ESG開示と企業パフォーマンスの動的関係：アジア資本市場からのエビデンス

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Offers large-scale Asian empirical evidence on the ESG disclosure-performance relationship, extending literature beyond single-country studies.

🏢実務担当者:Shows that integrating ESG disclosure into strategy can improve profitability, market valuation, and lower financing costs.

🏛政策担当者:Provides evidence that mandating ESG disclosure benefits both firms and markets, supporting regulatory initiatives.

ESG開示は企業のサステナビリティ報告において重要な要素として発展してきたが、その経済的影響に関する実証文献は、特にアジア経済においては依然として不十分である。本研究は、上場企業の会計ベースおよび市場ベースの業績に対する強化されたESG開示の効果を調査することにより、このギャップを埋めるものである。本研究は、2002年から2023年までの22年間における11のアジア経済圏からの1,406社の上場企業、30,932の企業年観測値からなるパネルデータセットを用いている。ESG開示と企業業績との関連性は、双方向固定効果パネル回帰を用いて研究されている。分析は、頑健性テスト、パネル共和分分析、Granger因果性テスト、および構造方程式モデリングによって裏付けられ、結果の頑健性が保証されている。実証結果は、ESG開示が企業の会計ベースおよび市場ベースの業績指標に有意な正の効果を持つことを示している。これは、収益性、市場評価、投資家の信頼の向上、および企業の資本コストの低減をもたらし、透明性のあるサステナビリティ報告が情報の非対称性と認識される投資リスクを減少させることを示唆している。本研究の知見は、企業が改善された業績、コスト削減、および強固な企業イメージを達成するために、ESG開示を戦略的およびガバナンスのメカニズムに組み込むことを奨励するものである。個別の国を調査し、企業業績の単一の財務指標を用いた先行研究とは異なり、本研究は、アジアの資本市場からの国横断的な実証的エビデンスを、企業業績の多次元分析とともに提供することにより、学術的なESG文献を拡張するものである。 参考文献 Aboud, A., & Diab, A. (2019). The financial and market consequences of environmental, social and governance ratings: The implications of recent political volatility in Egypt. Sustainability Accounting, Management and Policy Journal, 10(3), 498–520. https://doi.org/10.1108/SAMPJ-06-2018-0167 Al-Kake, F., Harun, A., Othman, B., & MH, N. (2019). The effect of corporate governance on firm profitability: Evidence from London Stock Exchange. International Journal of Psychosocial Rehabilitation, 23(2), 727–742. Al-Matari, E. M., Al-Swidi, A. K., Fadzil, F. H., & Al-Matari, Y. A. (2012). The impact of board characteristics on firm performance: Evidence from nonfinancial listed companies in Kuwaiti Stock Exchange. International Journal of Accounting and Financial Reporting, 2(2), 310–332. https://doi.org/10.5296/ijafr.v2i2.2384 Alam, Z., & Tariq, Y. B. (2023). Corporate sustainability performance evaluation and firm financial performance: Evidence from Pakistan. SAGE Open, 13(3). https://doi.org/10.1177/21582440231184856 Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate economic, environmental, and social sustainability performance transformation through ESG disclosure. Sustainability, 12(9), Article 3910. https://doi.org/10.3390/su12093910 Altin, M., Al Ani, M. K., Hussainey, K., & Streimikiene, D. (2026). The impact of sustainability expenditures on ESG performance: The moderating role of financial reporting quality. Corporate Social Responsibility and Environmental Management. Advance online publication. Ameer, R., & Othman, R. (2012). Sustainability practices and corporate financial performance: A study based on the top global corporations. Journal of Business Ethics, 108(1), 61–79. https://doi.org/10.1007/s10551-011-1063-y Amran, A., & Haniffa, R. (2011). Evidence in development of sustainability reporting: A case of a developing country. Business Strategy and the Environment, 20(3), 141–156. https://doi.org/10.1002/bse.672 Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance: Panel study of Malaysian companies. Management of Environmental Quality: An International Journal, 29(2), 182–194. https://doi.org/10.1108/MEQ-03-2017-0033 Balmer, J. M. T. (2001). Corporate identity, corporate branding and corporate marketing: Seeing through the fog. European Journal of Marketing, 35(3/4), 248–291. https://doi.org/10.1108/03090560110694763 Bamahros, H. M., Alquhaif, A., Qasem, A., Wan-Hussin, W. N., Thomran, M., Al-Duais, S. D., Shukeri, S. N., & Khojally, H. M. (2022). Corporate governance mechanisms and ESG reporting: Evidence from the Saudi stock market. Sustainability, 14(10), Article 6202. https://doi.org/10.3390/su14106202 Barnett, M. L., & Salomon, R. M. (2012). Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal, 33(11), 1304–1320. https://doi.org/10.1002/smj.1980 Barney, J., Wright, M., & Ketchen, D. J., Jr. (2001). The resource-based view of the firm: Ten years after 1991. Journal of Management, 27(6), 625–641. https://doi.org/10.1177/014920630102700601 Becchetti, L., Ciciretti, R., & Hasan, I. (2015). Corporate social responsibility, stakeholder risk, and idiosyncratic volatility. Journal of Corporate Finance, 35, 297–309. https://doi.org/10.1016/j.jcorpfin.2015.09.007 Boesso, G., Favotto, F., & Michelon, G. (2015). Stakeholder prioritization, strategic corporate social responsibility and company performance: Further evidence. Corporate Social Responsibility and Environmental Management, 22(6), 424–440. https://doi.org/10.1002/csr.1359 Breuer, N., & Nau, C. (2014). ESG performance and corporate financial performance. Department of Business Administration. Buallay, A. (2019). Between cost and value: Investigating the effects of sustainability reporting on a firm's performance. Journal of Applied Accounting Research, 20(4), 481–496. https://doi.org/10.1108/JAAR-12-2017-0137 Burgman, R. J., & Van Clieaf, M. (2012). Total shareholder return (TSR) and management performance: A performance metric appropriately used, or mostly abused? Rotman International Journal of Pension Management, 5(2), 32–37. https://doi.org/10.3138/rijpm.5.2.32 Clark, G. L., Feiner, A., & Viehs, M. (2015). From the stockholder to the stakeholder: How sustainability can drive financial outperformance (SSRN Working Paper No. 2508281). https://doi.org/10.2139/ssrn.2508281 Clarkson, M. B. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review, 20(1), 92–117. https://doi.org/10.5465/amr.1995.9503271994 De Villiers, C., Naiker, V., & Van Staden, C. J. (2011). The effect of board characteristics on firm environmental performance. Journal of Management, 37(6), 1636–1663. https://doi.org/10.1177/0149206311411506 Delmas, M. A., & Blass, V. D. (2010). Measuring corporate environmental performance: The trade-offs of sustainability ratings. Business Strategy and the Environment, 19(4), 245–260. https://doi.org/10.1002/bse.676 Dias, A. (2013). Market capitalization and value-at-risk. Journal of Banking & Finance, 37(12), 5248–5260. https://doi.org/10.1016/j.jbankfin.2013.04.015 Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984 El-Bassiouny, D., & Letmathe, P. (2018). The adoption of CSR practices in Egypt: Internal efficiency or external legitimation? Sustainability Accounting, Management and Policy Journal, 9(5), 642–665. https://doi.org/10.1108/SAMPJ-10-2017-0119 Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001 Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499–516. https://doi.org/10.1016/j.jfineco.2021.01.010 Freeman, R. E., & Phillips, R. A. (2002). Stakeholder theory: A libertarian defense. Business Ethics Quarterly, 12(3), 331–349. https://doi.org/10.2307/3858020 Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2,000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917 Ftiti, Z., Jeriji, M., Louhichi, W., Mensi, Y., & Zenaidi, A. (2024). ESG dimensions, firm performance and corporate governance systems. International Journal of Business Governance and Ethics, 18(4–5), 492–521. https://doi.org/10.1504/IJBGE.2024.139315 Gangi, F., Daniele, L. M., & Varrone, N. (2020). How do corporate environmental policy and corporate reputation affect risk-adjusted financial performance? Business Strategy and the Environment, 29(5), 1975–1991. https://doi.org/10.1002/bse.2479 Giannarakis, G., Konteos, G., & Sariannidis, N. (2014). Financial, governance and environmental determinants of corporate social responsible disclosure. Management Decision, 52(10), 1928–1951. https://doi.org/10.1108/MD-05-2014-0296 Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002 Haniffa, R. M., & Cooke, T. E. (2005). The impact of culture and governance on corporate social reporting. Journal of Accounting and Public Policy, 24(5), 391–430. https://doi.org/10.1016/j.jaccpubpol.2005.06.001 Hart, S. L. (1995). A natural-resource-based view of the firm. Academy of Management Review, 20(4), 986–1014. https://doi.org/10.5465/AMR.1995.9512280033 Hasan, M. S., & Omar, N. (2015). The impact of firm's level corporate governance on market capitalization. Journal of Investment and Management, 4(4), 119–131. https://doi.org/10.11648/j.jim.20150404.11 Helfaya, A., Morris, R., & Aboud, A. (2023). Investigating the factors that determine the ESG disclosure practices in Europe. Sustainability, 15(6), Article 5508. https://doi.org/10.3390/su1

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ESG disclosure has evolved as a vital element of corporate sustainability reporting nevertheless, empirical literature regarding its economic impacts still remains insufficient, particularly in Asian economies. This examination fills this gap by investigating the effect of enhanced ESG disclosure on accounting and market-based performance of publicly listed firms. The study employs panel dataset of 1,406 listed firms with 30,932 firm-year observations from 11 Asian economies, for a period of 22 years from 2002 to 2023. The association between ESG disclosure and corporate performance is studied using two-way fixed-effects panel regression. To guarantee the robustness of the findings, the analysis is supported with robustness tests, panel co-integration analysis, Granger causality tests, and Structural Equation Modelling. The empirical results show that ESG disclosure has a significant positive effect on accounting and market-based performance indicators of firms. It results in improved profitability, market valuation, investor confidence and reduced firms' cost of capital, which implies that transparent sustainability reporting decreases information asymmetry and perceived investment risk. The findings encourage firms to align ESG disclosure into their strategic and governance mechanisms in order to achieve improved performance with reduced costs and strong corporate image. Unlike prior studies that investigate individual countries and employ a single financial indicator of firm performance, this study extends the academic ESG literature by offering cross-country empirical evidence from Asian capital markets with a multidimensional analysis of corporate performance. References Aboud, A., & Diab, A. (2019). The financial and market consequences of environmental, social and governance ratings: The implications of recent political volatility in Egypt. Sustainability Accounting, Management and Policy Journal, 10(3), 498–520. https://doi.org/10.1108/SAMPJ-06-2018-0167 Al-Kake, F., Harun, A., Othman, B., & MH, N. (2019). The effect of corporate governance on firm profitability: Evidence from London Stock Exchange. International Journal of Psychosocial Rehabilitation, 23(2), 727–742. Al-Matari, E. M., Al-Swidi, A. K., Fadzil, F. H., & Al-Matari, Y. A. (2012). The impact of board characteristics on firm performance: Evidence from nonfinancial listed companies in Kuwaiti Stock Exchange. International Journal of Accounting and Financial Reporting, 2(2), 310–332. https://doi.org/10.5296/ijafr.v2i2.2384 Alam, Z., & Tariq, Y. B. (2023). Corporate sustainability performance evaluation and firm financial performance: Evidence from Pakistan. SAGE Open, 13(3). https://doi.org/10.1177/21582440231184856 Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate economic, environmental, and social sustainability performance transformation through ESG disclosure. Sustainability, 12(9), Article 3910. https://doi.org/10.3390/su12093910 Altin, M., Al Ani, M. K., Hussainey, K., & Streimikiene, D. (2026). The impact of sustainability expenditures on ESG performance: The moderating role of financial reporting quality. Corporate Social Responsibility and Environmental Management. Advance online publication. Ameer, R., & Othman, R. (2012). Sustainability practices and corporate financial performance: A study based on the top global corporations. Journal of Business Ethics, 108(1), 61–79. https://doi.org/10.1007/s10551-011-1063-y Amran, A., & Haniffa, R. (2011). Evidence in development of sustainability reporting: A case of a developing country. Business Strategy and the Environment, 20(3), 141–156. https://doi.org/10.1002/bse.672 Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance: Panel study of Malaysian companies. Management of Environmental Quality: An International Journal, 29(2), 182–194. https://doi.org/10.1108/MEQ-03-2017-0033 Balmer, J. M. T. (2001). Corporate identity, corporate branding and corporate marketing: Seeing through the fog. European Journal of Marketing, 35(3/4), 248–291. https://doi.org/10.1108/03090560110694763 Bamahros, H. M., Alquhaif, A., Qasem, A., Wan-Hussin, W. N., Thomran, M., Al-Duais, S. D., Shukeri, S. N., & Khojally, H. M. (2022). Corporate governance mechanisms and ESG reporting: Evidence from the Saudi stock market. Sustainability, 14(10), Article 6202. https://doi.org/10.3390/su14106202 Barnett, M. L., & Salomon, R. M. (2012). Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal, 33(11), 1304–1320. https://doi.org/10.1002/smj.1980 Barney, J., Wright, M., & Ketchen, D. J., Jr. (2001). The resource-based view of the firm: Ten years after 1991. Journal of Management, 27(6), 625–641. https://doi.org/10.1177/014920630102700601 Becchetti, L., Ciciretti, R., & Hasan, I. (2015). Corporate social responsibility, stakeholder risk, and idiosyncratic volatility. Journal of Corporate Finance, 35, 297–309. https://doi.org/10.1016/j.jcorpfin.2015.09.007 Boesso, G., Favotto, F., & Michelon, G. (2015). Stakeholder prioritization, strategic corporate social responsibility and company performance: Further evidence. Corporate Social Responsibility and Environmental Management, 22(6), 424–440. https://doi.org/10.1002/csr.1359 Breuer, N., & Nau, C. (2014). ESG performance and corporate financial performance. Department of Business Administration. Buallay, A. (2019). Between cost and value: Investigating the effects of sustainability reporting on a firm's performance. Journal of Applied Accounting Research, 20(4), 481–496. https://doi.org/10.1108/JAAR-12-2017-0137 Burgman, R. J., & Van Clieaf, M. (2012). Total shareholder return (TSR) and management performance: A performance metric appropriately used, or mostly abused? Rotman International Journal of Pension Management, 5(2), 32–37. https://doi.org/10.3138/rijpm.5.2.32 Clark, G. L., Feiner, A., & Viehs, M. (2015). From the stockholder to the stakeholder: How sustainability can drive financial outperformance (SSRN Working Paper No. 2508281). https://doi.org/10.2139/ssrn.2508281 Clarkson, M. B. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review, 20(1), 92–117. https://doi.org/10.5465/amr.1995.9503271994 De Villiers, C., Naiker, V., & Van Staden, C. J. (2011). The effect of board characteristics on firm environmental performance. Journal of Management, 37(6), 1636–1663. https://doi.org/10.1177/0149206311411506 Delmas, M. A., & Blass, V. D. (2010). Measuring corporate environmental performance: The trade-offs of sustainability ratings. Business Strategy and the Environment, 19(4), 245–260. https://doi.org/10.1002/bse.676 Dias, A. (2013). Market capitalization and value-at-risk. Journal of Banking & Finance, 37(12), 5248–5260. https://doi.org/10.1016/j.jbankfin.2013.04.015 Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984 El-Bassiouny, D., & Letmathe, P. (2018). The adoption of CSR practices in Egypt: Internal efficiency or external legitimation? Sustainability Accounting, Management and Policy Journal, 9(5), 642–665. https://doi.org/10.1108/SAMPJ-10-2017-0119 Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001 Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499–516. https://doi.org/10.1016/j.jfineco.2021.01.010 Freeman, R. E., & Phillips, R. A. (2002). Stakeholder theory: A libertarian defense. Business Ethics Quarterly, 12(3), 331–349. https://doi.org/10.2307/3858020 Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2,000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917 Ftiti, Z., Jeriji, M., Louhichi, W., Mensi, Y., & Zenaidi, A. (2024). ESG dimensions, firm performance and corporate governance systems. International Journal of Business Governance and Ethics, 18(4–5), 492–521. https://doi.org/10.1504/IJBGE.2024.139315 Gangi, F., Daniele, L. M., & Varrone, N. (2020). How do corporate environmental policy and corporate reputation affect risk-adjusted financial performance? Business Strategy and the Environment, 29(5), 1975–1991. https://doi.org/10.1002/bse.2479 Giannarakis, G., Konteos, G., & Sariannidis, N. (2014). Financial, governance and environmental determinants of corporate social responsible disclosure. Management Decision, 52(10), 1928–1951. https://doi.org/10.1108/MD-05-2014-0296 Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002 Haniffa, R. M., & Cooke, T. E. (2005). The impact of culture and governance on corporate social reporting. Journal of Accounting and Public Policy, 24(5), 391–430. https://doi.org/10.1016/j.jaccpubpol.2005.06.001 Hart, S. L. (1995). A natural-resource-based view of the firm. Academy of Management Review, 20(4), 986–1014. https://doi.org/10.5465/AMR.1995.9512280033 Hasan, M. S., & Omar, N. (2015). The impact of firm's level corporate governance on market capitalization. Journal of Investment and Management, 4(4), 119–131. https://doi.org/10.11648/j.jim.20150404.11 Helfaya, A., Morris, R., & Aboud, A. (2023). Investigating the factors that determine the ESG disclosure practices in Europe. Sustainability, 15(6), Article 5508. https://doi.org/10.3390/su1

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