DOES BEING GREEN PAY OFF? THE ROLE OF ESG PERFORMANCE AND CARBON INTENSITY IN SHAPING GREEN BOND FINANCING AMONG ASIAN FIRMS
グリーン経営は報われるか？アジア企業におけるESGパフォーマンスと炭素強度がグリーンボンド調達に与える役割 (AI 翻訳)
Windy Lawrence, L. K. Wedari
🤖 gxceed AI 要約
日本語
本研究は2019〜2023年のアジア企業を対象に、ESGスコアと炭素排出強度がグリーンボンド発行比率に与える影響を分析。ESGスコアが高い企業ほどグリーンボンド依存度が低く、炭素強度が高い企業ほど発行比率が高いことを発見。シグナリング理論と正当性理論に基づき、高ESG企業は既存の評判により追加シグナル不要だが、高炭素企業は正当性確保のために積極発行することを示す。
English
This study examines how ESG performance and carbon emission intensity affect green bond issuance among Asian firms from 2019 to 2023. Results show ESG score is negatively correlated with green bond proportion, while carbon intensity is positively correlated. Firms with high sustainability credibility rely less on green bonds, whereas high-emission firms use them to signal commitment and gain legitimacy, reinterpreting signaling and legitimacy theory in the Asian context.
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
日本の企業は高いESG評価を得ている場合、グリーンボンド発行に過度に依存する必要がない可能性を示唆。一方、排出強度の高い日本企業にとっては、グリーンボンドが正当性獲得手段として有効であることを示す。日本のグリーンボンド市場の拡大と、ESG評価と発行戦略の関係を考える上で参考になる。
In the global GX context
This paper provides empirical evidence from Asia on the signaling and legitimacy roles of green bonds, relevant for global sustainable finance frameworks. It highlights how institutional context (ASEAN vs non-ASEAN) shapes adoption, offering insights for ISSB/TCFD-aligned disclosure and transition finance strategies in emerging markets.
👥 読者別の含意
🔬研究者:Reinterprets signaling and legitimacy theory in Asian green bond markets, offering a nuanced view of ESG performance and carbon intensity.
🏢実務担当者:Corporate sustainability teams can use findings to align green bond issuance strategy with ESG positioning and carbon profile.
🏛政策担当者:Regulators can note that high-carbon firms use green bonds for legitimacy, suggesting a need for robust standards to avoid greenwashing.
📄 Abstract（原文）
Climate change has intensified the need for financial innovation to support sustainable transitions. Green bonds have emerged as key instruments to fund low carbon investments and promote environmental accountability. This study investigates how environmental, social, and governance (ESG) performance and carbon emission intensity affect the proportion of green bonds issued by Asian firms from 2019 to 2023. Results show that ESG score is negatively correlated with the proportion of green bonds, meaning that companies with higher sustainability credibility are less dependent on external green financing. Carbon emission intensity is positively associated with green bond proportion, indicating that firms with higher indirect emissions are more likely to use green bonds to demonstrate environmental commitment and enhance legitimacy. From sub-sample ASEAN and non-ASEAN firms highlight the role of institutional contexts in shaping sustainable finance adoption. These findings contribute by reinterpreting signaling theory and legitimacy theory within the Asian context, showing that firms with high ESG credibility refrain from costly green bond signaling due to established reputation, while firms with higher carbon emission intensity actively issue green bonds as legitimacy tools to maintain social and investor acceptance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.18623/rvd.v23.n3.4418first seen 2026-07-01 05:50:12
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