How ESG Disclosure and Board Gender Diversity Shape Firm Value in Asia’s Industrial Sector Amidst Economic Uncertainty
ESG開示と取締役会のジェンダー多様性がアジア産業セクターの企業価値に与える影響：経済的不確実性の中で (AI 翻訳)
Sri Saraswati, Darma Irawanti Marbun
🤖 gxceed AI 要約
日本語
本研究は、2021～2024年のアジア産業セクター209社を対象に、ESG開示スコアと取締役会のジェンダー多様性が企業価値に与える影響を分析。固定効果モデルを用いた結果、ESG開示スコアは企業価値（トービンのQ）に負の有意な影響を与える一方、ジェンダー多様性は負だが非有意であった。企業規模も負の有意な影響を示し、レバレッジは有意でない。短期的にはESG開示が市場で価値向上要因として認識されていないことを示唆。
English
This study analyzes the impact of ESG disclosure scores and board gender diversity on firm value (Tobin's Q) using a balanced panel of 209 Asian industrial firms from 2021-2024. Fixed-effects regression reveals that ESG disclosure scores have a negative and significant effect on firm value, while board gender diversity is negative but insignificant. Firm size also negatively affects firm value, and leverage is not significant. The findings suggest that ESG factors are not yet perceived as value-enhancing in short-term market valuation in Asia.
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
アジア産業セクターの実証分析結果は、日本企業においてもESG開示が短期的に市場評価に結びついていない可能性を示唆。SSBJや有報におけるESG情報の質的向上と、投資家への効果的な情報伝達の重要性を強調する。
In the global GX context
This study provides empirical evidence from Asian industrial firms on the market valuation of ESG disclosure and board diversity, contributing to the global debate on whether ESG factors are valued in emerging markets. Relevant for international investors and standard-setters like ISSB assessing the effectiveness of disclosure frameworks across regions.
👥 読者別の含意
🔬研究者:Empirical evidence on ESG disclosure and firm value in Asia, useful for corporate governance and sustainability accounting literature.
🏢実務担当者:Insights for corporate managers in Asia on short-term market perception of ESG disclosure, highlighting the need for better communication and long-term strategy.
🏛政策担当者:Regulators in Asia can note that ESG disclosure may not yet be valued by markets, indicating potential need for stronger enforcement or investor education.
📄 Abstract（原文）
This study investigates the effect of the environmental, social, and governance (ESG) disclosure score and board gender diversity on firm value in industrial sector companies across Asia during the 2021–2024 period. The analysis is based on a balanced panel of 209 firms observed over four years, resulting in 836 firm-year observations. Firm value is measured using Tobin’s Q, while the ESG disclosure score and board gender diversity are the main explanatory variables. Firm size and leverage are included as control variables. The study employs panel data regression analysis using the fixed-effects model (FEM), based on model selection tests. The results indicate that the ESG disclosure score has a negative and statistically significant effect on firm value, while board gender diversity also shows a negative but statistically insignificant influence. Control variables exhibit mixed effects, where firm size has a significant negative effect, and leverage is not statistically significant in explaining firm value across industrial firms in Asia. These findings confirm that sustainability disclosure and board composition have not yet been fully perceived as value-enhancing factors in short-term market valuation. The study contributes to the corporate governance and sustainability accounting literature by providing empirical evidence from Asian industrial firms and offers practical implications for corporate policymakers and investors in improving ESG implementation and board diversity strategies.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.14414/tiar.v16i2.5697first seen 2026-07-18 06:06:38
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