Correcting Market Mispricing of Accounting Information : The Role of ESG Report
会計情報の市場ミスプライシングの修正：ESGレポートの役割 (AI 翻訳)
Su-Young Choi, Heejeong Shin
🤖 gxceed AI 要約
日本語
本研究は、ESG格付けデータが企業価値評価における市場の財務情報への過小反応を緩和するかを実証分析。ESG情報開示企業では市場の過小反応が軽減され、特に高ESG格付け企業で顕著。結果は内生性を考慮した追加分析でも頑健。強制ESG開示制度の必要性を部分的に支持。
English
This study empirically analyzes whether ESG ratings mitigate market underreaction to financial information in corporate valuation. Results show that underreaction is alleviated for firms disclosing ESG information, especially those with higher ESG ratings. Findings are robust to endogeneity checks. The study provides partial support for mandatory ESG disclosure systems.
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基準による強制ESG開示制度が準備段階にある。本論文はESG開示が市場効率性を高める実証的根拠を提供し、制度導入の意義を支持する。
In the global GX context
This paper adds to the global debate on mandatory ESG disclosure by showing that ESG information complements financial information and improves market efficiency, relevant for ISSB and other standard-setters.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the informational complementarity between ESG and financial data.
🏢実務担当者:Highlights the valuation benefits of ESG disclosure for investor relations and corporate communication.
🏛政策担当者:Supports the case for mandatory ESG disclosure with empirical evidence of market efficiency gains.
📄 Abstract（原文）
[Purpose] This study analyzes the impact of non－financial information, specifically Environmental,Social, and Governance (ESG) rating data, on corporate valuation. In particular, it investigateswhether ESG ratings mitigate the market’s underreaction to financial information in the valuationprocess. [Methodology] The analysis focuses on firms that disclose ESG information and examinesthe relationship between ESG disclosure and market responses to financial information. Tovalidate the robustness of the results, the study employs financial analysts’ forecast errors asan indicator of the market’s underreaction, incorporates alternative proxies for accountinginformation, and applies Propensity Score Matching (PSM) to address potential endogeneity. [Findings] The results show that the market’s underreaction to accounting information isalleviated for firms disclosing ESG information. This effect is particularly pronounced amongfirms with higher ESG ratings and remains consistent across additional analyses using analysts’forecast errors and robustness checks. [Implications] This study provides empirical evidence that non－financial information, specificallyESG data, plays an informationally complementary role in the analysis of financial accountinginformation, thereby enhancing the efficiency of corporate valuation. These findings can offerpartial support for the necessity of the mandatory ESG disclosure system that is currently inthe preparation stage.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.29189/kaiaair.44.1.12first seen 2026-07-18 05:08:28
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