[4H2-GS-11c] AIと社会：技術の活用

[4H2-GS-11c-05] The Connection between Investors and Anti-ESG Firms in Global Ownership Network

Dilemma in Socially Responsible Investing

〇Takayuki Mizuno¹, Shouhei Doi², Takahiro Tsuchiya³, Shuhei Kurizaki⁴ (1. National Institute of Informatics, 2. Hokkaido University, 3. Kyoto University of Advanced Science, 4. Waseda University)

Keywords:Computational Social Science, Finance, Complex Networks

We connect the corporate ownership network to the network of financial instruments that inject money into the ownership network. Almost all the asset managers have at least one path through which their equity stakes eventually reach a munitions company with the second or further apart links in the global ownership network. This result suggests that two obstacles encourage decoupling of equity stakes and social responsibilities so that socially responsible investors become incapable of making positive impacts with their investing strategy. The first obstacle is the fact that ETFs and other similar financial instruments separate capital and corporate control. The second obstacle is the complexity of ownership network itself. While the investors may have the potential to control munition companies, the complexity of the ownership network is likely to prevent the investors from knowing its own potential.