Does financial distress shape the effect of ESG disclosure on firm value?
財務的困難はESG開示が企業価値に与える影響を形成するか (AI 翻訳)
Thanh Thuy Ngoc Tran, Trang Cam Hoang, Thoa Thi Kim Dau
🤖 gxceed AI 要約
日本語
本研究は、2010～2023年の東南アジア上場企業397社のパネルデータを用いて、ESG開示が企業価値に与える影響を分析し、財務的困難の調整的役割を検証した。結果、ESG開示と企業価値は負の関係にあるが、財務的困難が高い企業ほどESG開示がプラスの効果を持つことが示された。ステークホルダー理論・シグナリング理論・制度理論に基づき、新興市場における条件付き効果を明らかにした。
English
This study examines the effect of ESG disclosure on firm value, focusing on the moderating role of financial distress in Southeast Asian firms from 2010 to 2023. Using panel data of 397 listed companies, it finds a negative direct relationship, but financial distress amplifies the positive effect of ESG disclosure on firm value. The study contributes to stakeholder, signaling, and institutional theories by showing that the valuation effects of ESG disclosure are contingent on financial distress.
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
日本企業においても、財務的困難下でのESG開示戦略の再評価が示唆される。ただしデータは東南アジアが対象であり、日本市場への直接適用には注意が必要。SSBJ対応や有価証券報告書でのESG情報開示が進む中、財務状況と開示の相互作用を考慮した分析は実務上有益。
In the global GX context
This study adds a nuanced perspective to global ESG disclosure scholarship by demonstrating that financial distress moderates the ESG-firm value relationship in emerging markets. It challenges the universal positive view of ESG and highlights contextual factors relevant to ISSB and other disclosure frameworks, particularly for firms in financially constrained environments.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the contingent value of ESG disclosure in emerging markets, contributing to stakeholder and signaling theory.
🏢実務担当者:Suggests that firms under financial distress may benefit more from ESG disclosure, informing strategic communication decisions.
🏛政策担当者:Offers insights for regulators in emerging economies considering mandatory ESG disclosure, highlighting that effects may depend on firm financial health.
📄 Abstract（原文）
Purpose This study aims to examine the effect of environmental, social and governance (ESG) disclosure on firm value (FV), emphasizing the moderating role of financial distress (FD) in Southeast Asian countries during 2010–2023. Design/methodology/approach The study uses stakeholder theory, signaling theory and institutional theory to analyze a panel data set of 2,109 firm-year observations from 397 publicly listed companies in Southeast Asia, covering the period from 2010 to 2023. The research collects data from the LSEG Workspace database. To address heteroscedasticity, autocorrelation and endogeneity concerns, the study uses a Feasible Generalized Least Squares (FGLS) and Two-Stage Least Squares (2SLS) estimations to test the hypotheses. Findings The findings show a negative direct relationship between ESG disclosure and FV, indicating that ESG activities reduce market valuation in developing countries. However, FD amplifies the positive relationship between ESG disclosure and FV, suggesting that firms under higher FD tend to benefit more from ESG disclosure in terms of market valuation. This study fills the void in the literature by examining the conditional role of FD in shaping the ESG–FV nexus in financially constrained context. Originality/value This study adds to the literature by illustrating that ESG disclosure does not universally increase FV. Focusing on emerging markets, the study shows that the valuation effects of ESG disclosure are contingent on firms’ FD. By identifying FD as a key boundary condition, the study offers a contextual refinement of stakeholder theory, signaling theory and institutional theory.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1108/mrr-05-2025-0441first seen 2026-07-01 05:52:26 · last seen 2026-07-01 05:52:27
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