{"id":12633,"date":"2026-10-29T13:11:22","date_gmt":"2026-10-29T04:11:22","guid":{"rendered":"https:\/\/www.waseda.jp\/fpse\/winpec\/?p=12633"},"modified":"2026-11-02T15:35:09","modified_gmt":"2026-11-02T06:35:09","slug":"ueda-k-watanabe-k-restaurant-prices-measuring-service-inflation-from-scanner-data-2-2-2-2-2-2-2-2-2","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fpse\/winpec\/news\/2026\/10\/29\/12633\/","title":{"rendered":"Ying Wang, <strong>Satoru Shimokawa<br><br><strong>Does ESG Matter for Unlisted Companies in the Agri-Food Industry? Evidence From Japan&#8217;s Unlisted Agri-Food Companies"},"content":{"rendered":"<p><a href=\"https:\/\/doi.org\/10.1002\/agr.22067\" target=\"_blank\" rel=\"noopener\">Wang, Y., &amp; Shimokawa, S. (2026). Does ESG Matter for Unlisted Companies in the Agri\u2010Food Industry? Evidence From Japan&#8217;s Unlisted Agri\u2010Food Companies.<em> Agribusiness<\/em>, 42(2), 516-533.<\/a><\/p>\n<p><strong>\u89e3\u8aac\/Abstract<br \/>\n<\/strong>ESG\u3068\u306f\u3001\u4f01\u696d\u304c\u74b0\u5883\u30fb\u793e\u4f1a\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u306b\u3069\u306e\u3088\u3046\u306b\u53d6\u308a\u7d44\u3080\u304b\u3092\u793a\u3059\u8003\u3048\u65b9\u3067\u3059\u3002\u3053\u308c\u307e\u3067ESG\u7814\u7a76\u306e\u591a\u304f\u306f\u4e0a\u5834\u4f01\u696d\u3092\u5bfe\u8c61\u3068\u3057\u3066\u304a\u308a\u3001\u8fb2\u696d\u30fb\u98df\u54c1\u7523\u696d\u3067\u5927\u304d\u306a\u5272\u5408\u3092\u5360\u3081\u308b\u975e\u4e0a\u5834\u4f01\u696d\u306b\u3064\u3044\u3066\u306f\u3001\u307e\u3060\u5341\u5206\u306b\u5206\u304b\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u672c\u7814\u7a76\u3067\u306f\u30012018\uff5e2024\u5e74\u306e\u65e5\u672c\u306e\u975e\u4e0a\u5834\u306e\u8fb2\u696d\u30fb\u98df\u54c1\u95a2\u9023\u4f01\u696d514\u793e\u306b\u3064\u3044\u3066\u3001\u4f01\u696d\u5831\u544a\u66f8\u306e\u60c5\u5831\u3092\u7528\u3044\u3066ESG\u3078\u306e\u53d6\u308a\u7d44\u307f\u3092\u8abf\u3079\u307e\u3057\u305f\u3002\u8fb2\u696d\u3001\u98df\u54c1\u88fd\u9020\u3001\u5378\u58f2\u3001\u5c0f\u58f2\u306e4\u90e8\u9580\u3068\u3001\u4f01\u696d\u306e\u6240\u6709\u5f62\u614b\u306e\u9055\u3044\u3092\u6bd4\u8f03\u3057\u305f\u3068\u3053\u308d\u3001\u8fb2\u696d\u3068\u98df\u54c1\u88fd\u9020\u3067\u306f\u5c0f\u58f2\u3088\u308aESG\u3078\u306e\u53d6\u308a\u7d44\u307f\u304c\u6d3b\u767a\u3067\u3057\u305f\u3002\u307e\u305f\u3001\u4e0a\u5834\u4f01\u696d\u306e\u5b50\u4f1a\u793e\u3067\u306f\u3001\u98df\u54c1\u88fd\u9020\u3068\u5378\u58f2\u3067\u5c0f\u58f2\u3088\u308a\u53d6\u308a\u7d44\u307f\u304c\u9032\u3093\u3067\u3044\u307e\u3057\u305f\u3002\u3055\u3089\u306b\u3001ESG\u3078\u306e\u53d6\u308a\u7d44\u307f\u3068\u58f2\u4e0a\u9ad8\u306b\u306f\u660e\u78ba\u306a\u95a2\u4fc2\u306f\u307f\u3089\u308c\u307e\u305b\u3093\u3067\u3057\u305f\u304c\u3001\u7d14\u5229\u76ca\u3068\u306f\u5168\u4f53\u3068\u3057\u3066\u8ca0\u306e\u95a2\u4fc2\u304c\u3042\u308a\u3001\u7279\u306b\u5378\u58f2\u4f01\u696d\u3068\u72ec\u7acb\u4f01\u696d\u3067\u305d\u306e\u50be\u5411\u304c\u5f37\u304f\u307f\u3089\u308c\u307e\u3057\u305f\u3002\u3053\u308c\u3089\u306e\u7d50\u679c\u306f\u3001ESG\u304c\u4e00\u90e8\u306e\u975e\u4e0a\u5834\u4f01\u696d\u306b\u3068\u3063\u3066\u7d4c\u6e08\u7684\u306a\u8ca0\u62c5\u3068\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001ESG\u3092\u63a8\u9032\u3059\u308b\u969b\u306b\u306f\u3001\u696d\u7a2e\u3084\u6240\u6709\u5f62\u614b\u306e\u9055\u3044\u3092\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>ESG refers to how companies address environmental, social, and governance issues. While ESG has been widely studied among listed companies, much less is known about unlisted companies, even though they make up a large share of the agri-food industry. This study examined 514 unlisted Japanese agri-food companies from 2018 to 2024 using information in company reports. It compared ESG engagement across agriculture, food manufacturing, wholesale, and retail, as well as across different ownership types. The results show that agricultural and food manufacturing companies generally reported more ESG engagement than retail companies. Also, among subsidiaries of listed companies, food manufacturing and wholesale companies also reported more ESG activity than retail firms. Moreover, ESG engagement was not clearly related to sales, but it was associated with lower net profits overall, especially among wholesale and independent companies. These findings suggest that ESG may create economic burdens for some unlisted firms and that sector and ownership differences should be considered when promoting ESG.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wang, Y., &amp; Shimokawa, S. (2026). Does ESG Matter for Unlisted Companies in the Agri\u2010Food Industry? 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