ESG REPORTING AND MARKET CAPITALIZATION IN ASIA: THE ROLE OF NATIONAL CULTURAL VALUES
アジアにおけるESG報告と時価総額：国民文化価値の役割 (AI 翻訳)
(著者不明)
🤖 gxceed AI 要約
日本語
本研究は、アジア9カ国（日本含む）の上場企業を対象に、ESG報告が時価総額に与える影響と、ホフステッドの文化次元の調整効果を分析。累積ESGスコアと時価総額の正の関係が確認され、個人主義、長期志向、不確実性回避、男性性が正に、権力距離が負に調整することを発見。新興市場では文化の調整効果が弱い。
English
This study examines the impact of ESG reporting on market capitalization and the moderating role of Hofstede's cultural values using panel data from listed firms in nine Asian countries (including Japan) from 2018-2023. Findings show a positive relationship between cumulative ESG scores and market capitalization, with individualism, long-term orientation, uncertainty avoidance, and masculinity positively moderating, while power distance negatively moderates. The moderating effect is weaker in developing 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
日本はアジアの先進市場として位置づけられ、ESG開示が時価総額に与える影響を文化価値の観点から分析。SSBJ基準や有報でのESG情報開示が進む中、投資家の意思決定における文化要因の考慮は、日本企業の開示戦略に示唆を与える。
In the global GX context
This paper contributes to the global ESG disclosure literature by highlighting the role of national culture in moderating the ESG-market capitalization link in Asia, a region often underrepresented compared to Europe. It offers insights for international investors and regulators on how cultural values shape the financial relevance of ESG reporting.
👥 読者別の含意
🔬研究者:Provides empirical evidence on cultural moderation of ESG-financial performance link in Asia, extending Hofstede's framework to disclosure research.
🏢実務担当者:Highlights that cultural context matters for ESG communication strategies; firms in individualistic cultures may benefit more from ESG disclosure.
🏛政策担当者:Suggests that regulators should consider cultural dimensions when designing ESG disclosure frameworks to enhance market stability.
📄 Abstract（原文）
Background: The discussion around sustainability issues is advancing in Asia, highlighting ESG disclosure as a critical competitive advantage for companies. Corporate ESG disclosure can influence investment decisions as investors seek information on companies' ESG practices. Method: This study examines the impact of ESG reporting on market capitalization and the moderating role of Hofstede's cultural values. The analysis is based on panel data from listed firms in nine Asian countries (Indonesia, Malaysia, Thailand, the Philippines, Singapore, India, Taiwan, Japan, and China) over the period 2018–2023. Findings: The findings show a positive relationship between cumulative ESG scores and market capitalization in both developed and developing markets. Individualism, long-term orientation, uncertainty avoidance, and masculinity positively moderate this relationship, while power distance moderates it negatively. The moderating effect of cultural values is found to be weaker in developing markets. Conclusion: This study contributes to the literature by emphasizing the impact of ESG disclosure on market performance in Asian contexts. It offers insights for regulators in designing strategies to enhance economic stability through improved corporate market capitalization. Novelty/Originality of this article: It also addresses the limited literature on the relationship between ESG and market capitalization in Asian markets, contrasting with most studies focused on Europe.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.7454/jaki.v22i2.2028first seen 2026-05-05 19:08:10
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。