政治的不確実性と企業のグリーン投資：欧州企業からの証拠
Political uncertainty and corporate green investment: Evidence from European firms (原題)
Ruo-Yi Li, Everardus Wilhelmus (Michiel) Stapper, An-Qi Zhu, Tian-Yi Sun, Lei Zhang
🤖 gxceed AI 要約
日本語
欧州企業の2016〜2021年パネルデータを用い、政治的不確実性が企業のグリーン投資を有意に抑制することを示す。効果は資金制約企業で顕著だが、政治的コネクションを持つ企業は耐性が高い。EU・英国企業は大陸レベルの不確実性に敏感であり、低炭素移行には政策の安定性が不可欠と結論づける。
English
Using a 2016–2021 panel of European firms, this study shows political uncertainty significantly discourages corporate green investment, especially for financially constrained firms. Politically connected firms are more resilient, and EU/UK firms are most sensitive to continental-level uncertainty. Policy stability is critical to mobilizing private capital for decarbonization.
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
日本企業のGX投資判断にも政策の予見可能性が重要であることを示唆する。SSBJ開示や移行計画策定において、政策リスクをどう織り込むかは投資家対応の論点となる。
In the global GX context
Adds empirical weight to the global debate on how policy uncertainty—relevant to ISSB/TCFD transition-plan disclosure—shapes corporate decarbonization capex. Complements transition-finance literature by quantifying the cost of unstable climate policy.
👥 読者別の含意
🔬研究者:政治リスクと企業グリーン投資の因果関係をIVで識別した実証枠組みを提供する。
🏢実務担当者:政策不確実性が高い局面では投資タイミングと移行計画の頑健性を意識すべき。
🏛政策担当者:低炭素移行の民間資金動員には政策の安定性・予見可能性が決定的に重要。
📄 Abstract（原文）
Political uncertainty is a primary source of friction hindering firm-level decarbonization efforts toward Europe’s 2050 climate neutrality target. This study provides a quantitative investigation of this issue by analyzing the impact of political uncertainty on green investment using a comprehensive panel dataset of European firms from 2016 to 2021. We employ a novel keyword-based proxy extracted from annual reports to measure green investment and utilize an instrumental variable (IV) approach as a supplementary strategy to mitigate potential endogeneity concerns. Our findings reveal that heightened political uncertainty, particularly at the national level, significantly discourages green investment. This effect is heterogeneous: it is more pronounced for financially constrained firms that are less equipped to withstand policy shocks. Conversely, firms with established political connections exhibit greater resilience, effectively mitigating the negative impacts of uncertainty. Furthermore, the analysis highlights regional heterogeneity, with firms in the EU and the UK demonstrating higher sensitivity to continental-level uncertainty. Overall, these results underscore the critical role of policy stability in mobilizing the private capital essential for a low-carbon transition, offering vital insights for both policymakers and firm managers.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.sciopen.com/local/article_pdf/10.26599/ECM.2026.9400039.pdffirst seen 2026-10-03 05:17:03 · last seen 2026-10-07 05:18:49
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