ESG Disclosure and Firm Performance
ESG開示と企業パフォーマンス (AI 翻訳)
Hien Thu Thi Nguyen
🤖 gxceed AI 要約
日本語
ベトナムの上場企業20社を対象に、ESG開示と財務・市場パフォーマンスの関係をGMM推定で分析。ESGスコアが高いほどROAとトービンのQが低下する傾向を示し、ESGと業績の両立に課題があることを明らかにした。COVID-19ショックの異質な影響も考慮。
English
This study examines the impact of ESG disclosure on the performance of 20 firms listed on the Vietnam Sustainability Index from 2016 to 2023. Using GMM estimation, it finds that higher ESG scores are associated with lower ROA and Tobin's Q, highlighting challenges in aligning ESG initiatives with strong financial performance. The COVID-19 pandemic introduces heterogeneous effects.
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
日本企業がベトナムなど新興国でESG経営を進める際の参考となる。特に、ESG開示が必ずしも短期業績向上に結びつかない可能性を示唆し、中長期的な視点の重要性を再確認させる。
In the global GX context
This paper adds evidence from an emerging economy to the global debate on ESG materiality. It challenges the assumption that ESG disclosure always improves financial performance, with implications for ISSB and other standard-setters considering context-specific effects.
👥 読者別の含意
🔬研究者:Provides empirical evidence from Vietnam using GMM, useful for comparative studies on ESG-performance linkage across markets.
🏢実務担当者:Highlights the need for realistic expectations about ESG investments and performance trade-offs, especially in emerging markets.
🏛政策担当者:Informs Vietnam's net-zero strategy by showing the current disconnect between ESG scores and firm metrics, suggesting policy support is needed.
📄 Abstract（原文）
This study investigates the influence of environmental, social, and governance (ESG) disclosure on the operational performance of firms listed on the Vietnam Sustainability Index (VNSI). Firm performance is evaluated using Return on Assets (ROA), Return on Equity (ROE), and market performance measured by Tobin's Q. ESG scores for 20 VNSI-listed firms during the 2016–2023 period were constructed from annual and sustainability reports following Global Reporting Initiative (GRI) standards. The Generalized Method of Moments (GMM) is employed to estimate the effects of overall ESG performance and individual ESG pillars on firm outcomes, with explicit consideration of the COVID-19 shock. The empirical results reveal that, even after controlling for macroeconomic conditions, firm size, and risk factors, higher ESG scores are consistently associated with lower ROA and Tobin's Q. While economies of scale exert a positive influence on firm performance, greater debt exposure is linked to reduced financial outcomes. The COVID-19 pandemic further introduces heterogeneous effects across firms' financial, operational, and market performance. These findings suggest that Vietnamese firms continue to face substantial challenges in aligning ESG initiatives with strong performance metrics. Given Vietnam's commitment to achieving net-zero emissions by 2050 and its pursuit of a green economic growth strategy, this study provides timely evidence and offers practical recommendations for fostering a more balanced and sustainable relationship between ESG implementation and corporate performance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.4018/ijkss.402013first seen 2026-05-05 23:17:13
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