ESG Score and Firm Performance: A Comparative Analysis of Nordic and European Companies
ESGスコアと企業パフォーマンス：北欧企業と欧州企業の比較分析 (AI 翻訳)
Payam Rostamicheri, Virgil Popescu, Ramona Birǎu, Iuliana Carmen Bărbăcioru
🤖 gxceed AI 要約
日本語
本研究は約24,500の企業年次データを用いて、ESGパフォーマンスが企業価値、収益性、資本コストに与える影響を分析。北欧企業と非北欧企業に分けた結果、ESGスコアは企業価値に正の効果を持つ一方、非北欧企業では短期的なROA・ROEに負の影響。また、両地域でWACCを低下させるが、北欧では全ESG要素が寄与するのに対し、非北欧ではガバナンスのみが効果を持つ。制度の成熟度がESGの財務的影響を左右することを示す。
English
This study analyzes approximately 24,500 firm-year observations to examine how ESG performance affects firm value, profitability, and cost of capital. It distinguishes Nordic and non-Nordic European firms. Results show a positive association with firm value, but negative short-run profitability effects (ROA/ROE) in non-Nordic firms. ESG engagement reduces WACC in both regions; however, in Nordic markets a 10-point ESG increase yields a 4.2 basis point reduction, while in non-Nordic countries only governance reduces financing costs. The findings highlight the role of institutional maturity and governance in moderating ESG's financial materiality.
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文脈では、本稿の知見はESG統合が短期的な収益性に負の影響を与える可能性を示し、企業が投資家とのコミュニケーションでコストとベネフィットを明確にする必要性を示唆。特に、ガバナンスの透明性が資本コスト削減に有効であることから、SSBJや統合報告書への取り組みにおけるガバナンス開示の重要性が浮き彫りになる。
In the global GX context
In the global GX context, this paper provides empirical evidence that ESG performance reduces the cost of capital, especially in mature disclosure environments like the Nordics. It supports the ISSB and TCFD emphasis on governance and transparency. The finding that short-term profitability may decline during ESG transitions is important for companies and policymakers designing transition pathways, and suggests that supportive frameworks are needed in less mature markets.
👥 読者別の含意
🔬研究者:This paper offers a robust empirical framework with region-specific effects, useful for researchers studying ESG-financial performance linkages and institutional moderators.
🏢実務担当者:Corporate sustainability teams can use the evidence on WACC reduction from governance improvements to prioritize governance transparency in investor communications.
🏛政策担当者:Regulators in emerging ESG markets can note the importance of governance infrastructure to unlock capital-cost benefits, supporting SSBJ and similar initiatives.
📄 Abstract（原文）
This study investigates how environmental, social, and governance (ESG) performance influences firm-level financial outcomes using a panel of approximately 24,500 firm-year observations from 2015 to 2024, based on Refinitiv ESG scores across 12 industries and multiple European countries. To capture institutional heterogeneity, the analysis separates Nordic and non-Nordic firms and applies fixed-effects models for the latter and random-effects models for the former, as supported by Hausman diagnostics. The results reveal that ESG performance is positively associated with firm value, while its effects on short-run accounting returns differ across regions. Specifically, ESG scores are associated with a negative and statistically significant impact on ROA and ROE in the non-Nordic subsample, suggesting transitional adjustment costs and delayed financial realization. For financing outcomes, the study shows that ESG engagement reduces the Weighted Average Cost of Capital (WACC) in both samples, though mechanisms differ. In Nordic markets, a 10-point increase in ESG score corresponds to an estimated 4.2-basis-point reduction in WACC, reflecting the benefits of mature disclosure systems. In contrast, governance emerges as the only ESG pillar capable of reducing financing costs in non-Nordic countries. These region-specific patterns confirm that institutional maturity and investor orientation shape the financial materiality of ESG practices. The novelty of this study lies in jointly modeling (i) positive valuation effects, (ii) negative short-run profitability adjustments, and (iii) financing-cost reductions within a unified ESG framework while explicitly distinguishing governance regimes across Europe. The findings offer new evidence on how disclosure quality and governance structures moderate ESG’s economic impact and suggest that strengthening governance transparency can help firms in less mature ESG environments realize capital-cost advantages.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/2071-1050/18/3/1707/pdf?version=1770631490first seen 2026-07-18 08:02:15
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