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ESG開示、配当政策、株主資本コスト：非単調な関係を示すインドの証拠

ESG disclosures, dividend payout policy, and the cost of equity. Indian evidence of a non-monotonic relationship (原題)

Parth Sharma, S V D Nageswara Rao

Journal of Indian Business Research📚 査読済 / ジャーナル2026-09-22#ESGOrigin: JP経営インパクト: 資金調達対象セクター: finance
DOI: 10.1108/jibr-09-2025-0306
原典: https://doi.org/10.1108/jibr-09-2025-0306

🤖 gxceed AI 要約

日本語

インドNSE500企業を対象に、ESG開示が株主資本コストに与える非単調な影響を2014〜2023年で分析。ESGと資本コストにはU字型関係が成立し、環境・社会 pillar でも同様だが、ガバナンスは線形の負の関係を示す。配当政策がこの関係を有意に調整する。義務的ESG開示を検討する国々への示唆を提供する。

English

Analyzing NSE 500 Indian firms (2014–2023), this study finds a U-shaped relationship between ESG disclosures and cost of equity, with the environmental and social pillars showing the same pattern while governance shows a linear negative effect. Dividend policy significantly moderates these relationships. It offers early evidence from a mandatory-disclosure emerging economy.

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基準の導入や有報でのサステナビリティ開示が進む中、ESG開示が資本コストに与える影響は投資家対応の重要論点。義務的開示が先行するインドの実証は、日本企業が開示拡充の費用対効果を検討する際の参照材料となる。

In the global GX context

As ISSB standards are adopted globally, understanding how mandatory ESG disclosure affects cost of equity in emerging markets is critical. India's top-down mandate offers a preview for jurisdictions like Japan and the EU considering similar regulations, highlighting non-linear capital market effects.

👥 読者別の含意

🔬研究者:ESGと資本コストの非単調関係を新興国・義務的開示の文脈で検証した点が新規。

🏢実務担当者:ESG開示の拡充が資本コスト低減に直結するとは限らず、配当政策との組み合わせが重要。

🏛政策担当者:義務的ESG開示の設計において、資本コストへの非線形影響を考慮する必要性を示唆。

📄 Abstract（原文）

Purpose This study aims to analyse the non-monotonic impact of environment, social and governance (ESG) disclosures on the cost of equity of NSE 500 Indian firms from 2014 to 2023. Given the contention about the shape of the curve in the literature, the authors examine whether a U-shaped or an inverted U-shaped relationship prevails in emerging economies with top-down ESG pressure using the Indian sample. In addition, this study analyses the moderating role of dividend policy in explaining that relationship. Design/methodology/approach The authors have used ESG scores and financial data of Indian companies from Bloomberg and Prowess databases, respectively. Panel regression with industry and year-fixed effects is used to control for time-invariant unobserved heterogeneity. The results are robust to endogeneity and sample selection bias. Findings The study reveals a U-shaped relationship between ESG and the cost of equity in India. At disaggregated levels, this relationship persists for environmental (E) and social (S) pillars, whereas the governance (G) pillar exhibits a linear negative relationship. Furthermore, dividend policy plays a significant moderating role in shaping these relationships. Originality/value This study is among the first to examine the U-shaped ESG-cost of equity relationship in countries with rigid statutory ESG mandates. The study supports the agency-conflict perspective in India. The findings act as a primer for countries considering mandatory ESG disclosure regulations.

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