過信するCEOとグリーンウォッシュ企業：企業財務研究の10年がなぜ両者を結びつけなかったか
Overconfident CEOs, Greenwashing Firms: Why a Decade of Corporate Finance Never Connected Them (原題)
Sarah Sentika, Herry Achmad Buchory, Ramadhi Ramadhi, Raden Muhammad Arya Pratama
🤖 gxceed AI 要約
日本語
2016〜2026年の2,405本の論文をOpenAlexで分析し、VOSviewerの共起分析と戦略図を用いて企業財務研究の構造を可視化した。グリーン・トランジションのクラスターが最も新しく結束が強く引用も多い一方、他の領域との接続が最も弱いことを示す。過信・損失回避・群集行動といった投資家バイアスのキーワードはグリーンクラスターへのリンクが2%未満にとどまり、行動ファイナンスとグリーンウォッシュ研究の断絶を明らかにした。
English
A bibliometric mapping of 2,405 corporate finance articles (2016–2026) using OpenAlex, VOSviewer co-occurrence analysis, and a strategic diagram. The green transition cluster is the newest, most cohesive, and most cited, yet the least connected to the rest of the field. Behavioral keywords like overconfidence, loss aversion, and herding send under 2% of their links to the green cluster, exposing a disconnect between behavioral finance and greenwashing/ESG research.
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
グリーンウォッシュやESG評価の実証研究が日本企業の開示対応で重要性を増す中、行動バイアスとグリーンウォッシュを結ぶ研究課題を提示する点は、SSBJ対応や統合報告書の質的評価を考える日本研究者・実務家に示唆を与える。
In the global GX context
As ISSB/CSRD disclosure regimes raise scrutiny of greenwashing, this paper flags a structural gap: behavioral drivers of managerial and investor bias remain disconnected from green finance scholarship. It offers a research agenda linking behavioral corporate finance to ESG and greenwashing, relevant to global disclosure-quality debates.
👥 読者別の含意
🔬研究者:行動ファイナンスとグリーンウォッシュ研究を接続する具体的な研究課題と文献ギャップの地図を提供する。
🏢実務担当者:グリーンウォッシュの背景にある経営者・投資家バイアスを理解し、開示の信頼性向上に活用できる。
🏛政策担当者:ESG開示規制の設計において、行動バイアスに起因するグリーンウォッシュの監視強化の根拠となりうる。
📄 Abstract（原文）
Behavioral corporate finance promised to explain how the beliefs and biases of managers and investors distort investment, financing, and payout decisions. Corporate finance research has since expanded and turned toward sustainability, yet no study has examined whether behavioral explanations followed. This study maps 2,405 journal articles published between 2016 and 2026 from OpenAlex. It combines performance indicators with a co-occurrence analysis of 167 keywords in VOSviewer, a strategic diagram, and a joint reading of keyword recency and normalised citations. The results show that the corpus received 22,293 citations (9.27 per article; h-index 66) and that annual output grew from 85 articles in 2016 to 551 in 2025. China produced 773 articles (40.7% of those with country data) with a relative citation impact of 1.29, while the United States (2.98) and Australia (2.97) recorded the highest impact. Indonesia ranked third in output (180 articles) but had the lowest relative citation impact (0.19) and the smallest share of international co-authorship (5.0%) among the ten leading countries. Six of the ten most cited articles belong to the sustainability stream and only one to behavioral corporate finance. Four clusters emerged: governance, disclosure, and behavioral biases (54 keywords); financing constraints and the green transition (48); capital structure and financing decisions (43); and agency, managerial traits, and investment efficiency (22). The green transition cluster is the most cohesive (density 79.6), the newest (mean year 2024.3), and the most cited (normalised citations 1.83), yet the least connected to the rest of the field. All ten core behavioral keywords fall below the citation average of their publication years (0.23 to 0.63), and investor biases such as overconfidence, loss aversion, and herding send less than 2% of their links to the green cluster. The study sets out research questions that bring managerial and investor biases into research on greenwashing, ESG, and green finance
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://ijhess.com/index.php/ijhess/article/download/2589/1784first seen 2026-11-12 05:51:33
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