The Impact of ESG Disclosure and Risk Management on Firm Value: Empirical Study in ASEAN
ESG開示とリスク管理が企業価値に与える影響：ASEANにおける実証研究 (AI 翻訳)
Yureza Rian Wibowo, Etty Gurendrawati, Gatot Nazir Muhammad
🤖 gxceed AI 要約
日本語
本研究は2020～2024年のASEAN上場企業272社を対象に、ESG開示とリスク管理が企業価値に与える影響を分析。パネルデータ回帰の結果、ESG開示は企業価値に正の影響を与えるが、リスク管理は有意でないことを示した。新興市場におけるESGの重要性を実証。
English
This study examines the effect of ESG disclosure and risk management on firm value using balanced panel data from 272 ASEAN public companies (2020-2024). Panel data regression with FEM shows ESG disclosure positively and significantly affects firm value (proxied by PBV), while risk management (EBITDA) has no significant effect. It highlights the growing importance of sustainability and transparency in emerging markets.
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
ASEANにおけるESG開示と企業価値の関係を実証した点で、日本企業のアジア展開や投資家対応に示唆を与える。ただし、日本特有のSSBJや有報との直接的な関連は薄い。
In the global GX context
This study adds empirical evidence on ESG disclosure and firm value in ASEAN emerging markets, which complements global ESG literature focused on developed economies. It underscores the value relevance of ESG in a region increasingly integrated into global supply chains.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-firm value link in ASEAN, filling a gap in emerging market studies.
🏢実務担当者:Suggests that ESG disclosure can enhance firm valuation in ASEAN, relevant for multinational firms operating in the region.
🏛政策担当者:Indicates that mandating ESG disclosure may increase market transparency and attract investment in ASEAN.
📄 Abstract（原文）
This study examines the effect of Environmental, Social, and Governance (ESG) disclosure and risk management on firm value in public companies within the Association of Southeast Asian Nations (ASEAN) during 2020–2024. The study employs a quantitative approach using balanced panel data from 272 public companies across ASEAN countries obtained from Refinitiv Eikon. Firm value is proxied by Price to Book Value (PBV), ESG disclosure is measured using ESG Score, while risk management is proxied by Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). Data were analyzed using panel data regression with the Fixed Effect Model (FEM). The results indicate that ESG disclosure has a positive and significant effect on firm value, while risk management has no significant effect. These findings suggest that investors increasingly consider sustainability, transparency, and corporate governance in investment decision-making. This study contributes to the literature on ESG disclosure, risk management, and firm value in emerging markets within the ASEAN region.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.65101/jser.v1i4.406first seen 2026-07-18 05:59:05
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