ASSESSING THE IMPACT OF ESG SCORES ON PROFITABILITY AND MARKET VALUATION OF ESG INDEX LISTED COMPANIES: A MULTIPLE PANEL REGRESSION FRAMEWORK
ESG指数構成企業のESGスコアが収益性と市場評価に与える影響：複数パネル回帰フレームワークによる評価 (AI 翻訳)
Jyoti Vishwakarma, Dr. Sunil Kumar
🤖 gxceed AI 要約
日本語
本研究は、インドのBSE ESG指数構成企業194社を対象に、ESGスコアが収益性と市場評価に与える影響をパネル回帰で分析。ESGスコアはTobin's Qを有意に高める一方、短期的なROEやROCEをわずかに低下させることを示し、長期的な市場評価と短期的な収益性のトレードオフを示唆。
English
This study analyzes the impact of ESG scores on profitability and market valuation for 194 BSE ESG index companies in India using panel regressions. It finds that ESG scores significantly enhance Tobin's Q but slightly reduce short-term profitability (ROE, ROCE), suggesting a trade-off between immediate returns and long-term market perception.
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開示が進む中、ESGスコアと企業価値の関係を示す実証結果は、投資家対応や統合報告書の開示戦略に示唆を与える。ただし、インド市場特有の要因もあり、日本企業への適用には注意が必要。
In the global GX context
This study contributes to the global ESG-performance literature by providing evidence from an emerging market, which is relevant for investors and policymakers in the context of ISSB and other disclosure frameworks. It highlights the trade-off between short-term profitability and long-term market valuation, informing corporate strategy and disclosure practices.
👥 読者別の含意
🔬研究者:ESGと企業業績の関係を新興市場で検証した実証研究として、パネル回帰手法の応用例として参考になる。
🏢実務担当者:ESG戦略の策定や開示において、短期的な収益性と長期的な市場評価のバランスを考慮する際の根拠となる。
🏛政策担当者:開示基準の改善や比較可能性向上の重要性を示す実証的根拠として有用。
📄 Abstract（原文）
Purpose: The present study examines the impact of environmental, social, and governance (ESG) performance on accounting-based profitability and market valuation in an emerging-market setting. It aims to clarify how ESG investments translate into financial out-comes and whether firm-specific factors condition these effects. Methodology: Using a quantitative, descriptive research design, secondary ESG and financial data for 194 BSE ESG index companies from 2011 to 2022 were collected via Bloomberg and Prowess. Statistical analysis including descriptive statistics, correlation matrices, multiple panel regressions models, and robustness checks (ADF and Hausman tests) was performed in Excel and Gretl to assess the impact of ESG disclosures on firm performance. Findings: Overall ESG performance exhibits a significant positive association with Tobin’s Q and a modest positive relationship with firm profitability. The findings reveal that while higher ESG scores slightly reduce short-term return-based profitability (ROE and ROCE), they significantly enhance market valuation (Tobin’s Q), suggesting a trade-off between immediate financial returns and long-term market perception. Implications: Investors should factor ESG metrics into valuation models, especially governance and social practices. Corporate manag-ers ought to tailor ESG strategies to industry dynamics and balance upfront costs against long term market rewards. Policymakers may refine disclosure standards to reduce reporting inconsistencies and enhance comparability. Originality: The study provides novel empirical insights into the ESG–performance nexus in an emerging market by applying fixed-effect panel regressions and multi-equation models.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://geneticsmr.com/index.php/gmr/article/download/1880/1148first seen 2026-08-09 06:01:46
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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。