The integration of environmental, social, and governance metrics and market value: A multi-dimensional analysis of corporate sustainability and financial performance
環境・社会・ガバナンス指標と市場価値の統合：企業の持続可能性と財務パフォーマンスの多次元分析 (AI 翻訳)
Peter Chi Wan Yip, Elvy Pang, Tommy Tat Keung Yu
🤖 gxceed AI 要約
日本語
本研究は、香港ハンセン指数構成企業83社のESG開示と財務パフォーマンスの関係を2019～2024年のパネルデータで分析。社会的パフォーマンスは業種横断的に安定している一方、環境パフォーマンスはばらつきが大きく、セクター固有のESG標準化の必要性を示唆。商業セクターが最高のROAを達成。
English
This study examines the relationship between ESG practices and financial performance among 83 Hong Kong Hang Seng Index firms from 2019 to 2024 using panel data. Results show consistent social performance across sectors but high environmental variability, indicating varying sustainability maturity. The commercial sector achieved the highest ROA. Findings highlight the need for sector-specific ESG standardization and regulatory compliance in emerging Asian 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
日本企業にとっても、アジア市場におけるESG開示と財務パフォーマンスの関連性を示す本研究成果は、自社のサステナビリティ戦略の参考になる。特に、HKEXの開示義務化のような規制強化が企業行動に与える影響は、日本のSSBJや有報対応との比較材料となる。
In the global GX context
This study contributes to the global ESG-financial performance literature by focusing on an Asian emerging market (Hong Kong), which is underrepresented compared to Western contexts. The findings on sector-specific ESG dynamics and the impact of HKEX's mandatory disclosure rules provide empirical support for refining global disclosure frameworks like ISSB and aligning corporate sustainability with profitability.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-financial performance link in an Asian market, highlighting sectoral patterns and the role of regulatory mandates.
🏢実務担当者:Offers insights for corporate sustainability teams on sector-specific ESG integration and the financial benefits of robust social and governance practices.
🏛政策担当者:Demonstrates the effectiveness of mandatory ESG disclosure regulations (HKEX) in improving governance, relevant for regulators designing or updating disclosure frameworks.
📄 Abstract（原文）
This study examines the relationship between environmental, social, and governance (ESG) practices and financial performance among Hong Kong’s Hang Seng Index (HSI) firms, addressing sector-specific and regional ESG gaps in Asian markets. While prior studies emphasise ESG’s financial impacts in Western contexts (Al Farooque et al., 2022; Askarany & Xin, 2024), Asian dynamics remain underexplored. Using panel data analysis of 83 HSI-listed firms (2019–2024), this research applies legitimacy theory to evaluate how ESG disclosures and sectoral challenges, including Hong Kong Exchanges and Clearing Limited’s (HKEX) 2020 reporting mandates, affect financial outcomes (return on assets [ROA] and Tobin’s Q). Results show robust social performance consistency (CV = 0.09–0.12) across sectors, contrasting with environmental variability (CV = 0.17–0.32), indicating varying sustainability maturity. The commercial sector achieved superior returns (ROA = 11.91 per cent), while utilities demonstrated balanced ESG integration. Findings highlight the need for sector-specific ESG standardisation and regulatory compliance to improve governance. This study provides actionable insights for policymakers refining disclosure frameworks and corporations aligning sustainability strategies with profitability in emerging markets.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.22495/cgsrv9i3p12first seen 2026-05-05 19:08:35
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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。