When Risk Meets Confidence: How ESG and Innovation Shape Corporate Finance in Emerging Markets
リスクと自信の交差点：ESGとイノベーションが新興市場の企業財務をどう形成するか (AI 翻訳)
Rida Rahim, Tafdil Husni, Sari Mardiani, R. Dwipananda
🤖 gxceed AI 要約
日本語
インドネシア・マレーシア・タイの上場企業パネルデータを用い、地政学リスク・経済政策不確実性・R&D・経営者の過信がレバレッジと株価収益率に与える影響を分析。ESGパフォーマンスがこれらの関係を増幅することを発見。新興市場における不確実性下の企業財務とESGの相互作用に示唆を与える。
English
Using panel data from Indonesia, Malaysia, and Thailand (2014–2024), this study examines how geopolitical risk, economic policy uncertainty, R&D intensity, and managerial overconfidence affect corporate leverage and stock returns. It finds that ESG performance amplifies the effects of risk on both leverage and returns, offering insights for emerging-market corporate finance under uncertainty.
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
日本企業が東南アジアなど新興市場に進出する際、現地のリスク要因とESGの相互作用を理解する上で参考になる。ただし日本のGX政策や開示基準との直接的な接点は薄い。
In the global GX context
This paper extends the ESG-finance nexus literature by integrating macro-uncertainty and behavioral factors in emerging markets. While not directly about climate disclosure, it highlights how ESG performance moderates risk impacts, relevant for global investors in emerging economies.
👥 読者別の含意
🔬研究者:Shows how ESG amplifies risk effects on leverage and returns in emerging markets, a novel contribution to corporate finance under uncertainty.
🏢実務担当者:Highlights the importance of ESG performance in moderating macroeconomic risks, useful for risk management and investment decisions in emerging markets.
🏛政策担当者:Suggests that ESG factors can influence the transmission of geopolitical and policy uncertainty to corporate outcomes, relevant for financial stability policies.
📄 Abstract（原文）
This study investigates how macroeconomic uncertainties and firm-level behavioral and innovation factors interact to shape corporate financial outcomes in emerging markets. We specifically investigate the interaction between geopolitical risk (GPR), economic policy uncertainty (EPU), research and development (R&D) intensity, and managerial overconfidence on corporate leverage and stock returns, with environmental, social, and governance (ESG) performance serving as a moderating variable. Using panel data from listed firms across Indonesia, Malaysia, and Thailand during 2014–2024, the results reveal that GPR, R&D intensity, and managerial overconfidence increase leverage, whereas GPR reduces stock returns and EPU enhances them. R&D and managerial overconfidence do not significantly affect returns, and stock returns do not mediate the relationship between risk and leverage. Moreover, ESG performance amplifies the effects of GPR and EPU on both leverage and returns. By integrating macro-financial uncertainty, managerial behavior, and sustainability dimensions, this study contributes to the literature on corporate finance under uncertainty and provides policy-relevant insights for regulators and investors in emerging markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.32479/ijeep.21997first seen 2026-05-15 20:53:38 · last seen 2026-06-16 05:16:39
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