Research project on policies for ESG investment of Japanese pension funds

在日本，养老基金的ESG投资增长缓慢，国民对这项投资的看法分别相当于“积极”、“消极”和“没有想法”的三分之一。然而，CSR活动通常由许多日本公司进行，以及日本人民对环境和社会问题的高度关注，这表明ESG投资可能会大幅扩大。由于日本面临着人口老龄化和生育率下降的问题，唤醒和培育国民情绪是必要的。软法的作用、“要么遵守要么解释”的适用以及独立的重要性被指出是法律和实践问题。在定量分析中，日本股票市场证实了企业社会责任活动对股票绩效有一定的影响。

In Japan, ESG investment of pension funds grows only sluggishly and the national opinion on this investment is comparable by a third respectively among "positive", "negative" and "no-idea". However, the fact that CSR activities are ordinarily conducted by many Japanese companies and high consciousness of the Japanese people concerning environmental and social problems indicate that ESG investment may possibly expand greatly. As Japan faces problem of population aging and fertility decline, to awake and cultivate national sentiment is necessary.The role of the soft-law, the application of "Comply or explain" and the importance of independence are pointed out as legal and practical issues. In the quantitative analysis, it is confirmed in Japanese stock market that the CSR activities have certain influence on equity performance.