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ESG開示は価値を生むか？エビデンスの批判的レビュー、新興・移行経済に注目して

Does ESG Disclosure Create Value? A Critical Review of the Evidence, with Attention to Emerging and Transition Economies (原題)

Haseeb Anwar, Shahan Shah, Md Mahbub Ur Rahman

Journal of Economic Finance Research and Review📚 査読済 / ジャーナル2026-08-20#ESGOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.65150/ep-jefrr/v2e8/2026-09
原典: https://doi.org/10.2139/ssrn.7185500
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🤖 gxceed AI 要約

日本語

本論文はESG開示と企業価値の関係に関する理論と実証研究を批判的にレビューし、情報非対称性の低減、ステークホルダー効果、シグナリング、過剰投資のエージェンシーコストという4つのメカニズムを整理する。実証研究の統合により、ESG開示と企業価値の関連は緩やかに正だが、開示の信頼性や投資家の洗練度、制度の質に依存することを示す。新興・移行経済では外国機関投資家が主要なチャネルであり、二層的な開示格差の懸念を提起する。

English

This paper critically reviews the theoretical and empirical literature on the ESG disclosure-firm value relationship, organizing the terrain around four mechanisms: information asymmetry reduction, stakeholder effects, signaling, and agency costs of overinvestment. Synthesizing evidence, it concludes the association is modestly positive but highly conditional on credibility, investor sophistication, and institutional quality. In emerging and transition economies, foreign institutional ownership is the primary pricing channel, raising distributional concerns. The review suggests phased ESG regulation and research on disclosure quality.

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開示が始まり、ESG情報の信頼性と企業価値への影響が注目される。本レビューは開示の質と保証の重要性を示し、日本の開示実務や投資家対応に示唆を与える。

In the global GX context

This review informs global debates on ESG disclosure effectiveness, especially under ISSB and CSRD. It highlights the conditional nature of value creation and the role of assurance and institutional quality, relevant for policymakers designing phased regulations and for investors in emerging markets.

👥 読者別の含意

🔬研究者:Provides a comprehensive synthesis of ESG disclosure-value literature, identifying key moderators and gaps for future research.

🏢実務担当者:Highlights the importance of credible, assured disclosure for value creation, guiding corporate reporting strategy.

🏛政策担当者:Offers evidence on the conditional benefits of ESG disclosure, supporting phased regulatory approaches and attention to institutional context.

📄 Abstract（原文）

Whether environmental, social, and governance (ESG) disclosure creates shareholder value is one of the most studied and least settled questions in modern corporate finance. This paper critically reviews the theoretical arguments and empirical evidence on the ESG disclosure-firm value relationship, with particular attention to emerging and transition economies, where institutional conditions differ fundamentally from the developed markets that dominate the literature. The review organises the theoretical terrain around four mechanisms-information asymmetry reduction, stakeholder and legitimacy effects, signalling, and agency costs of overinvestment-which generate opposing predictions and therefore make the question empirical. Synthesising the empirical literature, including large-scale meta-analytic evidence, the review concludes that the association between ESG disclosure and firm value is on balance modestly positive but highly conditional: it strengthens with disclosure credibility (assurance, standardised frameworks), investor sophistication, and institutional quality, and weakens or disappears where disclosure is boilerplate or unverifiable. In emerging and transition economies, the evidence indicates that foreign institutional ownership is the primary channel through which disclosure is priced, raising distributional concerns about a two-tier disclosure landscape. The review closes with implications for phased ESG regulation and an agenda for research on disclosure quality rather than disclosure quantity.

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