ESG パフォーマンスを促進する コーポレートガバナンスに関する考察

抄録

This study focuses on the relationship between ESG investment and corporate gover- nance.In addition, this study will examine the effect of outside directors in particular, targeting approximately 340 domestic listed companies.The results of the analysis suggest that it is not the outside directors but the companies themselves that are promoting ESG, that the social significance of ESG has changed, and that ESG is no longer a cost to be paid by companies but a management issue that companies themselves should actively address.The results also suggest that the quality of the outside director's effect is important. Specifically, it was shown that there is an effect of whether or not outside directors hold stock. In addition to the incentive effect, it is possible that stock ownership is an indicator of the level of interest of outside directors in the company.