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ESG開示強度と財務パフォーマンス：ベトナム製造業におけるテキストマイニング実証分析

ESG Disclosure Intensity and Financial Performance: Text‐Mined Evidence from Vietnam's Manufacturing Sector (原題)

Nguyen Tan Dat, Nguyen Ngọc Quang, Nguyen Thi Phuong Dung, Qian Long Kweh

Business Strategy and the Environment📚 査読済 / ジャーナル2026-10-29#AI×ESGOrigin: Global経営インパクト: 資金調達対象セクター: manufacturing
DOI: 10.1002/bse.71783
原典: https://doi.org/10.1002/bse.71783

🤖 gxceed AI 要約

日本語

ベトナム上場製造業199社の2016〜2024年次報を用い、辞書ベースのESG開示強度（1000 n-gramあたり出現数）を構築。ROA・ROE・Tobin's Qとの関連を二方向固定効果と動学システムGMMで検証した。ESG開示強度とROEの負の関連のみが両モデルで頑健に残り、ROA・Tobin's Qの正の関連は動学モデルで確認されなかった。開示強度の財務的含意は成果指標とモデル仕様に依存することを示す。

English

Using annual reports of 199 listed Vietnamese manufacturers (2016–2024), the study builds a dictionary-based ESG disclosure intensity measure (matched occurrences per 1000 n-grams) and tests its association with ROA, ROE, and Tobin's Q. Only a negative association with ROE survives both two-way fixed-effects and dynamic system GMM specifications; weakly positive ROA and positive Tobin's Q links are not corroborated dynamically. Financial relevance of ESG disclosure depends on the outcome and model specification.

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

新興国におけるESG開示と財務成果の非一様な関係は、SSBJ・有報開示の拡大が企業価値にどう結びつくかを考える日本企業・投資家にとって示唆的。開示の「量」と資本コスト・株主資本リターンの関係を再考する材料となる。

In the global GX context

Adds emerging-market evidence to the global debate on whether ESG disclosure pays, using text-mined intensity rather than ratings. Relevant to ISSB/CSRD implementation debates where disclosure mandates are expanding without clear financial-return evidence, and to the monitoring-vs-signaling theory of sustainability reporting.

👥 読者別の含意

🔬研究者:辞書ベースの開示強度指標と動学GMMの併用が、開示と財務成果の頑健性検証に有用な設計例を示す。

🏢実務担当者:ESG開示の拡充が一律に財務成果向上を意味しない点を、開示戦略・投資家対話の設計に反映できる。

🏛政策担当者:開示義務化の拡大にあたり、開示量と資本市場成果の関係が指標依存である点を制度設計で考慮すべき。

📄 Abstract（原文）

ABSTRACT Environmental, social, and governance disclosure (ESGD) increasingly forms part of firms' communication with external capital providers. However, its association with financial performance remains unclear, especially in emerging markets where reporting formats, assurance practices, and enforcement mechanisms remain uneven. Using annual reports of 201 listed manufacturing firms in Vietnam over 2016–2024, this study constructs a dictionary‐based measure of ESG disclosure intensity, expressed as dictionary‐matched ESG occurrences per 1000 n ‐grams, and examines its association with return on assets (ROA), return on equity (ROE), and Tobin's Q . The central finding is a negative association between ESG disclosure intensity and ROE. This is the only association that retains the same direction across the baseline two‐way fixed‐effects and supplementary dynamic system GMM specifications. The baseline models also show a weakly positive association with ROA and a positive association with Tobin's Q , but neither positive association is corroborated by the dynamic specifications. The results therefore show that the financial associations of ESG disclosure intensity depend on the performance outcome examined and on model specification. For corporate sustainability strategy, the findings suggest that higher ESG disclosure intensity should not be interpreted as uniformly associated with stronger financial performance. Rather, the financial relevance of sustainability reporting depends on the outcome against which it is assessed. The negative ROE association, which runs against the prediction of the monitoring argument, raises a specific theoretical puzzle concerning the relationship between disclosure, shareholders' capital, financing, and the timing of returns.

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