THE IMPACT OF ESG CAMPAIGNS AND SUSTAINABILITY COMMUNICATIONON STOCK PRICE CRASH RISK: A SYSTEMATIC LITERATURE REVIEW
ESGキャンペーンとサステナビリティ情報開示が株価暴落リスクに与える影響：系統的文献レビュー (AI 翻訳)
Dwi Hertadi Labib Muttaqin, Najmudin Najmudin
🤖 gxceed AI 要約
日本語
本レビューは、ESGキャンペーンとサステナビリティ情報開示が株価暴落リスクに与える影響を体系的に分析した。信頼性の高いESG開示は情報透明性を高め暴落リスクを低減する一方、ESG格付けの不一致やグリーンウォッシングはリスクを増大させる。エネルギー企業や新興市場に焦点を当て、ESGをリスク緩和と情報リスクの両面から統合した。
English
This systematic review analyzes the impact of ESG campaigns and sustainability communication on stock price crash risk. Credible ESG disclosure reduces crash risk by enhancing transparency and monitoring, while ESG rating divergence and greenwashing increase it. Focusing on energy firms and emerging markets, it integrates ESG as both a risk-mitigation mechanism and a source of information risk.
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開示義務化が進む中、ESG情報の質と信頼性が投資家の信認に直結する。本レビューは、形式的な開示やグリーンウォッシングが株価リスクを高める可能性を示唆し、実質的な開示の重要性を日本企業に示す。
In the global GX context
Globally, with ISSB and CSRD implementation, this review highlights that ESG disclosure quality affects market risk. It underscores the double-edged nature of ESG information, relevant for regulators and firms in balancing transparency with avoiding greenwashing.
👥 読者別の含意
🔬研究者:ESG開示と株価リスクの関係に関する文献を統合し、今後の研究課題を示す。
🏢実務担当者:開示戦略の策定に、信頼性の高いESG情報が資本市場での評価に重要であることを示唆。
🏛政策担当者:開示規制の設計において、情報の質と一貫性が市場安定に寄与することを示す。
📄 Abstract（原文）
This study aims to systematically review the literature on the relationship between environmental, social, and governance (ESG) campaigns, sustainability communication, and stock price crash risk. Although ESG disclosure is increasingly viewed as a mechanism for improving transparency and reducing information asymmetry, recent studies suggest that ESG-related information may also increase market risk when it is inconsistent, symbolic, or associated with greenwashing. Using the SPIDER framework, this systematic literature review examines empirical studies published in Scopus-indexed journals during 2019–2026. The initial search identified 107 documents after applying filters for English-language journal articles, final publication stage, and keywords related to stock price crash risk, ESG, and ESG performance. Following title and abstract screening, quality assessment, and relevance evaluation, nine articles were retained for data extraction and narrative synthesis. The findings indicate that credible ESG and CSR disclosure generally reduce stock price crash risk by improving information transparency, strengthening reputational capital, enhancing external monitoring, and improving firm performance. However, ESG rating divergence, ESG rating disagreement, excessive environmental disclosure, and greenwashing may increase crash risk by creating uncertainty, weakening investor trust, and amplifying information asymmetry. This review contributes to the literature by integrating ESG as both a risk-mitigation mechanism and a potential source of information risk, particularly in the context of energy firms and emerging capital markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://proceeding.soedirmanunsoed.com/index.php/icsema/article/download/940/827first seen 2026-08-16 05:47:28
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。