ESG RATINGS, MARKET VALUATION AND ENVIRONMENTAL PERFORMANCE: EVIDENCE FROM MALAYSIAN LISTED FIRMS
ESG評価、市場評価、環境パフォーマンス：マレーシア上場企業からのエビデンス (AI 翻訳)
Juan Zhang, Yihuan Lin
🤖 gxceed AI 要約
日本語
本研究はマレーシア上場企業を対象に、ESG評価が市場価値（株価純資産倍率）と環境パフォーマンス（CO2排出量）にどのように関連するかを検証した。ESGスコアは株価評価と正の相関を示す一方、CO2排出量との関係は弱く、企業規模が排出量の主な予測因子であった。この結果は、ESG評価が市場シグナルとして機能する一方、実際の環境パフォーマンスの代理指標としては不完全であることを示唆している。
English
This study examines the relationship between ESG ratings, market valuation, and environmental performance among Malaysian listed firms. ESG scores are positively associated with price-to-book ratios but weakly associated with CO2 emissions, with firm size being the dominant predictor of emissions. The findings suggest ESG ratings serve as market signals but are imperfect proxies for actual environmental performance, highlighting the need for more transparent and assured climate-related reporting.
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
マレーシアの事例は、日本においてもESG評価が市場価値に影響を与える一方、実際の温室効果ガス排出量との連動性が低い可能性を示唆する。SSBJ基準のもとでより実効的な気候関連開示を求める議論に資する。
In the global GX context
This paper provides evidence from an Asian emerging market that ESG ratings correlate with market valuation but not strongly with actual emissions, reinforcing global calls for more comparable and audited climate disclosures under frameworks like ISSB and CSRD.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the validity of ESG ratings as proxies for environmental performance in an emerging market context.
🏢実務担当者:Highlights that improving ESG ratings can boost market valuation, but does not guarantee reduced emissions; firms should focus on actual environmental data.
🏛政策担当者:Supports the need for mandatory, assured climate disclosures to ensure ESG ratings reflect real environmental outcomes.
📄 Abstract（原文）
Environmental, Social and Governance (ESG) ratings are increasingly used to guide investment decisions and sustainability disclosure, yet their ability to reflect realised environmental outcomes remains uncertain. This study examines whether ESG ratings capture market valuation and reported environmental performance among Malaysian listed firms. Based on 625 ESG-rated firms from an initial screen of 1,124 Malaysian listed companies, the analysis estimates ordinary least squares regressions with HC3 heteroskedasticity-robust standard errors, controlling for firm size, pretax return on assets and financial leverage. The valuation model uses 551 observations, while the CO₂ emissions model uses 523 observations because of environmental disclosure gaps. The results show that composite ESG scores are positively associated with price-to-book ratios (β = 0.033, p < .001), suggesting that Malaysian equity investors treat ESG ratings as value-relevant market signals. ESG scores are also strongly associated with environmental sub-scores, indicating internal consistency within the same commercial rating system. However, the relationship between ESG scores and logged CO₂ emissions is economically small and weakly negative after controls (β = −0.014, p = .032), while firm size remains the dominant predictor of reported emissions. These findings show that ESG ratings in Malaysia capture valuation relevance and disclosure visibility more clearly than realised environmental performance. The study contributes by distinguishing ESG ratings as market signals, internally consistent commercial scores and imperfect proxies for environmental outcomes. It highlights the need for more comparable, transparent and assured climate-related reporting before ESG ratings can be treated as reliable indicators of environmental performance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://jurcon.ums.edu.my/ojums/index.php/mjbe/article/download/7729/4797first seen 2026-07-13 06:52:13
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