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環境・社会・ガバナンス（ESG）開示が投資家の反応に与える影響：タイの証拠

Impact of Environmental, Social, and Governance (ESG) Disclosure on Investor Reactions: Evidence from Thailand (原題)

Chayapat Phonlaboon, Nuttavong Poonpool, Salakjit Ninlaphay

Journal of risk and financial management📚 査読済 / ジャーナル2026-08-17#ESGOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.3390/jrfm19080624
原典: https://doi.org/10.3390/jrfm19080624

🤖 gxceed AI 要約

日本語

タイ証券取引所上場企業を対象に、ESG開示スコアと投資家反応（累積異常リターン）の関係をイベントスタディ法で分析。2019〜2022年のパネルデータを用い、ESG開示全体および各次元が投資家反応に正の影響を与えることを示した。新興市場におけるESG開示の重要性を実証し、企業・投資家・規制当局への示唆を提供する。

English

This study examines the relationship between ESG disclosure and investor reactions for Thai listed firms using Bloomberg ESG scores and an event study approach. Analyzing panel data from 2019-2022, it finds that overall ESG disclosure and each dimension positively and significantly affect cumulative abnormal returns. The evidence highlights the importance of ESG disclosure in emerging markets, offering practical implications for companies, investors, and regulators.

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開示基準の適用が迫る中、ESG開示が投資家の評価に与える影響を示す本研究成果は、日本企業の開示戦略や投資家対応に示唆を与える。特に、環境・社会・ガバナンスの各次元が投資家反応に与える影響の違いは、日本企業が開示の優先順位を検討する際の参考となる。

In the global GX context

This study provides empirical evidence from an emerging market that ESG disclosure influences investor reactions, contributing to the global discourse on disclosure standards like ISSB and CSRD. It underscores the value of ESG information in investment decisions, supporting the case for mandatory disclosure frameworks. The findings are relevant for global investors and regulators seeking to understand the impact of ESG reporting in diverse market contexts.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG disclosure and investor reactions in an emerging market, useful for comparative studies and understanding market-specific dynamics.

🏢実務担当者:Highlights the importance of ESG disclosure for investor relations and corporate reporting, guiding companies in enhancing their ESG communication strategies.

🏛政策担当者:Offers evidence that ESG disclosure can influence investor behavior, supporting the case for regulatory frameworks that mandate or encourage ESG reporting.

📄 Abstract（原文）

Environmental, social, and governance (ESG) disclosure has received increasing attention in capital markets as investors place greater emphasis on sustainability information alongside financial information when evaluating firms. In this study, the authors examine the relationship between ESG disclosure and investor reactions among firms listed on the Stock Exchange of Thailand using Bloomberg ESG disclosure scores and an event study approach. The analysis is based on secondary data over the period of 2019–2022, employing a fixed-effects model on unbalanced panel data. The findings indicate that overall ESG disclosure is positively and statistically significantly associated with investor reactions. These results show that each ESG dimension is positively associated with investor reactions. While the environmental and social dimensions are significant at the 0.01% level, governance disclosure remains statistically significant at the 0.05 level. The empirical evidence suggests that ESG disclosure provides information that investors may consider when evaluating firms. Moreover, this study provides evidence that changes in the level of ESG disclosure are associated with changes in cumulative abnormal returns (CARs). This study contributes to the literature on ESG disclosure and corporate sustainability in emerging markets. Its results have practical implications for listed companies, investors, and regulators by highlighting the importance of ESG disclosure in corporate reporting and investment evaluation.

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