This paper is the first study to examine the relationship between ESG initiatives and firm value for almost all Japanese listed firms. By constructing our unique AI-based ESG (Environmental Social Governance) scores that have higher coverage than existing ESG scores, we score and analyze firms that have not previously been given ESG scores and provide more robust evidence for the impact of ESG initiatives on firm value. Our unique AI-based ESG scores are classified as ESG disclosure scores. We empirically show that Japanese listed firms engaging in ESG activities have a significantly higher Tobin’s Q and higher volatility. We use the COVID-19 pandemic to eliminate reverse causality in our analysis.

中文翻译：

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环境、社会和治理举措对公司价值的影响：使用基于人工智能的日本上市公司 ESG 评分进行分析

本文是第一篇研究几乎所有日本上市公司的 ESG 举措与公司价值之间关系的研究。通过构建我们独特的基于人工智能的 ESG（环境社会治理）评分（其覆盖范围比现有 ESG 评分更高），我们对之前未获得 ESG 评分的公司进行评分和分析，并为 ESG 举措对公司价值的影响提供更强有力的证据。我们独特的基于人工智能的 ESG 评分被归类为 ESG 披露评分。我们的经验表明，从事 ESG 活动的日本上市公司的托宾 Q 值显着较高，波动性也较高。我们在分析中利用 COVID-19 大流行来消除反向因果关系。