The Effect of ESG Scores on Financial Performance and Stock Volatility in Emerging Markets: Empirical Evidence from ASEAN-5
新興市場におけるESGスコアが財務業績と株価変動性に与える影響：ASEAN-5からの実証的証拠 (AI 翻訳)
Sudirman Sudirman, Normiyati Normiyati, Dedi Sumanto, Baso Iwang
🤖 gxceed AI 要約
日本語
本研究は、2016年から2023年のASEAN-5諸国の上場企業を対象に、ESGスコアと財務業績（ROA）および株価変動性の関係を分析。パネルデータ固定効果モデルを用いた結果、ESGスコアが高い企業ほどROAが高く、株価変動性が低いことが示された。新興市場におけるESGの有効性を実証した研究。
English
This study analyzes the relationship between ESG scores and financial performance (ROA) and stock return volatility among listed firms in ASEAN-5 from 2016 to 2023 using panel fixed effects. Results show that higher ESG scores are associated with higher profitability and lower stock volatility. It provides empirical evidence from emerging markets on the strategic value of ESG.
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
日本のGX文脈では、ESGスコアの財務影響に関する実証結果は、企業の非財務情報開示（SSBJ基準など）の有効性を示す傍証となり得る。ASEAN市場での知見は、日本企業のサプライチェーンにおけるESG評価にも示唆を与える。
In the global GX context
This paper adds to the global ESG literature by focusing on ASEAN-5 emerging markets. It provides evidence that ESG performance correlates with financial performance and reduced volatility, supporting the business case for ESG integration globally. Relevant for investors in emerging markets and for ISSB/TCFD-related dialogues.
👥 読者別の含意
🔬研究者:Insights into ESG-financial performance link in under-studied ASEAN markets.
🏢実務担当者:Empirical support for ESG adoption as a risk mitigation and performance enhancement tool.
🏛政策担当者:Evidence that ESG disclosure frameworks may benefit market stability in emerging economies.
📄 Abstract（原文）
This study examines the relationship between Environmental, Social, and Governance (ESG) performance and financial Performance, as well as stock return volatility, among publicly listed firms in the ASEAN-5 countries (Indonesia, Malaysia, Thailand, the Philippines, and Vietnam) from 2016 to 2023. Employing a panel data approach and fixed effects regression models, the study analyzes whether ESG serves as a strategic determinant in enhancing firm value and mitigating market risk in emerging markets. The findings reveal that ESG scores have a significant positive effect on financial Performance, measured by Return on Assets (ROA), and a significant adverse impact on stock return volatility. These results suggest that companies with stronger ESG profiles tend to exhibit better profitability and lower stock price fluctuations. Among the control variables, firm size and leverage are consistently significant predictors across models. This research contributes to the growing body of literature on sustainable finance by providing robust empirical evidence from emerging economies, where ESG adoption is still in its early stages of development. The study also offers practical insights for investors, policymakers, and corporate managers on how to incorporate ESG considerations into their strategic decision-making processes.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.17549/gbfr.2026.31.7.154first seen 2026-07-18 06:40:17
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