Globally, sustainable finance regulation is evolving rapidly (EU Green Bond Standard, ISSB standards, etc.). This paper's co-constitutive analysis of law and finance offers a theoretical lens to understand how legal frameworks shape the transformative potential of green financial instruments, relevant for policymakers and standard-setters.
👥 読者別の含意
🔬研究者:Provides a sociolegal framework for analyzing the co-constitutive dynamics of law and sustainable finance, useful for scholars studying legal institutionalism and green finance.
🏢実務担当者:Highlights how legal design influences the effectiveness of green bonds, offering insights for structuring sustainable debt instruments.
🏛政策担当者:Demonstrates the need for careful legal design to enhance the transformative potential of sustainable finance, informing regulatory approaches.
📄 Abstract（原文）
Abstract The sustainability transition requires a fundamental change in the way economies function to align socioeconomic systems with planetary boundaries. From a legal perspective, such a shift should entail a transformation of the prevailing legal coding of economic relations to enable consistent integration of social and environmental considerations. Within the emerging sustainable finance trend, shoots of change are visible: new financial instruments, such as green or sustainability-linked bonds and loans, appear to be reorienting the market relationships around sustainability impact issues. A sociolegal and legal institutionalist analysis of this trend reveals how such instruments shape and are shaped by different facilitative, regulatory and constitutive facets of law. Using EU green bond issuances as a case study, the article highlights how law expands and limits the transformative potential of such novel financial instruments. The analysis is revealing of the co-constitutive dynamics of law and sustainable finance. In this context, the article makes three contributions. Firstly, it offers a comparative case study of law’s co-constitutive dynamics in the case of financial innovation designed for environmental and social impact. Secondly, it identifies the co-constitutive dynamics of law and (sustainable) finance relating to differentiation and expansion.Thirdly, it finds variance in the law’s co-constitutive role at the micro-level of financial interactions, and in meso-structures that emerge in the context of sustainable finance specifically. To the extent that sustainable debt instruments are increasingly linked to a company’s overall performance and corporate governance, the article’s findings have implications for the integration of social concerns in financial instruments.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1093/indlaw/dwaf026first seen 2026-05-05 19:07:05
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