ESG開示と企業価値の関係：マレーシア・エネルギーセクターにおける収益性の調整効果
THE RELATIONSHIP BETWEEN (ESG) DISCLOSURE AND FIRM VALUE: THE MODERATING ROLE OF PROFITABILITY IN MALAYSIA’S ENERGY SECTOR (原題)
Muftiyah Aqilah Azwar, Rami Salmeen Mohammed Basallom, Ahmad Haruna Abubakar, A. Gunawan
🤖 gxceed AI 要約
日本語
マレーシア上場エネルギー企業20社・2022〜2024年のパネルデータ（60件）を用い、ESG開示と企業価値の関係およびROEの調整効果を検証した。ESG開示は企業価値に正だが非有意な影響しか与えず、ROEも関係を強めなかった。投資家がESGを投資判断の基礎ではなく付加的な報告慣行と見ている可能性を示唆し、規制当局による規制強化と投資家教育を提言する。
English
Using panel data from 20 Malaysian listed energy firms (2022-2024, 60 firm-year observations), this study tests the link between ESG disclosure and firm value, with ROE as a moderator. ESG disclosure shows a positive but insignificant effect on firm value, and ROE does not strengthen the relationship. The authors suggest Malaysian energy investors treat ESG as supplementary reporting rather than an investment basis, and call for stronger regulation and investor education.
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
新興国エネルギーセクターにおけるESG開示の市場評価が未成熟であることを示す事例として、SSBJ基準導入後に開示と企業価値の接続を模索する日本企業・投資家にとって比較材料になる。規制主導で開示を促す段階的アプローチの限界と示唆を提供する。
In the global GX context
Offers a developing-market counterpoint to ISSB/CSRD-driven disclosure regimes: even where ESG reporting is mandated, capital markets may not yet price it. Useful for global scholarship on whether disclosure infrastructure alone shifts valuation without investor demand and enforcement.
👥 読者別の含意
🔬研究者:ESG開示と企業価値の非有意な結果を、新興国・小規模サンプルの文脈で解釈する際の参照事例となる。
🏢実務担当者:ESG開示の透明性向上と財務インパクトの可視化が、なお投資家評価に結びついていない現実を示す。
🏛政策担当者:開示規制の強化だけでなく、投資家教育と需要側の醸成が不可欠であることを示唆する。
📄 Abstract（原文）
This study aims to analyze the relationship between environmental, social, and governance (ESG) disclosure and firm value with profitability (ROE) as the moderating variable. The sample of this study is 20 energy sector companies listed on Bursa Malaysia Main Market. This study adopts quantitative research design using panel data for the financial year of 2022-2024, resulting 60 firm-year observations. The data were analyzed using SPSS and EViews statistical software. The results of this study show that environmental, social, and governance disclosure has a positive but insignificant impact on firm value. Additionally, the Return on Equity (ROE) does not strengthen the relationship between ESG disclosure and firm value. These findings suggest that investors in Malaysia’s energy sector are not considering ESG practices as the basis of decision-making for investment, but rather as additional practices and reporting. Thus, the implication of this study indicates that regulators, such as Bursa Malaysia should strengthen the ESG-related regulations and educate investors on the importance of sustainability practices and investments. For companies, they are advised to enhance transparency of ESG practices, including informing the positive impact of it in their report. Moreover, the findings imply that the stakeholder and signalling theories may not fully explain the occurrence of observed in this study.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://gaexcellence.com/index.php/ijirev/article/download/8432/7308first seen 2026-10-23 06:22:52 · last seen 2026-11-06 05:48:00
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