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ESG Reporting Transparency and the Cost of Capital: Evidence from ASEAN Energy Companies

ESG報告の透明性と資本コスト：ASEANエネルギー企業の証拠 (AI 翻訳)

Suntoro Suntoro, Fitra Dharma, Chara Pratami

Jurnal Ekonomi Manajemen Bisnis dan Akuntansi📚 査読済 / ジャーナル2026-07-29#ESGOrigin: Global経営インパクト: 資金調達対象セクター: energy
DOI: 10.70895/jemba.v3i2.128
原典: https://doi.org/10.70895/jemba.v3i2.128

🤖 gxceed AI 要約

日本語

本研究は、インドネシア・マレーシア・タイの上場エネルギー企業を対象に、ESG報告の透明性が資本コストに与える影響と、持続可能性規制の調整効果を検証した。2022-2024年のパネルデータを用いた回帰分析の結果、ESG報告の透明性も規制の質も資本コストに有意な影響を与えず、調整効果も確認されなかった。新興市場におけるESG開示と投資家の反応の複雑さを示唆している。

English

This study examines the effect of ESG reporting transparency on the cost of capital and the moderating role of sustainability regulation in ASEAN energy firms. Using panel data from Indonesia, Malaysia, and Thailand (2022-2024), it finds no significant direct or moderating effects, suggesting that ESG disclosure and regulation alone do not influence capital costs in these emerging markets.

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開示が始まる中、新興市場でのESG開示と資本コストの関連性が弱いという結果は、日本企業の開示戦略に示唆を与える。規制の質だけでなく、投資家の認識や市場構造を考慮する必要性を示す。

In the global GX context

This study contributes to the global debate on ESG disclosure and cost of capital, particularly in emerging markets. It challenges the assumption that transparency alone reduces capital costs, highlighting the importance of institutional context and investor behavior, relevant for ISSB and SEC rulemaking.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the limited direct effect of ESG transparency on capital costs in ASEAN, suggesting further research on institutional factors.

🏢実務担当者:Highlights that ESG reporting alone may not lower financing costs in emerging markets, so firms should consider other value drivers.

🏛政策担当者:Suggests that sustainability regulation alone may not influence capital costs, indicating a need for complementary policies to enhance market efficiency.

📄 Abstract（原文）

This study examines the effect of ESG reporting transparency on the cost of capital and investigates the moderating role of sustainability regulation in ASEAN energy companies. Using an unbalanced panel dataset of publicly listed energy firms from Indonesia, Malaysia, and Thailand during 2022-2024, this study employs panel regression analysis with Regulatory Quality from the Worldwide Governance Indicators as a country-level proxy for sustainability regulation. The results indicate that ESG reporting transparency does not have a significant direct effect on the cost of capital. Sustainability regulation also has no significant direct effect on the cost of capital and does not significantly moderate the relationship between ESG reporting transparency and the cost of capital. These findings suggest that neither ESG reporting transparency nor the quality of sustainability regulation is sufficient to influence firms' cost of capital within the observed sample. The study highlights the need for further investigation into other institutional and firm-specific factors that may shape investors' responses to ESG disclosure in emerging capital markets.

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