Does Biodiversity Disclosure Influence Firm Value: Evidence From the EU?
生物多様性の開示は企業価値に影響を与えるか：EUからの証拠 (AI 翻訳)
Nawazish Mirza, D. Jamali, Monica Violeta Achim, Muhammad Umar, Alexandra Horobeț
🤖 gxceed AI 要約
日本語
本研究は、EU企業のデータを用いて、生物多様性開示スコアを開発し、それが企業価値（トービンのQ、EV/EBITDA）と正の相関があることを示した。特に、生物多様性に依存する産業やESGパフォーマンスの高い企業で効果が顕著である。生物多様性開示は気候関連リスクへの対応力も示唆する。
English
This study develops a composite biodiversity disclosure score for EU firms and finds a positive association with firm valuation (Tobin's Q and EV/EBITDA), especially in biodiversity-intensive industries and high-ESG firms. The results suggest that biodiversity disclosure signals resilience to climate-related risks and regulatory shifts, enhancing investor confidence.
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や有報での自然資本関連開示が議論されており、本論文はTNFD準拠の枠組みを企業価値評価に結び付ける実証エビデンスを提供する。投資家対応やサプライチェーン全体の自然関連リスク評価に示唆がある。
In the global GX context
As TNFD and ISSB integrate nature-related disclosures, this paper provides empirical evidence that biodiversity transparency is valued by markets, especially in sectors with high dependency on ecosystem services. It supports the case for mandatory biodiversity reporting globally.
👥 読者別の含意
🔬研究者:Provides a composite biodiversity disclosure scoring methodology and empirical evidence linking disclosure to firm value, useful for further research in nature-finance nexus.
🏢実務担当者:Demonstrates that biodiversity disclosure can enhance market valuation, justifying investment in comprehensive sustainability reporting systems.
🏛政策担当者:Supports the development of mandatory biodiversity disclosure standards by showing positive market response, informing TNFD and ISSB implementation.
📄 Abstract（原文）
The deterioration of biodiversity has become a material financial concern, influencing firm productivity and long‐term value. This study examines the link between biodiversity disclosure and firm value using a sample of firms in the European Union. A composite biodiversity disclosure score is developed to capture the scope and quality of reporting across biodiversity, water, supply chain, pollution, and waste. We employ panel data from 2015 to 2023 to estimate fixed effects regressions with Tobin's Q and EV/EBITDA as valuation proxies. The results show that biodiversity disclosure is positively associated with firm valuation, particularly in biodiversity‐intensive industries and among firms with higher ESG performance. As biodiversity loss and climate change are mutually reinforcing, transparent biodiversity reporting also signals firms' resilience to climate‐related transition and physical risks. These findings suggest that credible biodiversity transparency enhances investor confidence, reduces information asymmetry, and reflects preparedness for both ecological and climate‐related regulatory shifts. Our study contributes to the emerging literature on biodiversity and climate finance by offering a framework for measuring biodiversity disclosure and informing how investors and regulators may incorporate nature‐related information into firm valuation and investment decisions.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.71120first seen 2026-06-29 08:36:04
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