Bridging the ESG Credibility Gap: The Role of Institutional Investors in Mitigating ESG Decoupling
ESGの信頼性ギャップを埋める：機関投資家がESGデカップリングを緩和する役割 (AI 翻訳)
Catarina Cepêda, Albertina Paula Monteiro, Beatriz Aibar‐Guzmán
🤖 gxceed AI 要約
日本語
本研究は、機関投資家の所有がESG開示と実際のパフォーマンスの乖離（ESGデカップリング）に与える影響を、国際サンプル（2009-2023年、3,465社）で分析。長期投資家はデカップリングを抑制するが、短期投資家は悪化させることを発見。投資家の異質性が重要であり、長期関与を促す規制の必要性を示唆。
English
This study examines the impact of institutional ownership on ESG decoupling—the gap between ESG disclosure and actual performance—using an international sample of 3,465 firms from 2009 to 2023. It finds that long-term institutional investors mitigate decoupling, while short-term investors exacerbate it. The results highlight the heterogeneity of institutional investors and the need for regulations encouraging long-term engagement and stringent ESG reporting.
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基準や有報でのサステナビリティ開示義務化が進む中、ESGデカップリング（開示と実態の乖離）は投資家の信頼を損なう重大な問題。本論文は、長期保有を促す政策（例：株主優遇税制）や開示監視の強化が、日本企業のESG実効性向上に寄与することを示唆する。
In the global GX context
Globally, as ESG disclosure mandates expand (ISSB, CSRD, SEC), the credibility gap between rhetoric and reality (ESG decoupling) undermines market trust. This paper provides empirical evidence that institutional investors' investment horizon matters: long-term investors act as effective monitors, while short-term investors may incentivize greenwashing. It supports regulatory efforts to promote long-term stewardship and robust assurance of ESG disclosures.
👥 読者別の含意
🔬研究者:Provides evidence on the heterogeneous monitoring role of institutional investors in ESG decoupling, contributing to corporate governance and sustainability literature.
🏢実務担当者:Highlights the importance of attracting long-term institutional investors and strengthening ESG reporting to avoid decoupling risks.
🏛政策担当者:Supports policies that incentivize long-term institutional engagement and mandate more stringent ESG disclosure and assurance requirements.
📄 Abstract（原文）
ABSTRACT Because of their capacity for sustained and informed monitoring, institutional investors are uniquely positioned to enhance corporate transparency and mitigate ESG decoupling, the gap between corporate sustainability rhetoric and reality. This study examines whether and under what circumstances institutional ownership contributes to aligning ESG disclosure with actual sustainability performance. Analysing an international sample of 3465 listed companies (13,488 firm‐year observations) from 2009 to 2023, we find that institutional investors play a crucial role in reducing ESG decoupling. However, this effect depends on their investment horizon: long‐term institutional investors mitigate ESG decoupling, whereas short‐term institutional investors exacerbate it. These findings contribute to the corporate governance and sustainability literature by showing that institutional investors are not a homogeneous group and that their monitoring effectiveness varies depending on their investment horizon. From a practical perspective, our results highlight the need for regulatory initiatives that incentivise long‐term institutional engagement and more stringent ESG reporting requirements to curb opportunistic disclosure practices.
🔗 Provenance — このレコードを発見したソース
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。