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ESG開示は市場評価に関連するか？チリとスペインの比較分析

Is ESG disclosure relevant for market valuation? A comparative analysis between Chile and Spain (原題)

FRANCISCO JAVIER LABARCA Trucios, Delgado Rodríguez, Sonia de Lucas Santos

Sustainable Futures📚 査読済 / ジャーナル2026-11-10#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1016/j.sftr.2026.102276
原典: https://doi.org/10.1016/j.sftr.2026.102276

🤖 gxceed AI 要約

日本語

スペインとチリの上場63社・2010〜2022年のパネルデータを用い、ESG開示と株価評価の関連を固定効果回帰で分析。スペインでは集約ESGが評価と正に関連する一方、チリでは効果が弱く従来の財務指標が主因。大企業ではESGと評価の結びつきが強く、中小企業では限定的という非対称性を示す。

English

Using a 63-firm panel from Spain and Chile (2010–2022) and fixed-effects regressions, this study tests whether aggregate ESG disclosure is associated with equity valuation. ESG is positively linked to valuation in Spain but weakly and unstably in Chile, where fundamentals dominate. The ESG–valuation link is strong for large caps, especially in Spain, and modest for small/mid-caps.

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

SSBJ基準の適用と有報でのサステナビリティ開示が進む日本では、ESG情報の評価への織り込みが企業規模・市場成熟度で異なるという示唆は、東証プライム上場企業の開示戦略や投資家対話の設計に直接参考になる。

In the global GX context

As ISSB/CSRD raise global disclosure baselines, this paper adds cross-market evidence that ESG materiality to valuation depends on regulatory maturity and firm size—useful for debates on whether harmonized standards deliver comparable pricing effects across developed and emerging markets.

👥 読者別の含意

🔬研究者:ESG評価の財務的マテリアリティが制度環境と企業規模に依存することを示す比較実証として参照価値が高い。

🏢実務担当者:大企業ほどESG開示の評価効果が期待できる一方、中小企業は財務基本面の強化と開示の質の両立が課題となる。

🏛政策担当者:開示義務の拡大が市場評価に結びつくには、規制環境の成熟と投資家の精査能力の向上が前提となる点に留意すべき。

📄 Abstract（原文）

This study examines whether Environmental, Social, and Governance (ESG) performance is financially material to equity valuation by comparing firms listed in Spain and Chile over 2010–2022. Using a firm-year panel of 63 companies and fixed-effects regressions, we assess the association between stock prices and aggregate ESG disclosure, alongside board independence and core financial fundamentals. ESG metrics come from Bloomberg; financial controls include ratios, leverage, and net income per share. At the aggregate level, results indicate that ESG materiality is context-dependent. In Spain, aggregate ESG is positively and economically associated with valuation, suggesting a premium for credible sustainability communication in a more developed and regulated environment. In Chile, ESG effects are weaker and less stable, while traditional fundamentals remain the primary drivers of valuation. Size-based analyses reveal marked asymmetries. Among large-cap firms, the ESGvaluation link is strong and significant—especially in Spain—consistent with greater disclosure capacity and investor scrutiny. Among small/mid-caps, ESG retains a positive but more modest and less consistent association with price. Overall, the evidence suggests that ESG integration can enhance valuation in developed markets and among larger firms, whereas in emerging markets and smaller firms its impact remains limited relative to conventional financial determinants.

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