The Moderating Role of Policy Intervention on the Relationship of Environment, Social, and Governance (ESG) and Cost of Equity Capital: A Study in Basic Materials Companies in Asia

日本語

本論文は、アジアの基礎素材企業を対象に、ESGスコアと資本コストの関係における政策介入の調整効果を検証。政策介入がESGの財務効果を強化する可能性を示唆し、企業のESG戦略と政策設計に示唆を与える。

English

This paper examines the moderating role of policy intervention on the relationship between ESG and cost of equity capital among Asian basic materials companies. Findings suggest that policy intervention strengthens the financial benefits of ESG performance, offering implications for corporate strategy and policy design in emerging markets.

日本のGX文脈において

日本のGX文脈では、GXリーグやカーボンプライシングなどの政策が企業の資本コストに影響を与える可能性を示唆。日本企業のESG開示と資金調達戦略に直接関係する。

In the global GX context

Globally, this paper contributes to the literature on ESG and cost of capital by highlighting policy intervention as a moderator. It is relevant for jurisdictions implementing climate disclosure mandates (e.g., ISSB, SEC) and transition finance frameworks aiming to lower capital costs for sustainable firms.