How intellectual capital transmits ESG benefits? A moderated mediation analysis of audit quality in ASEAN firms
知的資本はどのようにESGの利益を伝達するのか？ ASEAN企業における監査品質の調整媒介分析 (AI 翻訳)
Thi Hanh Dung Truong, Thanh Thuy Ngoc Tran, Thi Hong Minh Ho, Thuy Xuan Ho, Thuan Quoc Pham, Thị Thanh Phương Tô, Hoang Dieu Hien Nguyen, Nhan My Le
🤖 gxceed AI 要約
日本語
本研究は、ASEAN地域の非金融上場企業590社を対象に、ESG開示と財務パフォーマンスの関係における知的資本の媒介効果と、監査品質の調整媒介効果を分析。結果は、ESGスコアと知的資本が財務成果を向上させる一方、ESGが知的資本に負の影響を与えることを示した。また、監査品質が知的資本を通じた間接効果を強化することを確認。
English
This study examines the mediating role of intellectual capital in the ESG disclosure-financial performance relationship and the moderated mediation of audit quality, using panel data from 590 ASEAN listed firms (2014-2023). Results show ESG scores and intellectual capital enhance financial outcomes, but ESG negatively affects intellectual capital. Audit quality strengthens the indirect transmission via intellectual capital, while its direct moderating effect on ESG-FP is inconclusive.
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
本稿はASEAN企業を対象とするが、日本企業においてもESG開示と知的資本（人材・構造的資本）の関係や監査品質の重要性は共通する。SSBJ基準や有報でのESG情報開示が進む中、監査の質が開示情報の信頼性と企業価値向上に与える影響を示唆する点で参考になる。
In the global GX context
While focused on ASEAN, this paper offers insights relevant to global ESG disclosure practice, particularly the role of audit quality in ensuring the credibility of ESG information and its transmission to financial performance. As ISSB standards gain traction, understanding how audit quality moderates the ESG-financial performance link is valuable for disclosure scholarship.
👥 読者別の含意
🔬研究者:This paper provides a nuanced model of how ESG disclosure affects financial performance through intellectual capital, with audit quality as a moderator, offering a methodological framework using GSEM and GMM that can be applied in other contexts.
🏢実務担当者:Corporate sustainability teams can use these findings to understand the trade-off between ESG investment and intellectual capital, and the importance of audit quality in translating ESG efforts into financial outcomes.
🏛政策担当者:Regulators concerned with ESG disclosure credibility should note that audit quality strengthens the transmission of ESG benefits to firm performance, supporting calls for assurance on ESG reports.
📄 Abstract（原文）
This study investigates: (1) the mediating role of intellectual capital (IC) in the relationship between environmental, social and governance (ESG) disclosure and financial performance (FP) and (2) the moderated mediation effects of audit quality in the unique setting of Association of Southeast Asian Nations (ASEAN) firms. Using a panel of 590 non-financial listed firms in ASEAN over the period 2014–2023, this study employs generalized structural equation modeling (GSEM) with lagged independent variables to examine moderated mediation effects. Two-step system generalized method of moments (GMM) estimation is conducted as a robustness check. ESG scores are sourced from both Refinitiv and Bloomberg databases. IC is measured primarily by the modified value added intellectual coefficient (MVAIC) model, while FP is assessed through multiple market- and accounting-based indicators. Results consistently show that ESG scores and IC enhance financial outcomes, albeit ESG produces a negative effect on IC. Further, audit quality strengthens the overall mediating mechanism by reinforcing the transmission of IC into FP, while its moderating effect on the direct ESG–FP relationship remains inconclusive. This study offers novel evidence by modeling IC as a mediator and audit quality as a moderator of the indirect ESG–FP link in ASEAN listed firms. Our research validates conditional indirect effects, reveals resource trade-offs and highlights governance–strategy alignment for maximizing sustainable FP.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/jaee-12-2025-0699first seen 2026-07-18 07:53:33
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