ESG Assurance Quality and Capital Market Reactions: A Literature Review
ESG保証の質と資本市場の反応：文献レビュー (AI 翻訳)
Yuqing Xie
🤖 gxceed AI 要約
日本語
本論文はESG保証の質が資本市場に与える影響についての文献レビューである。シグナリング理論やエージェンシー理論を基に、高品質な保証が投資家の信頼を高め、株価反応や資金調達コストに影響することを示す。国際的な規制動向（強制保証など）や将来の研究課題（AI、ブロックチェーン）も議論している。
English
This literature review examines how ESG assurance quality affects capital markets. Drawing on signaling and agency theories, it synthesizes evidence that high-quality assurance enhances investor confidence, induces positive stock reactions, and reduces financing costs. It also discusses global regulatory trends toward mandatory assurance and proposes future research directions including AI and blockchain.
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
日本でもSSBJ基準の適用が進む中、ESG情報の信頼性確保が課題となっている。本レビューは、保証の質が資本市場に与える影響を整理し、日本の企業や投資家にとって重要な示唆を提供する。
In the global GX context
With ISSB and CSRD requiring assurance, this review provides a comprehensive overview of the market impact of assurance quality, supporting regulators and firms in designing effective assurance frameworks.
👥 読者別の含意
🔬研究者:This review identifies gaps in measurement and causal identification, offering a roadmap for future empirical studies on assurance quality.
🏢実務担当者:Corporate sustainability teams can use the findings to justify investment in high-quality ESG assurance to improve market credibility.
🏛政策担当者:Regulators can leverage the evidence on positive market reactions to mandatory assurance rules.
📄 Abstract（原文）
Environme ntal, social, and corporate governance (ESG) factors are increasingly important in financial markets, but the credibility of ESG disclosures remains a key point of contention. A growing number of companies worldwide are voluntarily seeking ESG assurance (i.e., independent review or certification of ESG reports) to enhance the reliability of sustainability information. This paper reviews the literature on ESG assurance quality and its impact on capital markets. We first revisit theoretical foundations from finance — including signaling theory, agency theory, and information asymmetry theory — all of which suggest that high-quality ESG assurance can reduce uncertainty and influence investor behavior. We then systematically examine domestic and international studies: the overall evidence indicates that high-quality ESG assurance can strengthen investor confidence, induce positive stock price reactions, reduce firms’ financing costs, and improve the information environment. However, differences in standards under varying institutional and market contexts, disparities in assurer reputation, and differences in market maturity can all alter its market impact. Existing research also faces limitations such as inconsistent measurement approaches and challenges in causal identification. Looking ahead, we highlight emerging global regulatory trends (e.g., mandatory ESG assurance) and propose future research directions, such as leveraging artificial intelligence and blockchain to improve assurance quality, conducting cross-country comparisons, and examining long-term effects. This review aims to underscore the financial relevance of ESG assurance quality, demonstrate the author’s understanding of theory and practice in this field, and suggest potential avenues for academic contribution.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.56028/aemr.16.1.351.2026first seen 2026-05-15 18:56:24
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