買収企業のESGパフォーマンスと長期M&Aパフォーマンスの関係におけるグリーンウォッシング行動の媒介役割：中国上場企業からの証拠
The mediating role of greenwashing behaviour in the relationship between acquirers’ ESG performance and long-term M&A performance: Evidence from Chinese listed firms (原題)
Jia-Tian Nong
🤖 gxceed AI 要約
日本語
中国上場の買収企業777社・1,689件のパネルデータ（2009〜2022年）を用い、ESGパフォーマンスが長期M&A成果に与える影響とグリーンウォッシングの媒介効果を検証した。ESGパフォーマンスは長期M&A成果に有意な影響を与えず、むしろESG評価が高い企業ほど環境開示と実績の乖離（グリーンウォッシング）が大きい傾向が示された。グリーンウォッシング自体もM&A成果に有意な影響を与えず、媒介効果は確認されなかった。ESG評価が買収成果に直結するとの前提を覆す重要な知見である。
English
Using panel data from 777 Chinese listed acquirers (1,689 firm-year observations, 2009-2022), this study examines how acquirers' ESG performance affects long-term M&A outcomes and whether greenwashing mediates this relationship. ESG performance showed no significant effect on long-term M&A performance; unexpectedly, stronger ESG reputations were associated with greater greenwashing (disclosure-performance gaps). Greenwashing neither affected M&A outcomes nor mediated the ESG-M&A link, challenging the assumption that ESG ratings translate into better acquisition results.
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
SSBJ基準や有報でのサステナビリティ開示が進む日本企業にとって、ESG評価と実態の乖離（グリーンウォッシング）リスクを定量的に示す示唆は大きい。M&Aを通じた事業ポートフォリオ転換を進める日本企業は、ESG評価を買収判断の唯一の根拠とすることの危うさを認識すべきである。
In the global GX context
This paper directly informs the global greenwashing and disclosure-quality debate central to CSRD, ISSB, and SEC climate rules, showing that ESG ratings can diverge from actual environmental performance. It challenges investors and regulators who treat ESG scores as reliable proxies for long-term value in M&A, reinforcing the push for verified, performance-linked disclosure.
👥 読者別の含意
🔬研究者:ESG評価と実態の乖離をグリーンウォッシング指標として定量化し、M&A文脈で検証した実証手法が参考になる。
🏢実務担当者:M&Aや投資判断でESGレーティングを鵜呑みにせず、開示と実績の乖離を独自に検証する必要性を示す。
🏛政策担当者:ESG開示の第三者検証強化と、レーティング依存を戒める規制設計の根拠として活用できる。
📄 Abstract（原文）
The study investigates the impact of acquirers’ environmental, social, and governance (ESG) performance on long-term mergers and acquisitions (M&A) performance, along with the mediating role of greenwashing behaviour. The study explores how ESG performance affects post-acquisition success directly or indirectly through its influence on greenwashing. A quantitative archival research design was used by analysing panel data from 777 acquiring firms listed on the Shenzhen and Shanghai Stock Exchanges between 2009 and 2022, resulting in 1,689 firm-year observations. Environmental, social, and governance performance was assessed using established environmental, social, and governance ratings, while greenwashing behaviour was measured through the discrepancy between standardised environmental disclosure and environmental performance scores. The results reveal that ESG performance does not significantly impact long-term M&A outcomes. Contrary to expectations, ESG performance positively impacted greenwashing behaviour, which means that firms with stronger ESG reputations may carry out sustainability communication that exceeds their environmental performance. Greenwashing behaviour was not found to significantly impact long-term M&A outcomes, and no mediating effect was found. The study makes a contribution to existing ESG and M&A literature by challenging the assumption that ESG performance translates into better acquisition outcomes. This relationship between ESG ratings, sustainability disclosure practices, and post-merger performance was also highlighted in the Chinese context. The practical implications are that regulators should strengthen verification of environmental, social, and governance disclosures, while investors and managers should avoid relying solely on environmental, social, and governance ratings when assessing the long-term value potential of mergers and acquisitions.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://archive.conscientiabeam.com/index.php/11/article/download/5163/9448first seen 2026-09-22 05:21:54
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。