ESG開示と企業パフォーマンスの非線形関係：ベトナム上場エネルギー企業からの証拠
The nonlinear association between ESG disclosure and firm performance: Evidence from Vietnam’s listed energy firms (原題)
Thuy Duong Phan, Thi Thanh Hoang
🤖 gxceed AI 要約
日本語
ベトナム上場エネルギー企業30社・2015〜2024年の年次報告書をOCRとLLMでE・S・Gに分類しESGスコアを定量化。FGLS回帰でESG開示とROA・Tobin's Q・ROSの間に逆U字関係を確認。EピラーはROA・ROSと非線形、GピラーはTobin's Qとより強い関連を示した。
English
Using OCR and an LLM to classify annual-report paragraphs into E/S/G, the study scores ESG disclosure for 30 Vietnamese listed energy firms (2015–2024). FGLS regressions reveal an inverse U-shaped association between ESG disclosure and ROA, Tobin's Q, and ROS, with governance disclosure most strongly linked to market valuation.
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
新興国エネルギー企業におけるESG開示の収益効果をLLMで実証する手法は、SSBJ・有報開示の費用対効果を検討する日本企業にも示唆を与える。開示の過剰・過少のバランスを考える材料となる。
In the global GX context
Adds emerging-market evidence to global disclosure scholarship (ISSB/CSRD), showing diminishing returns to ESG disclosure and the valuation premium of governance signaling—relevant to transition-finance debates in emerging economies.
👥 読者別の含意
🔬研究者:LLM支援のESGスコアリング手法と非線形モデルによる開示・業績関係の実証例を提供する。
🏢実務担当者:ESG開示の拡充が業績に与える限界効用を意識し、ガバナンス開示の強化が市場評価に繋がる可能性を示唆。
🏛政策担当者:新興国でのESG開示義務化の設計において、開示量と企業価値の非線形関係を考慮する必要性を示す。
📄 Abstract（原文）
Type of the article: Research ArticleAbstractVietnam’s energy sector faces growing tensions between production expansion and environmental protection, making the economic consequences of ESG disclosure particularly important. Accordingly, this study examines the nonlinear associations between composite and pillar-level ESG disclosure on 30 energy firms listed on Vietnam’s stock exchanges during 2015–2024. Annual report data were extracted by optical character recognition, with a large language model supporting paragraph classification into predefined E, S, and G categories, then quantified into an ESG score and each pillar based on frequency score and coverage score on 300 firm-year observations. The feasible generalized least squares regression results, with cautious interpretation for the relatively small sample size, indicate that ESG disclosure exhibits a statistically significant, though not uniformly robust, inverse U-shaped association with return on assets (ROA) (β = 0.012; β² = –0.002), Tobin’s Q (β = 0.025; β² = –0.004), and return on sales (ROS) (β = 0.003; β² = –0.001) although the statistical evidence is stronger for ROA. The E pillar shows a significant nonlinear association with ROA (β = 0.006, β² = –0.001) and ROS (β = 0.003[HT1.1], β² = –0.001), but no statistically significant association with Tobin’s Q. Governance disclosure shows comparatively stronger associations, particularly with Tobin’s Q (β = 0.034; β² = –0.005), while social disclosure is significantly associated with ROA and ROS but not with Tobin’s Q. These findings are associated with stronger governance signaling for market valuation, suggesting that energy firms may benefit from weighing governance strength alongside environmental disclosure aligned with operational capacity.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.21511/ee.17(4).2026.07first seen 2026-11-05 05:22:15
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