ESG開示はASEAN企業の業績に影響を与えるか？
CAN ESG DISCLOSURE AFFECT FIRM PERFORMANCE IN ASEAN COMPANIES? (原題)
Ridwan Wahyudi, Rahmawati Rahmawati, Setianingtyas Honggowati, Jaka Winarna
🤖 gxceed AI 要約
日本語
本研究は2020〜2022年のASEAN5カ国の332社を対象に、ESG開示が企業業績（Tobin's Q）に与える影響をパネル回帰で分析。全体のESGスコア、環境・社会スコアは有意な影響を与えず、ガバナンススコアのみ有意な負の影響を示した。企業規模と年齢は一貫して負の影響。ESG開示がASEANではまだ投資判断に強く考慮されていないことを示唆。
English
This study examines the impact of ESG disclosure on firm performance (Tobin's Q) using panel regression on 332 firms from five ASEAN countries during 2020-2022. Overall ESG, environmental, and social scores show no significant effect, while governance score has a significant negative effect. Firm size and age are consistently negative. Findings suggest ESG disclosure is not yet strongly factored into investment decisions in ASEAN.
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
日本ではSSBJ開示が始まり、ESG情報の投資判断への組み込みが進む中、ASEANでの実証結果は日本企業の海外投資やサプライチェーン管理において参考になる。特に、ガバナンス開示が負の評価につながる可能性は、開示コストと便益のバランスを考える上で示唆的。
In the global GX context
This study contributes to the global debate on ESG materiality by providing evidence from an emerging region (ASEAN) where ESG disclosure is still developing. It challenges the assumption that ESG disclosure universally improves firm value, highlighting regional differences. For global investors and standard-setters, it underscores the need for context-specific ESG frameworks.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-performance link in ASEAN, useful for comparative studies and meta-analyses.
🏢実務担当者:Highlights that ESG disclosure may not yield immediate market rewards in ASEAN; firms should weigh costs and strategic communication.
🏛政策担当者:Suggests that ESG disclosure regulations may need to be accompanied by investor education and market development to be effective.
📄 Abstract（原文）
This study examines the influence of Environmental, Social, and Governance disclosure on company performance in the ASEAN region during the 2020–2022 period. The study is motivated by the increasing relevance of sustainability issues in the ASEAN region, which is one of the most vulnerable to climate change impacts, as well as the inconsistency of previous research findings regarding the effect of ESG disclosure on firm performance. The sample consists of three hundred and thirty-two companies from five ASEAN countries identified from the OSIRIS and Refinitiv databases. Panel data regression analysis was employed to test the proposed hypotheses using Tobin's Q as the measure of company performance. The results indicate that the overall ESG score does not have a significant effect on company performance, suggesting that ESG disclosure has not yet been a factor strongly taken into account by stakeholders in investment decisions in the ASEAN region. Similarly, the environmental score and social score do not have significant effects on company performance. However, the governance score is found to have a significant negative effect on company performance, indicating that higher governance disclosure scores are associated with lower firm market valuation. Among the control variables, firm size and firm age are consistently negative and statistically significant. These findings suggest that ESG disclosure does not consistently improve company performance in the ASEAN context, with only the governance pillar showing a significant but negative relationship, indicating that increased governance disclosure may signal higher monitoring and compliance costs to investors.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.61990/ijamesc.v4i4.885first seen 2026-09-03 05:18:22
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