SUSTAINABLE FINANCE AND ESG: AN ANALYSIS OF RISK-ADJUSTED RETURNS AND LONG-TERM VALUE CREATION
サステナブルファイナンスとESG：リスク調整後リターンと長期的価値創造の分析 (AI 翻訳)
Arpita Agarwal, Vertika Goswami
🤖 gxceed AI 要約
日本語
本研究は、アンケート調査と構造方程式モデリングを用いて、ESG要素と投資パフォーマンスの関係を分析。ESG総合スコアは投資成果を予測できないが、再生可能エネルギー利用は評判向上に、ガバナンス（特に取締役会の独立性）は長期的価値に寄与することを発見。複合スコアの限界を指摘し、個別要素の評価の重要性を強調。
English
Using survey data and SEM, this study finds that aggregate ESG scores lack predictive power for investment performance, while specific factors (renewable energy use, board independence) show significant effects. It challenges the reliability of composite ESG ratings and advocates for factor-specific assessment in sustainable finance.
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スコアが投資判断や企業開示に広く使われる中、その有効性に警鐘を鳴らす本論文は、SSBJや統合報告書におけるESG情報の位置づけを再考する材料となる。特に、ガバナンスと環境の個別評価が重要である点は、日本企業の開示実務に示唆を与える。
In the global GX context
This paper contributes to the global debate on ESG metric reliability, relevant for ISSB, CSRD, and SEC climate disclosure rules. It underscores the need for disaggregated reporting rather than composite scores, aligning with growing regulatory emphasis on double materiality and specific ESG factors.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the limitations of composite ESG scores, suggesting future research should focus on individual ESG pillars and context-specific measurements.
🏢実務担当者:Corporate sustainability teams should reconsider reliance on aggregate ESG ratings and instead emphasize transparent reporting of specific environmental and governance practices.
🏛政策担当者:Regulators designing ESG disclosure frameworks should note the weak predictive power of composite scores and consider requiring pillar-level or factor-level reporting.
📄 Abstract（原文）
This study uses survey-based structural equation modelling (SEM) to investigate the complex link between environmental, social, and govern-ance (ESG) characteristics and investment performance. ESG factors were operationalized into 12 variables across three pillars using responses from 100 individual investors and investment experts. Market reputation, long-term value, and risk-adjusted returns were used to gauge the performance of the investments. ESG was found to be a disjointed construct rather than a cohesive framework by Principal Component Analysis (PCA), with low reli-ability across governance and environmental criteria. Their extensive usage in decision-making is called into question by empirical findings that show aggregate ESG scores have no discernible predictive power for investment outcomes. Returns were negatively correlated with environmental perfor-mance (β = -0.15, p = 0.003), whereas reputation was positively correlated with the use of renewable energy (β = 0.17, p = 0.001). Long-term value was considerably increased by governance quality, especially board independ-ence (β = 0.08, p = 0.046). These results underline the shortcomings of com-posite ESG ratings and stress the significance of factor-specific assessments for corporate management and investors alike.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.71058/jodac.v9i10010first seen 2026-05-06 00:34:01
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