強制的ESG開示と倫理認証の意図せざる厚生含意
Unintended Welfare Implications of Mandatory ESG Disclosure and Ethical Certification (原題)
Ibrahima Sall
🤖 gxceed AI 要約
日本語
本博士論文は、ESG開示・透明性・倫理的介入が市場行動に与える影響を理論モデルと市場実験で分析する。第1章は、顧客と投資家のESG反応が異質な製品市場競争モデルで、透明性が単位当たり外部性を減らしつつ生産拡大と市場分断を通じ総外部性を増やしうることを示す。第2章は倫理的宣言が買い手の信念と取引条件に影響しうる一方、売り手の虚偽報告を実質的に減らさないことを実験で示す。開示・認証制度の意図せざる帰結を強調する。
English
This dissertation analyzes how ESG disclosure, transparency, and ethical certification shape market behavior. A product-market competition model shows transparency can cut unit-level externalities yet raise aggregate externalities via expanded production and segmentation. A controlled market experiment finds public ethical declarations shift buyer beliefs and terms of trade without materially reducing seller misreporting. Both interventions can yield unintended welfare consequences under strategic, heterogeneous responses.
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
SSBJ基準や有報でのサステナビリティ開示義務化が進む日本にとって、開示が市場分断や総外部性増大を招く可能性という理論的警告は、制度設計・実効性評価の議論に直接示唆を与える。
In the global GX context
As ISSB/CSRD and SEC climate rules expand mandatory disclosure, this work warns that transparency and ethical certification can backfire through strategic firm and investor responses—relevant to regulators weighing disclosure mandates and greenwashing safeguards.
👥 読者別の含意
🔬研究者:開示・認証の厚生効果を理論と実験で捉える枠組みを、実証研究デザインに応用できる。
🏢実務担当者:倫理的宣言やESG開示が買い手・投資家の評価と取引条件に与える副作用を理解し、開示戦略のリスク管理に活かせる。
🏛政策担当者:強制開示・認証制度が意図せざる外部性増大や信頼の空洞化を招きうる点を、制度設計・実効性評価で考慮すべき。
📄 Abstract（原文）
This dissertation examines how disclosure, transparency, and ethical interventions shape market behavior within the broader context of environmental, social, and governance (ESG) practices. The first chapter studies sustainability transparency in a product-market competition model in which customers and investors differ in their responsiveness to firms’ ESG performance. It shows that transparency can reduce unit-level externalities while increasing aggregate externalities through expanded production and market segmentation, with important implications for social welfare and empirical research design. The second chapter extends this analysis from sustainability disclosure to ethical declarations, which can be understood as a governance-oriented form of ESG communication. Using a controlled market experiment, it examines whether public ethical statements affect seller reporting, buyer trust, and auction outcomes. The findings show that such declarations can influence buyers’ beliefs and the terms of trade even when they do not materially reduce seller misreporting. Together, the chapters demonstrate that both sustainability transparency and governance-oriented ethical disclosures can produce unintended consequences when market participants respond strategically and heterogeneously to information.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.7936/2yxx-yy64first seen 2026-09-26 04:46:57
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