ESG Rating Disagreement as a Greenwashing Signal: Asymmetric Effects of Digital Transformation Through Disclosure and Performance Channels
グリーンウォッシングシグナルとしてのESG格付け不一致：開示チャネルとパフォーマンスチャネルを通じたデジタルトランスフォーメーションの非対称効果 (AI 翻訳)
İsmail Öğütçen, Ümit Yılmaz
🤖 gxceed AI 要約
日本語
本研究は、ESG格付けの不一致が企業のグリーンウォッシングの先行指標となるか、またデジタルトランスフォーメーション（DTI）が開示チャネルとパフォーマンスチャネルを通じてこの関係をどのように調整するかを検証する。中国A株企業2012～2022年の8111企業年データを用い、ベイズ最適化機械学習モデルとSHAPを補完した固定効果回帰を実施。格付け不一致はグリーンウォッシングの強力な予測因子であり、DTIは開示チャネルでリスクを増幅する一方（bloom_DTI: β=+0.2471）、パフォーマンスチャネルでは減衰させる（hua_DTI: β=−0.2804）非対称効果が確認された。非線形閾値効果もMLで発見。
English
This study examines whether ESG rating disagreement predicts corporate greenwashing and how digital transformation (DTI) moderates this via disclosure and performance channels. Using 8,111 firm-year observations of Chinese A-share companies (2012–2022), two-way fixed-effects panel regression and Bayesian-optimized ML with SHAP are employed. Aggregate rating disagreement is a robust predictor. DTI amplifies greenwashing risk through the disclosure channel (bloom_DTI: β=+0.2471, p<0.01) but attenuates it through the performance channel (hua_DTI: β=−0.2804, p<0.01). ML reveals nonlinear threshold effects invisible to regression.
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
日本でもESG格付けの不一致が注目されており、デジタル化が開示と実績のギャップに与える影響は、SSBJ開示や投資家対応に示唆を与える。特に、開示チャネルの増幅効果は、統合報告書や有報での過剰開示リスクに注意を促す。
In the global GX context
Globally, ESG rating divergence is a key issue for TCFD/ISSB/CSRD disclosures. This study shows that digital transformation can both exacerbate and mitigate greenwashing, offering insights for regulators designing disclosure standards and for investors screening ESG claims. The asymmetric channel mechanism is novel for the literature on rating divergence.
👥 読者別の含意
🔬研究者:Provides evidence that ESG rating disagreement is a leading indicator of greenwashing and introduces asymmetric digital transformation channels, with nonlinear effects validated by ML.
🏢実務担当者:Firms high in digital transformation should monitor the disclosure-performance gap to avoid greenwashing accusations; performance monitoring can substantiate ESG claims.
🏛政策担当者:Suggests that disclosure regulators consider digital transformation's dual role in exacerbating or mitigating greenwashing risk, especially for standard-setting bodies like ISSB.
📄 Abstract（原文）
This study examines whether ESG rating disagreement is a leading indicator of corporate greenwashing and how digital transformation (DTI) moderates this relationship through disclosure and performance channels. Using 8111 firm-year observations from Chinese A-share companies (2012–2022), we employ two-way fixed-effects panel regression complemented by Bayesian-optimised machine learning models interpreted through SHAP. Aggregate rating disagreement is a strong and robust predictor of greenwashing. Channel decomposition reveals asymmetric DTI moderation: the disclosure channel amplifies greenwashing risk as digitally advanced firms expand reporting capacity to widen the gap between disclosed and actual ESG performance (bloom_DTI: β = +0.2471, p < 0.01), while the performance channel attenuates greenwashing risk as digital operational monitoring translates substantive performance into a measurable reduction (hua_DTI: β = −0.2804, p < 0.01). This pattern is robust across ownership structure, pollution intensity, and region. Machine learning analysis confirms the econometric findings and reveals nonlinear threshold effects invisible to panel regression. This asymmetric channel mechanism contributes to the ESG rating divergence literature and has implications for disclosure regulation and ESG-based investment screening.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18136800first seen 2026-07-18 06:04:00
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