Tracing ESG and Cost of Capital Literature: A Triangulated Multi‐Method Approach With TCCM Lens
ESGと資本コストに関する文献の追跡：三角測量的マルチメソッドアプローチとTCCMレンズ (AI 翻訳)
Sneha Gupta, M. Ojha
🤖 gxceed AI 要約
日本語
本研究は、ESGパフォーマンスと資本コストの関係を統合的にレビュー。計量書誌学、トピックモデリング、システマティックレビューを組み合わせ、2020年以降の急増する研究をマッピング。5つのテーマクラスターを特定し、理論的・方法論的傾向を明らかにした。
English
This study provides an integrated review of the ESG-Cost of Capital literature using bibliometrics, topic modeling, and systematic review. It maps the intellectual landscape, identifies five thematic clusters, and highlights theoretical and methodological trends. The paper reveals a surge in research post-2020 and proposes a forward-looking research agenda.
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
日本ではSSBJ基準の導入やESG情報開示の拡大が進んでおり、ESGと資本コストの関連性を整理した本レビューは、投資家対応や資金調達戦略の基礎として有用。特に、日本企業の開示実務と資本市場の評価を結びつける示唆を提供する。
In the global GX context
This paper maps the global ESG-CoC literature, which is highly relevant to ISSB and CSRD disclosure mandates and transition finance discussions. It provides a comprehensive foundation for understanding how ESG performance affects firms' cost of capital, informing both investors and regulators.
👥 読者別の含意
🔬研究者:Provides a comprehensive map of the ESG-CoC field, highlighting underexplored areas and methodological gaps for future research.
🏢実務担当者:Offers insights into how ESG performance can influence financing costs, useful for corporate sustainability teams and IR.
🏛政策担当者:Highlights the link between ESG disclosure and capital costs, supporting evidence-based regulatory design.
📄 Abstract（原文）
This study provides an integrated overview of the growing research linking environmental, social, and governance (ESG) performance to the Cost of Capital (CoC). Combining bibliometric analysis, topic modeling, and a systematic literature review (SLR) under the theory‐context‐characteristics‐methodology (TCCM) framework, it maps the intellectual, thematic, and methodological landscape of the ESG–CoC domain. The bibliometric results reveal a sharp increase in ESG–CoC scholarship after 2020, driven by global sustainability mandates, regulatory disclosure reforms, and heightened investor sensitivity to non‐financial risks. China, the United States, and Italy dominate research output, though regional collaboration remains limited. Topic modeling identifies five major thematic clusters, ranging from ESG disclosure and assurance to capital structure, risk mediation, and information asymmetry. The qualitative synthesis highlights the theoretical dominance of stakeholder and legitimacy theories, an empirical focus on developed markets, and a methodological reliance on panel regressions. It also exposes underexplored areas such as governance mechanisms, emerging market dynamics, and the mediating role of corporate reputation and risk. By integrating quantitative mapping with qualitative depth, this study provides a comprehensive research foundation for understanding how ESG practices impact financing costs. It further proposes a forward‐looking agenda emphasizing hybrid analytical methods, technological mediation, and cross‐country comparative research to advance sustainable finance scholarship.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bsd2.70339first seen 2026-07-16 06:02:42
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