International Symposium on Monetary and International Economics
International Symposium on Monetary and International Economics
（RIEBセミナー／神戸大学金融研究会／科研基盤研究（C）「『金利のある世界』の下での金融政策:マクロ時系列と中小企業データによる実証分析」共催）
International Symposium on Monetary and International Economics
RIEBセミナー／神戸大学金融研究会／科研基盤研究（C）「『金利のある世界』の下での金融政策:マクロ時系列と中小企業データによる実証分析」共催
| 日時 | 2025年10月27日(月) 14:00 - 17:15 |
|---|---|
| 会場 | 神戸大学経済経営研究所 会議室（研究所新館2階） |
| 対象 | 教員，院生，および同等の知識をお持ちの方 |
| 使用言語 | 英語 |
| 参加登録 | ※事前登録制です。下記より参加登録をお願い致します。 参加登録 (締切：10/23) |
14:00 - 15:30
- 論題
- Capturing International Influences in U.S. Monetary Policy through a NLP Approach
- 報告者
- Laurent FERRARA（SKEMA Business School）
15:45 - 17:15
- 論題
- How Do ESG Performance and Awareness Affect Firm Value and Corporate Overinvestment?
- 報告者
- 沖本 竜義（慶応義塾大学経済学部）
- 概要
- The relationship between a firm's environmental, social, and governance (ESG) performance and its firm value has attracted considerable attention due to the rapid growth of ESG investing over the past decade. This study examines how ESG performance affects firm value, proxied by Tobin's Q, whilst also exploring whether investor awareness of ESG activities have an impact on this relationship. The results indicate that as global ESG awareness, measured by the number of signatories to the United Nations Principles for Responsible Investment (PRI), increases, firms with higher ESG performance tend to be valued higher. Regarding corporate investment, the results suggest that firms with better ESG performance have larger investment opportunities, reflected in higher Tobin's Q. Building on these findings, the study further investigates whether firms with higher ESG performance are more prone to overinvest. The overall results provide little evidence that ESG performance induces the firms' overinvestment behavior for most of the sectors.