ESG DISCLOSURE, CORPORATE GOVERNANCE, AND FIRM VALUE: EVIDENCE FROM LISTED COMPANIES

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides empirical evidence linking ESG disclosure, governance, and firm value, useful for corporate finance and sustainability literature.

🏢実務担当者:Demonstrates that transparent ESG reporting combined with strong governance can enhance firm valuation, aiding disclosure strategy.

🏛政策担当者:Supports the case for ESG disclosure regulations by showing their positive valuation effects, relevant for securities regulators.

This study investigates the relationship between environmental, social, and governance (ESG) disclosure, corporate governance mechanisms, and firm value in listed companies. As capital markets increasingly integrate non financial information into valuation processes, ESG disclosure and governance quality have become critical signals for investors. Using panel data from publicly listed firms and employing panel regression techniques, this research examines whether ESG disclosure and corporate governance enhance firm value, measured by Tobin’s Q. The findings provide empirical evidence that ESG disclosure has a positive and significant effect on firm value. Furthermore, corporate governance mechanisms not only directly enhance firm value but also strengthen the valuation effect of ESG disclosure. These results support signaling theory and agency theory, suggesting that transparent ESG reporting and effective governance reduce information asymmetry and agency conflicts, thereby increasing market valuation. The study contributes to the corporate finance and sustainability literature by integrating ESG disclosure and governance perspectives in explaining firm value, with important implications for managers, investors, and policymakers.

• semanticscholar https://doi.org/10.55463/issn.1674-2974.53.4.4first seen 2026-05-15 18:04:09