ESGパフォーマンス、Big4監査人と企業財務パフォーマンス：マレーシアからの証拠
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) PERFORMANCE, BIG FOUR AUDITORS AND CORPORATE FINANCIAL PERFORMANCE: EVIDENCE FROM MALAYSIA (原題)
S. Halid, Siti Aisyah Rosli, N. Zaini, Enny Nurdin Sutan Maruhun, Rahayu Abdul Rahman, M. Ibrahim
🤖 gxceed AI 要約
日本語
マレーシア上場非金融企業34社・2015〜2024年のパネルデータを用い、ESGパフォーマンスとROAの関係、およびBig4監査人による調整効果を検証。企業クラスタ頑健な固定効果モデルではESGとROAの正の関連は有意でなく、ESG×監査人の交互作用も非有意であった。短期の会計利益はESGスコアよりも資本構成（レバレッジ）と強く関連することを示す。
English
Using a balanced panel of 34 Malaysian non-financial listed firms (2015–2024), this study tests whether ESG performance predicts ROA and whether Big Four auditors moderate the link. Under firm-clustered robust fixed effects, the ESG–ROA association is positive but insignificant, and the ESG × auditor interaction is insignificant; leverage is significantly negative. Short-run accounting profitability tracks capital structure more than ESG scores.
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スコアと財務成果の非有意な関連は、日本企業がESG評価を短期収益の根拠として過度に位置づけるリスクへの警鐘となる。SSBJ開示や投資家対話では、ESGの価値創造経路を長期・非財務指標で説明する枠組みの重要性を示唆する。
In the global GX context
Adds emerging-market evidence to the global debate on whether ESG ratings translate into financial performance, relevant to ISSB/CSRD-era expectations that ESG disclosure be tied to value creation. The null result cautions against treating ESG scores as short-run profitability drivers and underscores auditor-quality limits as a governance moderator.
👥 読者別の含意
🔬研究者:ESG–財務パフォーマンス研究における推論手法（クラスタ頑健SE）の感度と、監査品質の調整効果の限界を示す実証例として有用。
🏢実務担当者:ESGスコア改善を短期ROA向上の根拠にせず、資本構成や長期の価値創造ストーリーで説明する開示設計の参考になる。
🏛政策担当者:ESG開示の義務化が短期財務成果を保証しない点を踏まえ、長期の価値創造指標や監査品質の議論を制度設計に反映する示唆。
📄 Abstract（原文）
Environmental, Social and Governance (ESG) practices have become increasingly important in promoting corporate sustainability and responsible business conduct as investors, regulators, and other stakeholders place greater emphasis on non-financial performance. Although ESG initiatives are expected to enhance corporate reputation, stakeholder confidence, and long-term competitiveness, empirical evidence regarding their influence on corporate financial performance remains inconclusive, particularly in emerging markets. This study examines the association between ESG performance and corporate financial performance and whether auditor type moderates this relationship among Malaysian listed companies. A balanced panel of 34 non-financial firms from 2015 to 2024 (340 firm-year observations) was analysed. The Hausman test supported the Fixed Effects specification, and the primary inference uses firm-clustered robust standard errors. Return on Assets (ROA) is used as the financial performance measure, while auditor type (Big Four versus non-Big Four) is used as a proxy for auditor quality. In the cluster-robust Fixed Effects model, ESG is positively but not significantly associated with ROA (β = 0.00134, t = 1.52, p = 0.138), and the ESG × Auditor interaction is also statistically insignificant (β = -0.00028, t = -0.62, p = 0.537). Leverage is significantly and negatively associated with ROA (β = -0.131, t = -2.18, p = 0.037). These results indicate that the positive ESG-ROA association observed in the conventional Fixed Effects estimation is not robust to firm-clustered inference and that Big Four status does not strengthen the ESG-ROA relationship. The study contributes recent Malaysian evidence by showing that short-run accounting profitability is more closely associated with capital structure than with ESG scores, while cautioning against interpreting ESG performance as a direct driver of immediate profitability.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://gaexcellence.com/index.php/aijbes/article/download/8306/7191first seen 2026-10-25 05:44:13 · last seen 2026-11-06 05:49:21
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