監査品質、ESG開示と企業パフォーマンス：ベトナムの非金融上場企業からの証拠
Audit quality, ESG disclosure and firm performance: Evidence from nonfinancial listed companies in Vietnam (原題)
Pham Lan Nhi, Dinh The Hung, Thao Phuong Nguyen, Dang Quan Huy, Nguyen Duy Minh Khoi, Quoc An Ngo
🤖 gxceed AI 要約
日本語
ベトナムのホーチミン・ハノイ証券取引所上場の非金融企業を対象に、2020〜2024年の監査品質とESG開示が企業パフォーマンスに与える影響をパネル回帰で分析。固定効果モデルでは無限定適正意見がROEとTobin's Qに正に有意に関連する一方、Big4監査人やESG開示の正の関連は固定効果では消失。監査関連シグナルがESGスコアや監査人規模よりも株主リターン・市場評価と結びつくことを示す。
English
Panel analysis of Vietnamese nonfinancial listed firms (2020-2024) linking audit quality and ESG disclosure (S&P Global scores) to ROA, ROE and Tobin's Q. Under fixed effects, an unqualified audit opinion is positively associated with ROE and Tobin's Q, while Big 4 and ESG disclosure effects vanish. Audit signals, not ESG scores, appear most tied to shareholder returns and valuation in Vietnam.
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
新興国におけるESG開示の財務的意義を問う実証で、SSBJ・有報開示の拡大を進める日本企業にとって、開示の情報価値が制度成熟度に依存することを示す比較材料となる。
In the global GX context
Adds emerging-market evidence to the global debate on whether ESG disclosure carries valuation relevance, complementing ISSB/CSRD-driven disclosure scholarship where institutional maturity shapes information value.
👥 読者別の含意
🔬研究者:ESG開示と企業価値の関連がモデル選択や制度環境で変わり得ることを示す実証例として参照できる。
🏢実務担当者:新興国子会社や取引先のESG開示対応を検討する際、開示スコアの財務的効果を過度に期待しない視点を提供する。
🏛政策担当者:新興国でのESG報告基準整備と監査監督の設計において、開示の情報価値向上には制度成熟が要る点を示唆する。
📄 Abstract（原文）
This study examines how audit quality and ESG disclosure relate to the performance of nonfinancial companies listed on the Ho Chi Minh City and Hanoi stock exchanges between 2020 and 2024. Audit quality is captured by Big 4 auditor engagement, auditor change and the type of audit opinion, ESG disclosure is measured with S&P Global ESG scores, and performance is measured by return on assets, return on equity and Tobin's Q. Using pooled OLS, fixed effects and random effects panel regressions, with firm size, age, leverage and the equity to assets ratio as controls, the study finds that results differ across performance measures. Where the Hausman test favours fixed effects, an unqualified audit opinion is positively and significantly associated with both return on equity and Tobin's Q, while leverage is negatively related to return on equity and positively related to Tobin's Q. Neither audit quality nor ESG disclosure is significantly related to return on assets. The positive associations of Big 4 auditors and ESG disclosure with firm value appear only in pooled or random effects estimates and do not persist in the fixed effects models. Auditor change shows no consistent relationship with performance. The findings suggest that audit related signals, rather than ESG scores or auditor size, are most closely linked to shareholder returns and market valuation in Vietnam, although the results are associations and may be affected by endogeneity and measurement limits. The study offers implications for audit oversight and ESG reporting standards in emerging markets.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.56879/ijbm.v5i4.159first seen 2026-10-27 04:53:49 · last seen 2026-11-06 05:01:02
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