Sustainable finance in Southeast Asia: the ESG-cost of capital nexus and the role of legal institutions
東南アジアにおけるサステナブルファイナンス：ESGと資本コストの関係と法制度の役割 (AI 翻訳)
Josua Tarigan, Samuel Ivano Sanjaya, Saarce Elsye Hatane, Albert Valentine
🤖 gxceed AI 要約
日本語
東南アジア5カ国の非金融企業を対象に、ESGスコアと資本コストの負の関係を実証。法制度が弱い国ほどその効果が強いことを発見。COVID-19前後の期間で効果の変化も分析。
English
This study analyzes 490 firm-year observations across Southeast Asia and finds a negative relationship between ESG scores and cost of capital, stronger in weaker legal systems. It also examines changes across COVID-19 periods, showing effects persist partially post-pandemic.
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
日本企業の東南アジア投資において、現地の法制度の質がESG活動の資本コスト低減効果に影響する可能性を示唆。日本政府や企業の海外ESG戦略に示唆を与える。
In the global GX context
This paper provides empirical evidence from emerging economies on how legal institutions moderate the ESG-finance link, relevant for global investors and multinationals operating in Southeast Asia.
👥 読者別の含意
🔬研究者:Researchers in sustainable finance can use this to understand institutional contingencies in the ESG-cost of capital relationship.
🏢実務担当者:Corporate sustainability teams can leverage legal environment insights to optimize ESG strategies for financing benefits.
🏛政策担当者:Policymakers in developing countries can use these findings to strengthen legal frameworks to enhance ESG-driven cost of capital advantages.
📄 Abstract（原文）
This study aims to analyze the relationship of environmental, social and governance (ESG) score and cost of capital of Southeast Asian nonfinancial firms and how the quality of the legal system in Southeast Asian countries strengthens that relationship. The study analyzes 490 firm-year observations across five representing countries in Southeast Asia (Indonesia, Singapore, Malaysia, Thailand and Philippines) using weighted least squares, random effects and fixed effects models. It is also specifically observed how the changes before, during and after COVID-19. The study found a significant negative relationship between ESG scores and the cost of capital. The effect is stronger in countries with weaker legal systems, such as Indonesia, Thailand and Philippines, across all seven years of observation. In a more stringent time observation, observations before COVID-19 (2017–2019) agree to this relationship, while observations during the pandemic (2020–2021) did not. After COVID-19, observations (2022–2023) show that ESG effects on cost of capital are still partially present. The study’s classification of legal systems as “weak” or “strong” is relative to the Southeast Asian context, and broader regional comparisons may provide different insights for future research. Policymakers can use these insights to promote ESG activities. In addition, by adopting ESG initiatives, companies not only improve financial outcomes but also contribute to addressing global challenges such as climate change, inequality and corporate governance. This study moves the conversation forward by combining standard economic views on ESG and the cost of capital with more in-depth political and institutional critiques. It also looks at how ESG disclosures and practices relate to broader issues of legitimacy, power and responsibility in international business, incorporating different time periods, including the COVID-19 era.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/cpoib-07-2025-0145first seen 2026-05-23 05:48:30 · last seen 2026-05-27 05:01:12
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