Exploring the Paradox of ESG Ratings in Emerging Markets: Insights from the Moroccan Context
新興市場におけるESG格付けの逆説：モロッコの文脈からの洞察 (AI 翻訳)
Mounir Bellari, Abdelhalim Lakrarsi, Ahmed Ibrahim Mohammed Al Saadi, Manal Adnoune
🤖 gxceed AI 要約
日本語
本研究は、モロッコを事例に新興市場におけるESG格付けの逆説的役割を探る。31件の半構造化インタビューを通じて、投資家はESG格付けをリスク管理に利用する一方、企業は不透明で現地に適応しない評価手法に直面し、グリーンウォッシングリスクが高まることを明らかにした。現地基準の必要性と制度的調整を提言する。
English
This study examines the paradox of ESG ratings in emerging markets, using Morocco as a case. Through 31 interviews, it finds that while investors use ESG ratings for risk management, companies face opaque methodologies and pressure for symbolic compliance, increasing greenwashing risk. The paper calls for locally adapted benchmarks and institutional coordination.
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ESG格付けの普及が進むが、新興市場と同様にグローバル基準と国内実態の乖離が課題。本稿は日本企業が海外子会社やサプライチェーンで直面するESG評価の矛盾を示唆する。
In the global GX context
Global ESG frameworks often overlook institutional voids in emerging markets. This paper highlights how power asymmetries and fragmented governance lead to symbolic compliance, relevant to debates on the effectiveness of universal ESG standards and the risk of greenwashing.
👥 読者別の含意
🔬研究者:Qualitative evidence on ESG rating paradoxes in non-Western contexts, contributing to institutional theory and legitimacy literature.
🏢実務担当者:Insights on how ESG ratings can misrepresent actual performance in emerging markets, urging caution in relying solely on external ratings.
🏛政策担当者:Suggests the need for national ESG rating frameworks tailored to local institutional realities and regulatory coordination.
📄 Abstract（原文）
This study explores the paradoxical role of ESG ratings in emerging markets, focusing on Morocco, where these tools are simultaneously promoted as signals of credibility and transparency while producing distortions, inconsistencies, and symbolic compliance. Drawing on 31 semi-structured interviews conducted with six categories of stakeholders, including institutional investors (n = 7), CSR/ESG managers from listed companies (n = 8), sustainability consultants and auditors (n = 6), academics and researchers (n = 5), representatives of market institutions (n = 3), and public-sector executives involved in ESG-related regulation (n = 2), the research relies on thematic analysis informed by legitimacy, institutional, and stakeholder theories. The findings reveal three mechanisms underlying the ESG paradox: (1) investors rely on ESG ratings as instruments of risk management and long-term value creation, (2) companies face opaque and sometimes contradictory rating methodologies that are poorly adapted to local institutional realities, and (3) global ESG standards generate pressures for symbolic conformity, increasing the risk of greenwashing and widening the gap between disclosure and actual practices. The study advances ESG research in non-Western contexts by uncovering how institutional voids, fragmented governance frameworks, and power asymmetries shape ESG evaluation dynamics in Morocco. It also underscores the need for locally grounded benchmarks, methodological harmonization, and stronger institutional coordination, including the potential development of a national ESG rating framework. Limitations relate to the qualitative scope, the Moroccan specificity, and potential social desirability bias among interviewees.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/jrfm19050346first seen 2026-05-15 18:55:31
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