ESG Disclosure and Financial Performance: Evidence from Listed Companies on the Stock Exchange of Thailand
ESG開示と財務業績：タイ証券取引所上場企業からの証拠 (AI 翻訳)
Wareewan Charoenroop, Kornwika Chaiwong, Chamaipon Ratanacharoenchai
🤖 gxceed AI 要約
日本語
本研究は、タイ証券取引所上場企業のESG開示評価と企業業績（ROA、ROE、Tobin's Q）の関係を回帰分析で検証した。2023～2024年の210社・420企業年のパネルデータを用い、Hausman検定で変量効果モデルを選択。ROEとTobin's Qに対しESG評価は負の相関を示し、ESG活動が短期的にはコスト負担と見なされることを示唆した。
English
This study examines the relationship between ESG disclosure ratings and firm performance (ROA, ROE, Tobin's Q) for Thai listed firms using panel data regression on 210 firms with 420 firm-years from 2023-2024. Using the Hausman test to choose random effects, they find ESG scores have a statistically significant negative correlation with ROE and Tobin's Q, suggesting ESG activities are currently viewed as cost burdens rather than value drivers by the market.
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
タイ市場の実証研究だが、日本のSSBJ導入や有報でのESG情報開示拡大と同様に、短期的な業績への影響が懸念される。企業はESGを中長期的な戦略統合として捉え直す必要がある。
In the global GX context
This paper contributes to the global debate on ESG materiality by providing evidence from an emerging market (Thailand). It suggests that investors currently penalize firms with higher ESG disclosure, highlighting the tension between short-term financial performance and long-term sustainability—a key issue for ISSB and TCFD implementation worldwide.
👥 読者別の含意
🔬研究者:The study provides panel data evidence from an emerging market on the ESG-performance relationship, relevant for materiality research.
🏢実務担当者:The negative correlation suggests companies should carefully manage ESG costs and communicate long-term value to investors.
🏛政策担当者:Policymakers in emerging markets should consider market perceptions when designing ESG disclosure mandates to avoid unintended negative valuation effects.
📄 Abstract（原文）
This research examines the relationship between the ESG disclosure rating and firm performance of the listed companies in the stock exchange of Thailand. The study applied regression analysis using ESG disclosure rating from a sample of 210 listed firms with 420 firm-years data collected during 2023 to 2024. This study adds the use of panel data analysis and we used the Hausman test to choose between the random effect, and the fixed effect. Focusing on studying the relationship with important indicators, including return on total assets (ROA), return on equity (ROE), and Tobin's Q. As a result, ROA showed that the coefficients for both ESG scores and company size did not differ statistically significantly in both fixed-effect and random-effect analysis. However, we found that the ESG rating coefficients were statistically significant and had a negative correlation with ROE and Tobin's Q in a random effect model. The study results indicate that, at the time of the research, the operating costs of ESG outweighed the benefits, with market participants viewing ESG activities as a cost burden and regulatory compliance issue rather than a long-term value-creating factor, resulting in decreased business valuation. Therefore, companies should integrate their business strategies with ESG to improve efficiency and mitigate short-term impacts on performance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://so02.tci-thaijo.org/index.php/BECJournal/article/download/283783/188539first seen 2026-07-18 07:33:27
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