The Stock Market Reaction to Public Bank ESG Disclosure: An Empirical Examination Across Asian Economies

公的銀行のESG開示に対する株式市場の反応：アジア経済圏における実証分析 (AI 翻訳)

Ngan Bich Nguyen, Tung Duy Duong, Phuong Ha Thi Ngo, Van Thinh Nguyen, An H. Pham

International Journal of Analysis and Applications📚 査読済 / ジャーナル2026-07-06#ESGOrigin: Global経営インパクト: 資金調達対象セクター: finance

DOI: 10.28924/2291-8639-24-2026-210

原典: https://doi.org/10.28924/2291-8639-24-2026-210

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🤖 gxceed AI 要約

日本語

本研究は、アジア61行の銀行を対象に、ESG開示が株価変動を通じた投資家の反応に与える影響をイベントスタディで検証。多くの市場で負の反応が見られた一方、台湾市場では正の反応が観察された。国ごとのESG法規制の重要性を示唆。

English

This study examines the impact of ESG disclosure on investor reaction using an event study of 61 Asian banks in Malaysia, Japan, Indonesia, India, Taiwan, and China. Results show mostly negative stock price reactions, except Taiwan which had a positive reaction. The paper emphasizes the need for country-specific ESG legal frameworks.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本企業のESG開示に対する市場反応に示唆を与える。特に、台湾以外で負の反応が優勢だった点は、日本の投資家行動を考察する上で参考になる。

In the global GX context

Contributes to the global debate on ESG disclosure effectiveness. The cross-country comparison, including Japan, provides empirical evidence for market reactions, relevant for TCFD/ISSB implementation discussions.

👥 読者別の含意

🔬研究者:Event study methodology applied to ESG disclosure; offers comparative insights across Asian markets.

🏢実務担当者:Banks should be aware that ESG disclosure may initially negatively impact stock prices, necessitating strategic communication.

🏛政策担当者:Supports the call for tailored ESG disclosure regulations that consider local market dynamics.

📄 Abstract（原文）

<title>Abstract</title> The study aims to examine the impact of ESG disclosures on investors' reaction, as evidenced through the stock price fluctuations. Event study method is used through t-test and calculation of CAAR, AR indexes to examine the change in investor reaction before and after the ESG disclosure date with the sample consists of 61 Asian banks in Malaysia, Japan, Indonesia, India, Taiwan, and China. The study results show the impact of ESG disclosure on stock market reaction. However, most of the impacts are negative, only Taiwan market has a positive reaction after the event date. The study offers possible explanations and suggests future research focus on ESG legal frameworks tailored to individual countries.

🔗 Provenance — このレコードを発見したソース

openalex https://doi.org/10.28924/2291-8639-24-2026-210first seen 2026-07-18 06:02:07

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