公開企業と非公開企業におけるESGと財務パフォーマンス：ブラジルからの証拠
ESG and financial performance in public and private companies: evidence from Brazil (原題)
Gregor Dorfleitner, Jens Felsenstein-Eckberg, H. Spitzeck
🤖 gxceed AI 要約
日本語
ブラジルの公開企業156社・非公開企業317社の2017〜2023年の質問票ベースESGデータを分析。公開企業はガバナンスが弱くESGスコアが低いが、ESG開示規制の導入後にスコアが有意に上昇した。過去の収益性はESGスコアと正相関し、ブラウン産業で顕著。家族所有は収益性と正相関する。
English
Using questionnaire-based ESG data for 156 public and 317 private Brazilian firms (2017–2023), the study finds public firms have lower ESG scores due to weaker governance, with the gap largest among large, low-leverage firms. Prior profitability predicts higher ESG scores, especially in brown industries, consistent with financial slack theory. A disclosure regulation significantly raised public firms' ESG scores.
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
新興国におけるESG開示規制の効果と所有構造の影響を示す実証研究。SSBJ基準の導入や有報でのESG開示義務化を検討する日本にとって、規制が企業行動を変える証拠として参考になる。
In the global GX context
Provides empirical evidence from an emerging market that mandatory ESG disclosure regulation improves ESG scores, and that ownership structure shapes ESG performance. Relevant to global debates on ISSB adoption and disclosure mandates in emerging economies.
👥 読者別の含意
🔬研究者:所有構造とESGパフォーマンスの関係、および開示規制の因果効果に関する新興国からの証拠を提供する。
🏢実務担当者:非公開企業や家族企業のESG対応の重要性と、開示規制への準備の必要性を示唆する。
🏛政策担当者:ESG開示義務化が公開企業のESGスコアを改善するという政策効果の証拠を提供する。
📄 Abstract（原文）
Using detailed, questionnaire-based ESG data embedded in a broader corporate ranking for 156 public and 317 private Brazilian companies from 2017 to 2023, we examine the relationship between ownership structure, financial performance, and ESG performance. Panel regressions and propensity score matching reveal that public companies have lower ESG scores than private companies due to weaker governance. The gap is most pronounced among large companies with low leverage, high liquidity, and low capital intensity. Transitions from public to private ownership are associated with improved ESG scores. Prior profitability is positively linked to ESG scores, particularly in brown industries and among companies with weaker financial constraints, consistent with financial slack theory. Family ownership is positively associated with profitability, especially in private companies. A difference-in-differences design around an ESG disclosure regulation shows that ESG scores of public companies significantly increased after implementation. Our findings highlight the pivotal roles of ownership structure, financial slack, and disclosure mandates in shaping ESG performance in emerging markets, extending ESG analysis to private companies and identifying a family-ownership premium in profitability.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://link.springer.com/content/pdf/10.1007/s11573-026-01291-w.pdffirst seen 2026-11-13 06:10:26
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。