Earnings Management and the Value Relevance of Sustainability Management: Evidence from Southeast Asian Countries
利益管理とサステナビリティ経営の価値関連性：東南アジア諸国からの証拠 (AI 翻訳)
Frista Frista, Lindawati Gani, Yulianti Abbas, Lianny Leo
🤖 gxceed AI 要約
日本語
本研究は、東南アジア諸国におけるサステナビリティ経営と企業価値の関係を調査し、利益管理がその関係をどのように調整するかを検証した。サステナビリティ経営は企業価値に正の影響を与えるが、利益管理のレベルが高い場合、その効果は有意に減少する。これは、日和見的な利益操作がサステナビリティ活動の信頼性を損なうことを示唆し、ESGとグリーンウォッシングの文献に貢献する。
English
This study investigates the relationship between sustainability management and firm value in Southeast Asian countries, examining how earnings management moderates this relationship. Using panel data from 2015–2022, it finds that while sustainability management positively affects firm value, this effect is significantly weakened when firms engage in higher accrual earnings management. The findings contribute to ESG credibility and greenwashing literature.
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
日本のGX文脈では、利益管理がESG活動の信頼性評価に重要であることを示唆。SSBJ開示基準の下で、企業のサステナビリティ主張の信頼性を検証する際に、財務報告の透明性が不可欠であることを強調する。
In the global GX context
Globally, this study provides cross-country evidence on the interaction between earnings management and the value relevance of sustainability management, adding to the ESG credibility and greenwashing debate. It informs investors, regulators, and researchers about the importance of transparent financial reporting in assessing sustainability performance.
👥 読者別の含意
🔬研究者:Provide empirical evidence on the moderating effect of earnings management on value relevance of sustainability management, useful for ESG and agency theory research.
🏢実務担当者:Emphasizes that earnings opportunism can undermine the credibility of sustainability efforts, highlighting the need for consistent financial and non-financial reporting.
🏛政策担当者:Suggests that earnings management can be a signal of potential greenwashing, informing policies that require integrated reporting.
📄 Abstract（原文）
This study investigates whether sustainability management leads to firm value and how the relationship is moderated by earnings management. Based on stakeholder theory and agency theory, we argue that although sustainability management can generate long-term value for firms. However, its credibility and value relevance may be questioned through earnings opportunistic activities. This study employs panel data of publicly listed firms across Southeast Asian (ASEAN) countries over the period 2015–2022 using panel regression analysis with robust estimates. Our findings show that sustainability management positively influences firm value. However, this positive effect is significantly reduced when firms engage in higher levels of accrual earnings management. These results add to the existing literature on ESG credibility, greenwashing issues, and sustainable value creation. This study offers several contributions. First, it expands the ESG and SDGs approach in the sustainability literature by including earnings management as a moderating factor. This offers a clearer understanding of how sustainability practices are viewed by capital markets. Second, it provides valuable evidence for investors, regulators, and policymakers interested in sustainable finance and corporate transparency.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.32479/ijefi.23536first seen 2026-07-01 05:59:40
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