ESG開示、利益、配当支払い：新興市場における業種の異質性、動学的持続性、財務安定性
ESG Disclosure, Earnings, and Dividend Payout: Industry Heterogeneity, Dynamic Persistence, and Financial Stability in an Emerging Market (原題)
Kittisak Jangphanish, Wachira Boonyanet
🤖 gxceed AI 要約
日本語
タイ証券取引所上場437社・2014〜2024年の4807社年データを用い、ESG開示と配当・EPSの関連を業種別に分析。ESG開示と配当の関連は3業種で正、1業種で負、4業種で非有意、EPSは全8業種で有意だが正3・負5と異質。撹乱項の時間的持続性と条件付きボラティリティ動学も示し、財務成果の水準と動学を区別する重要性を強調する。
English
Using 4,807 firm-year observations from 437 Thai-listed firms (2014–2024), this study examines ESG disclosure's association with dividend payout and EPS across eight industries. Associations are highly heterogeneous: dividend links are positive in three industries, negative in one, and insignificant in four; EPS links are significant in all eight but positive in three and negative in five. It further models temporal persistence and conditional-volatility dynamics, arguing that financial-outcome levels should be distinguished from their dynamics in emerging 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
新興国市場におけるESG開示と財務成果の業種別異質性を示す実証研究。日本企業のSSBJ・有報でのESG開示対応や投資家向け説明において、業種特性を踏まえた開示効果の解釈に示唆を与える。
In the global GX context
Adds emerging-market evidence to the global ESG-disclosure literature, showing that ESG–financial links vary sharply by industry. Relevant to ISSB/CSRD implementation debates on whether standardized disclosure yields uniform capital-market effects across sectors and jurisdictions.
👥 読者別の含意
🔬研究者:ESG開示と財務成果の関連が業種で大きく異なることを示し、水準と動学を分ける分析枠組みを提供する。
🏢実務担当者:自社業種におけるESG開示が配当・利益とどう関連するかを理解し、開示戦略の業種別妥当性を検討する材料になる。
🏛政策担当者:ESG開示義務化の効果が業種で一様でない可能性を示し、新興国市場での規制設計に示唆を与える。
📄 Abstract（原文）
This study examines the association between environmental, social, and governance (ESG) disclosure and corporate financial outcomes among 437 firms listed on the Stock Exchange of Thailand from 2014 to 2024, comprising 4807 firm-year observations across eight industries. The analysis examines the levels of dividend payout and earnings per share (EPS), temporal dependence in their underlying disturbance processes, and conditional-volatility dynamics. Industry-specific fixed-effects models, ARIMA specifications, and selective EGARCH models are employed, with supplementary system GMM analysis addressing potential endogeneity. The results reveal heterogeneous level associations. ESG disclosure is positively associated with dividend payout in three industries, negatively associated in one, and insignificant in four. For EPS, the association is significant in all eight industries but positive in three and negative in five. Dynamic analysis identifies positive temporal persistence and short-run adjustment in the aggregate industry-level disturbance processes. Significant residual conditional heteroskedasticity remains for selected industry-outcome combinations. EGARCH estimates for these cases reveal significant shock responses, asymmetric volatility dynamics, and differing degrees of volatility persistence across industries, with estimated shock half-lives generally below one year. ESG disclosure is included in the conditional mean rather than the conditional-variance equation of these models and is therefore not interpreted as a direct determinant of volatility. Overall, the findings highlight substantial industry heterogeneity in ESG–financial associations and demonstrate the value of distinguishing financial-outcome levels from their temporal and volatility dynamics in an emerging capital market.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/jrfm19100795first seen 2026-10-11 04:47:39
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