ESG reporting quality and its impact on investment and debt financing decisions: evidence from emerging market firms
ESG報告の質と投資および負債調達決定への影響：新興市場企業からの証拠 (AI 翻訳)
Pathompong Kookkaew, Neungruthai Petcharat, Pitan Sanpakdee, Joseph M. Mula
🤖 gxceed AI 要約
日本語
本研究は、タイの非金融上場企業609社年のパネルデータを用い、ESG報告の質が負債調達コストの低減と投資効率の向上に寄与するかを検証した。分析の結果、高品質なESG報告は負債コストの低下と正の関連があり、負債コストが低い企業ほど投資効率が改善されることが示された。過剰投資・過少投資の抑制効果も確認された。
English
Using panel data of 609 firm-year observations from Thai listed firms (2019-2023), this study examines whether ESG reporting quality reduces debt financing costs and improves investment efficiency. Results show high-quality ESG reports are positively associated with lower cost of debt, and this association strengthens investment efficiency, mitigating both over- and underinvestment. The findings highlight the signaling value of ESG disclosures in debt markets.
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、SSBJや有報でのESG開示が進む中、新興国市場のエビデンスは日本企業の海外子会社対応や投資家向け情報開示の質向上に示唆を与える。特に、ESG報告の質が資金調達コストに直結する点は、日本企業の開示戦略立案に参考となる。
In the global GX context
This study contributes to the global GX discourse by providing empirical evidence from an emerging market (Thailand) that high-quality ESG reporting can lower debt costs and improve investment efficiency. It supports the business case for enhanced sustainability disclosure under frameworks like TCFD and ISSB, particularly in developing economies where capital costs are critical.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the relationship between ESG reporting quality and debt financing costs in an emerging market context, contributing to the literature on disclosure and capital markets.
🏢実務担当者:Highlights that investing in high-quality ESG disclosures can reduce borrowing costs and improve investment efficiency, offering a tangible incentive for corporate sustainability teams.
🏛政策担当者:Suggests that strengthening ESG disclosure requirements may lower financing costs and enhance capital allocation efficiency, relevant for emerging market regulators.
📄 Abstract（原文）
While corporate financing requires external funding, high-quality sustainability disclosures can signal transparency and help reduce borrowing costs, particularly in emerging markets where firm motivations vary. This study examines whether environmental, social and governance (ESG) reporting quality contributes to lower debt financing costs and how it informs investment and financing decisions by enhancing investment efficiency in firms with lower debt financing costs. A quantitative approach was employed using panel data of 609 firm-year observations from non-financial firms listed on the Thai Stock Exchange, 2019–2023. We used a Least Squares Dummy Variable regression for the main analysis and a generalized method of moments approach for robustness checks. We find that high-quality ESG reports are positively associated with lower costs of debt financing. ESG reporting quality positively strengthens the association between lower costs of debt financing and investment efficiency. Both overinvestment and underinvestment are mitigated in firms with lower debt financing costs and high-quality ESG disclosures. Our results could make managers aware of integrating ESG considerations into a firm's strategies for improving financing and investment decisions. Strengthening high-quality ESG reporting can potentially enhance more effective investment and financing outcomes. High-quality ESG disclosures can serve as a credible signal of investment quality in debt markets. This study, among empirical studies on ESG and the cost of debt, provides evidence that high-quality ESG disclosures could improve investment efficiency in firms, leading to lower debt financing costs.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/ijmf-06-2025-0327first seen 2026-05-05 23:28:45
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。