Barrier to a Greener Future? ESG Reputation Risk and Corporate Green M&A
より環境に優しい未来への障壁？ ESGレピュテーションリスクと企業のグリーンM&A (AI 翻訳)
Xiulu Huang, Yuhui Chen, Rui Zhu, Pengfei Ge
🤖 gxceed AI 要約
日本語
本研究は、ESGレピュテーションリスクが企業のグリーンM&A活動を抑制することを実証。資金調達制約の増大や規制圧力の強化など、その影響を強める条件も特定。CEOの環境バックグラウンドや企業の財務状況による差異も分析。
English
This study finds that ESG reputation risk shocks significantly reduce corporate green M&A activities. The negative effect is amplified under conditions of tightened financing constraints, increased regulatory pressure, and diminished institutional endorsement. CEO background and firm financial conditions also moderate the effect.
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
日本のGX実践において、ESGレピュテーションリスクが企業のグリーンM&Aに与える影響は、SSBJ開示や統合報告書におけるリスク管理の重要性を示唆。企業はM&A戦略においてESG評判の影響を考慮する必要がある。
In the global GX context
This paper contributes to global GX literature by highlighting ESG reputation risk as a barrier to green corporate restructuring. It informs corporate sustainability teams and policymakers about the unintended consequences of ESG scrutiny on strategic decarbonization investments.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the underexplored link between ESG reputation risk and green M&A, opening avenues for further research on reputation mechanisms.
🏢実務担当者:Corporate sustainability teams should recognize that ESG reputation risks can deter green M&A, warranting proactive reputation management.
🏛政策担当者:Policymakers may need to consider how ESG disclosure requirements might inadvertently affect green investment activities.
📄 Abstract（原文）
Green mergers and acquisitions (M&A) serve as a strategic tool for firms to achieve rapid green transformation, representing a crucial pathway for nations to address climate change and promote global green governance. Yet, the role of ESG reputation risk in shaping corporate green M&A remains underexplored. This study finds that firms experiencing ESG reputation risk shocks significantly reduce their green M&A activities, identifying ESG reputation risk as a key impediment to corporate green restructuring. The results are robust to a range of robustness and endogeneity tests. Boundary condition analyses reveal that the negative effect of ESG reputation risk on green M&A is amplified in contexts characterized by tightened financing constraints, reduced investment opportunities, heightened regulatory pressure, and diminished institutional endorsement. Additional firm‐level heterogeneity analyses indicate that the inhibitory effect is more pronounced in firms led by CEOs without environmental backgrounds, having sound financial conditions, operating in cities with poor business environments, or holding higher ESG ratings, whereas ownership type shows no significant difference. Overall, this study advances understanding of how ESG reputation pressure affects corporate green M&A, offering insights to enhance ESG governance and facilitate sustainable transformation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70666first seen 2026-05-15 21:43:10
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