Effects of ESG Disclosure, Return on Assets, Cash Reserves, Leverage, Firm Size, and Governance Controls on Asia-Pacific Energy Firm Value
ESG開示、総資産利益率、現金準備、レバレッジ、企業規模、およびガバナンスコントロールがアジア太平洋地域のエネルギー企業価値に与える影響 (AI 翻訳)
Salsabila Suci Dwi Mawarni, Rr. Sri Saraswati
🤖 gxceed AI 要約
日本語
本研究は、2021年から2024年のアジア太平洋地域のエネルギー企業を対象に、ESG開示や財務指標が企業価値に与える影響を分析。パネル回帰分析の結果、ESG開示は企業価値に有意な負の影響を及ぼす一方、ROA、現金準備、レバレッジ、企業規模は正の影響を与えることが判明。コーポレートガバナンスの調整効果も考慮する。
English
This study examines the impact of ESG disclosure and financial factors on firm value for Asia-Pacific energy firms from 2021-2024 using panel regression. Results show ESG disclosure has a significant negative effect, while ROA, cash reserves, leverage, and firm size have positive effects. Governance controls are also considered.
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
日本企業がSSBJ対応を進める中、ESG開示が必ずしも企業価値向上に直結しない可能性を示す点で示唆的。アジア太平洋地域のデータに基づく実証結果は、国内企業の開示戦略や投資家対応に参考となる。
In the global GX context
This paper contributes to the global debate on the ESG-financial performance link, providing recent evidence from Asia-Pacific energy firms. It challenges the assumption that ESG disclosure always enhances firm value, which is relevant for ISSB, CSRD, and SEC disclosure frameworks.
👥 読者別の含意
🔬研究者:Empirical evidence on the negative relationship between ESG disclosure and firm value in energy sector, with governance controls.
🏢実務担当者:Insights that ESG disclosure may lower market valuation, guiding disclosure strategy and investor communication.
🏛政策担当者:Highlights need for nuanced disclosure regulation that considers market context and firm characteristics.
📄 Abstract（原文）
Purpose – This research aims to examine the relationship between firm value, ESG disclosure, return on assets (ROA), cash reserves (CR), leverage (LEV), and firm size for energy businesses listed on the Asia-Pacific stock market from 2021 to 2024. In order to delve further into the impact of corporate governance in the link between these parameters and Firm Value, the research additionally accounts for variables including board size, women on board, and board independence.Methods – The method used is panel regression analysis. The data comes from energy sector companies listed in Refinitiv Eikon across various Asia-Pacific countries. The study period is from 2021 to 2024. The initial dataset of 534 observations, 248 observations met the screening criteria and were included in the final analysis.Findings – The results show that ESG Disclosure has a significant negative effect on Firm Value, and ROA, Cash Reserves, Leverage and Firm Size have a significant positive effect. This model is statistically significant at the same time. Study implications – This research offers practical implications to companies, policymakers and stakeholders. Based on agency theory, good corporate governance and financial management practices are expected to contribute to the alignment of managerial decision-making with the interests of shareholders and stakeholders, to promote sustainable behavior and improve corporate value. Originality – This study fills the empirical gap in limited Asia-Pacific evidence, addresses the theoretical gap in understanding the relationship among sustainability legitimacy, financial conditions, and oversight mechanisms, and eliminates the methodological gap, thus expanding the understanding of the multidimensional factors that determine Firm Value in the context of the energy transition.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.66053/ijota.v4i2.717first seen 2026-07-21 05:00:15
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