Environmental Disclosure Dimensions and Japanese Firm Valuation: Volume, Sentiment, and Market Heterogeneity
環境情報開示の次元と日本企業の評価：量、感情、市場の不均一性 (AI 翻訳)
Chao Li, Alexander Ryota Keeley, Shunsuke Managi
🤖 gxceed AI 要約
日本語
日本の上場企業を対象に、環境情報開示の量、全体的な感情、トピック別のトーンが企業価値に与える影響を2016-2025年のパネルデータで分析。開示量の増加とポジティブな感情は高い市場評価と関連するが、環境トピックや業種によって異なる。開示戦略と持続可能性開示政策に示唆を与える。
English
This study examines how volume, sentiment, and topic-specific tone of environmental disclosure affect the market valuation of Japanese listed firms from 2016-2025. Greater disclosure volume and more positive sentiment are associated with higher market capitalization, but effects vary by environmental topic and GICS sector. Findings inform corporate reporting strategies and sustainability disclosure policy.
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基準の適用が進む中、環境情報開示の質と量が投資家評価に与える影響を実証した点で重要な示唆を与える。特に、開示の感情やトピック別トーンが企業価値に与える不均一な効果は、企業の開示戦略立案に直接活用できる。
In the global GX context
This paper provides rigorous evidence on how granular aspects of environmental disclosure (volume, sentiment, tone) are priced by equity markets, directly relevant to the ISSB and global disclosure frameworks. The heterogeneity across topics and sectors underscores the need for tailored disclosure strategies.
👥 読者別の含意
🔬研究者:Offers a multi-dimensional approach to measuring disclosure impact on valuation, useful for further ESG-finance research.
🏢実務担当者:Helps firms understand which disclosure dimensions (volume, sentiment, topic tone) matter most for market valuation.
🏛政策担当者:Provides evidence that disclosure quality and tone affect market outcomes, supporting the case for standardized, comparable disclosure.
📄 Abstract（原文）
ABSTRACT Against the backdrop of rapidly increasing investor demand for credible environmental information, this study examines how granular dimensions of corporate environmental disclosure—reporting volume, overall sentiment, and topic‐specific tone—affect firm valuation among Japanese listed companies. Using a two‐way fixed effects panel regression, we analyze a comprehensive dataset spanning 2016–2025. Specifically, we quantify the impact of lagged disclosure volume, overall report sentiment, and topic‐specific positive and negative tone intensity across decarbonization, circular economy, and biodiversity on subsequent market capitalization, while controlling for firm and year fixed effects. The results show that greater disclosure volume and more positive overall sentiment are associated with higher market valuation. However, these effects are highly heterogeneous across environmental topics and Global Industry Classification Standard (GICS) sectors. By disentangling multiple dimensions of environmental communication, this study provides a more granular understanding of how financial markets price corporate environmental disclosure in security reports, with implications for both reporting strategies and sustainability disclosure policy.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1002/bse.71323first seen 2026-07-22 06:25:22
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