FinTech Adoption and ESG Disclosure in Corporate Valuation: Intellectual Capital and Financial Performance Effects on Dividend Policy and Firm Value
フィンテック導入とESG開示が企業価値に与える影響：知的資本と財務パフォーマンスが配当政策と企業価値に及ぼす効果 (AI 翻訳)
Md. Qamruzzaman, Abdulrahman Alomair, Mohammed Alomair
🤖 gxceed AI 要約
日本語
本研究は、バングラデシュ証券取引所上場の金融機関を対象に、FinTech導入と知的資本がESG開示を促進し、それが配当政策と企業価値を高めるという「デジタル→ESG→価値」のメカニズムを実証した。固定効果モデルやシステムGMM等を用いて頑健性を確認し、ディープニューラルネットワークで予測可能性も検証。因果関係ではなく関連性を示すに留まる。
English
This study examines how FinTech adoption and intellectual capital drive ESG disclosure, and how ESG disclosure and dividend policy affect firm value in DSE-listed financial institutions. Using panel data from 2015-2023, it finds positive associations, with financial performance moderating the ESG-dividend link. A deep neural network confirms predictive relevance. Findings are specific to Bangladeshi listed financial institutions.
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
日本ではSSBJ開示義務化が迫る中、ESG開示が企業価値や配当政策に与える影響の実証は、投資家対応や開示戦略の参考になる。ただし、バングラデシュ市場特有の文脈であり、日本企業への直接適用には注意が必要。
In the global GX context
This paper contributes to global ESG disclosure scholarship by linking FinTech adoption and intellectual capital to disclosure quality and firm value, extending signaling and stakeholder theories. It offers empirical evidence from an emerging market, complementing studies from developed economies and informing ISSB-aligned disclosure practices.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the FinTech-ESG-value chain in an emerging market, useful for comparative studies.
🏢実務担当者:Highlights potential benefits of FinTech and intellectual capital in enhancing ESG disclosure and firm value.
🏛政策担当者:Suggests that promoting FinTech and ESG disclosure could improve market signaling and firm performance.
📄 Abstract（原文）
<ns5:p>Background This study examines how FinTech adoption and intellectual capital shape ESG disclosure, and how ESG disclosure and dividend policy are associated with firm value in DSE-listed financial institutions. The framework focuses on a sequential Digital—ESG—Value mechanism rather than treating all constructs as parallel determinants. Method Using an unbalanced panel of DSE-listed bank-based financial institutions from 2015 to 2023, the study estimates firm and year fixed-effects models as the primary explanatory specification. System GMM is used to assess dynamic persistence and potential endogeneity, while quantile regression evaluates distributional heterogeneity. CS-ARDL is retained as a supplementary long-run sensitivity analysis, and a deep neural network is used only to assess out-of-sample prediction and nonlinear feature importance. Findings FinTech adoption and intellectual capital are positively associated with ESG disclosure. ESG disclosure is positively associated with dividend policy and firm value, while dividend policy is also positively associated with firm value. Financial performance conditions the ESG–dividend relationship. These estimates indicate robust associations but do not establish experimental causality. The predictive analysis confirms that FinTech, ESG disclosure, intellectual capital, and dividend policy contain information relevant to firm-value prediction. Conclusion The findings extend signalling theory, the resource-based view, and stakeholder theory by showing how digital capability and knowledge resources can support credible sustainability disclosure and market signalling. The results remain specific to listed Bangladeshi financial institutions and should be interpreted within that institutional setting.</ns5:p>
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.12688/f1000research.178277.3first seen 2026-08-01 05:53:04
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