論文

We developed an evaluation system for helping the social value management of Japanese rugby and for generating a synergistic effect between the economic value and social value of Japanese rugby. "Social value" refers to the social role of Japanese rugby and the value of Japanese rugby parties and other such activities.     In this paper, we explain a method of research and analysis regarding the social value of Japanese rugby for developing an evaluation system. We regard the social value of Japanese rugby using a broad image. This method consists of collecting and analyzing information about the social value of Japanese rugby. Questionnaire surveys regarding 2,268 rugby parties and interviews with 91 important figures of Japanese rugby were conducted to collect a large amount of diverse qualitative information. The analysis results obtained were as follows. First, 38 elements of the social value were consolidated from the information. Next, 76 key statements were extracted from the information.

Against a backdrop of international public policies on sustainability such as SDGs, sustainable investment assets in the world stood at $30.7 trillion in 2018. In conjunction with the developing market of sustainable investment, academic research has proved that ESG performances positively affect financial performances in many cases. However, most of the previous studies have not analysed linkages between ESG performances and debt financing, nor have they targeted Asian markets. Thus, the purpose of this study is to analyse the effects of ESG performances on creditworthiness in Japanese companies. This empirical analysis used the ordered logit model where the dependent variable is S&P Credit Ratings, and the independent variables are ESG evaluations by Arabesque S-Ray. We used data for CY2019, and our final sample included 15 independent variables for 63 observations: 945 items were under the analysis. In result, we found that ESG total performance and governance performance positively affect a company’s creditworthiness, whilst there were no significant results concerning social and environmental performance. Therefore, business companies should consider improving governance performance for better credit ratings and financial institutions should consider governance performance in credit analysis. We also found that the effects of ESG total performance may change depending on whether ESG evaluations are based on financially material ESG issues, and that the effects of ESG total performance and pillar performances (environment, social, and governance, respectively) may differ. ESG evaluation agencies are recommended to disclose pillar performance evaluations with details of methodology for investors to consider ESG evaluations in investment decisions.