ESG, INTEGRATED REPORTING, AUDIT AND FIRM VALUE: EVIDENCE FROM ASEAN-5 CARBON-INTENSIVE SECTORS
ESG、統合報告、監査と企業価値：ASEAN-5炭素集約セクターからの証拠 (AI 翻訳)
Tito IM. Rahman Hakim, Erfan Muhammad, Frida Fanani Rohma, GHIFARI ROBBY MAULANA, Ervina Rahmalia Putri, Diaeldin Osman
🤖 gxceed AI 要約
日本語
目的：ESGと統合報告（IR）が企業価値に与える影響を、監査委員会の特性と監査人の在任期間の調整効果を含めて検証。方法：2021-2023年のASEAN-5諸国の鉱業・不動産セクターのパネルデータ回帰。結果：ESGとIRは企業価値に有意に貢献せず、監査委員会の専門性が調整変数として負の効果を示した。政策的に、開示の信頼性向上とガバナンス強化の必要性が示唆される。
English
This study examines the impact of ESG and integrated reporting (IR) on firm value, moderated by audit committee characteristics and auditor tenure, in ASEAN-5 carbon-intensive sectors (mining and property) from 2021-2023. Using panel data regression, it finds that ESG and IR do not significantly contribute to firm value. Audit committee expertise surprisingly weakens the relationship. The findings suggest investor indifference to ESG/IR information and call for stronger regulations and governance.
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
本論文はASEAN-5諸国を対象にしているが、日本企業にとっても示唆がある。すなわち、ESG開示が必ずしも企業価値向上に直結しないという結果は、日本のSSBJ基準や統合報告書の実務において、開示の質と信頼性を高めるための監査機能の重要性を示している。日本の投資家もESG情報に対して慎重な姿勢をとる可能性があり、規制当局は開示の信頼性向上策を検討する必要がある。
In the global GX context
This paper provides insights for global disclosure practice by highlighting that even in carbon-intensive sectors, ESG and integrated reporting may not automatically enhance firm value without credible assurance and robust governance. The findings challenge the assumption that voluntary disclosure alone drives market value, reinforcing the need for mandatory assurance standards (e.g., ISSB, CSRD) and effective audit committee oversight.
👥 読者別の含意
🔬研究者:Evidences the limited value relevance of ESG and IR in ASEAN-5 carbon-intensive sectors, underscoring the need for better measurement of audit committee expertise in sustainability contexts.
🏢実務担当者:Suggests that corporate sustainability teams in emerging markets should not assume ESG disclosure directly boosts firm value and must prioritize assurance quality.
🏛政策担当者:Calls for stricter regulations to enhance credibility of ESG and integrated reporting disclosures, including mandatory assurance requirements.
📄 Abstract（原文）
Purpose – This study’s objective is to probe the nexus of ESG and IR on firm value moderated by audit committee characteristics and auditor tenure. Methods – The study employed panel data regression across the mining and property sector in ASEAN-5 countries spanning from 2021-2023. Findings – This study reveals that ESG and IR fail to contribute significantly to firm value creation. Audit committee expertise emerges as the sole significant moderating variable, surprisingly weakening the relationship between ESG, IR, and firm value. Research Implications – Future studies should refine the measurement of audit committee expertise to better fit the sustainability context. Investors in the ASEAN-5 region appear largely indifferent to ESG and IR information, which discourages mining and property companies from seeking adequate assurance for their non-financial reports. Furthermore, policymakers are urged to devise superior regulations to enhance the credibility of ESG and IR disclosures and establish robust governance mechanisms. Originality – This study is the first in combining internal and external audit function to moderate the effect of sustainability initiatives on firm value in ASEAN-5 context.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.24252/assets.v16i1.67623first seen 2026-07-18 05:29:58
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。