ESG disclosure and firm value in southeast asian banking firms: Does board independence matter?
東南アジア銀行におけるESG開示と企業価値：取締役会の独立性は重要か？ (AI 翻訳)
S. Wibowo, Susila Tri Wulandari, Herenia Gutiérrez-Ponce
🤖 gxceed AI 要約
日本語
この研究は、東南アジアの銀行（インドネシア、マレーシア、シンガポール、タイ、フィリピン）を対象に、ESG開示が企業価値に与える影響と、取締役会の独立性の調整効果を検証。2010～2023年のパネルデータを用いた回帰分析の結果、ESG開示は企業価値に正の影響を与えるが、個別のESG要素では社会開示が負の影響、環境とガバナンスは非有意。取締役会の独立性がESG開示と企業価値の関係を強化することが示された。
English
This study examines the effect of ESG disclosure on firm value and the moderating role of board independence in Southeast Asian banking firms (Indonesia, Malaysia, Singapore, Thailand, Philippines) from 2010-2023. Using panel regression, it finds that ESG disclosure positively affects firm value, but social disclosure negatively affects value while environmental and governance disclosures are insignificant. Board independence strengthens the ESG disclosure–firm value relationship.
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
本論文は東南アジア銀行を対象としているが、日本ではSSBJや有報でのESG開示が進む中、ガバナンス構造の重要性は共通する。特に取締役会の独立性がESGと企業価値の関係を強化する点は、日本企業の社外取締役比率やガバナンス改革の議論に示唆を与える。
In the global GX context
This paper provides evidence from Southeast Asian emerging markets that governance quality (board independence) enhances the value relevance of ESG disclosure. While not directly about Japan, it reinforces the global trend that strong governance structures are critical for ESG initiatives to translate into firm value, relevant for ISSB and other disclosure frameworks.
👥 読者別の含意
🔬研究者:For GX researchers, this paper provides empirical evidence on the value relevance of ESG disclosure in an understudied region and highlights the moderating role of board independence.
🏢実務担当者:Corporate sustainability and governance teams can use the finding that board independence amplifies the positive effect of ESG disclosure on firm value, suggesting that governance quality is a key enabler.
🏛政策担当者:Regulators in banking and securities markets should note that strengthening board independence can improve the effectiveness of mandatory ESG disclosure in driving firm value.
📄 Abstract（原文）
Research aims: This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on firm value and to analyze the moderating role of board independence in Southeast Asian banking companies.Design/Methodology/Approach: This research employs a quantitative approach using panel data from banking companies in Southeast Asia (Indonesia, Malaysia, Singapore, Thailand, and the Philippines) over the period 2010–2023. ESG data are obtained from Thomson Reuters, while firm value is measured using Tobin’s Q. Panel regression analysis is conducted using EViews.Research findings: The results indicate that ESG disclosure has a positive and significant effect on firm value. However, the individual ESG dimensions show varying results, where social disclosure negatively affects firm value, while environmental and governance disclosures are insignificant. In addition, board independence strengthens the relationship between ESG disclosure and firm value, suggesting that governance quality plays an important role in enhancing the effectiveness of sustainability practices.Theoretical contribution/Originality: This study contributes to the ESG literature with providing evidence from Southeast Asian banking firms, an emerging market context that remains underexplored in prior studies. Furthermore, this study extends the literature by demonstrating that board independence functions as a governance mechanism that determines the value relevance of ESG disclosure.Practitioner/Policy implication: The findings provide important insights for regulators, investors, and banking institutions regarding the importance of strengthening governance structures to ensure that ESG initiatives create long-term firm value. The results also support the development of more effective sustainability reporting and governance policies in the banking sector.Research limitation/Implication: This study is limited to banking sector data and ESG scores from a single database. Future research may expand to other sectors and alternative ESG measurement approaches.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.18196/jai.v27i2.31581first seen 2026-06-12 05:48:09
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