炭素排出、ESGパフォーマンス、市場反応：タイ上場企業におけるサステナビリティ・プロジェクトマネジメントへの示唆
Carbon emissions, ESG performance, and market reaction: Implications for sustainability project management in Thai listed companies (原題)
(著者不明)
🤖 gxceed AI 要約
日本語
タイ証券取引所上場110社・2021〜2024年のパネルデータ（440社年）を用い、炭素排出と市場反応の関係、およびESGパフォーマンスの媒介効果を検証。炭素排出は市場反応と負の関係にあり、ESGパフォーマンスは正の関係を示し、両者の関係を部分的に媒介した。ESGとサステナビリティ開示の強化が高排出企業の市場への悪影響を緩和し得ることを示す。
English
Using panel data from 110 Thai-listed firms (2021-2024, 440 firm-years), this study examines how carbon emissions relate to market reaction and whether ESG performance mediates this link. Carbon emissions are negatively associated with market reaction, while ESG performance is positively associated and partially mediates the relationship. Stronger ESG and sustainability disclosure can partially offset the adverse market effects of higher emissions.
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
タイは2020年代に義務的サステナビリティ開示を導入しており、SSBJ基準や有報でのサステナビリティ情報開示を進める日本企業にとって、新興国での開示制度設計と市場評価の実証例として参考になる。特に炭素排出とESG評価の相互作用は、日本企業の統合報告書や投資家対応を考える上で示唆を与える。
In the global GX context
Thailand recently introduced mandatory sustainability disclosure, making this study a useful emerging-market parallel to ISSB/CSRD adoption. It adds empirical evidence on how carbon emissions and ESG performance jointly shape market reaction, informing global debates on disclosure infrastructure and transition finance in emerging economies.
👥 読者別の含意
🔬研究者:新興国における炭素排出・ESG・市場反応の媒介関係を実証した点で、開示制度の効果研究に貢献する。
🏢実務担当者:炭素管理とESG開示を統合することが市場評価の悪化を緩和し得ることを示し、サステナビリティプロジェクトの優先順位付けに活用できる。
🏛政策担当者:義務的開示導入後の市場反応を踏まえ、炭素排出情報とESG評価の連動を促す制度設計の参考になる。
📄 Abstract（原文）
Climate change has increased the importance of carbon emissions and sustainability disclosure in corporate decision-making and capital markets. Despite growing interest in environmental, social, and governance (ESG) practices, limited evidence explains how ESG performance influences the relationship between carbon emissions and market reaction, particularly in emerging markets. This study examines the relationship between carbon emissions and market reaction and investigates the mediating role of ESG performance using panel data from 110 companies listed on the Stock Exchange of Thailand during 2021-2024, comprising 440 firm-year observations. Random-effects panel regression and mediation analysis are employed to test the proposed relationships. The results indicate that carbon emissions are negatively associated with market reaction, suggesting that investors perceive firms with higher carbon emissions as facing greater environmental and financial risks. ESG performance is positively associated with market reaction and partially mediates the relationship between carbon emissions and market reaction. These findings suggest that stronger ESG performance and sustainability disclosure can partially mitigate the adverse market effects of higher carbon emissions. This study contributes to the literature by providing empirical evidence from an emerging market where mandatory sustainability disclosure has recently been introduced. The findings also provide implications for sustainability project management by highlighting the importance of integrating carbon management and ESG practices into organizational planning, implementation, and performance evaluation to strengthen stakeholder confidence and support long-term organizational value.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.5267/j.jpm.2026.8.001first seen 2026-09-12 05:47:23 · last seen 2026-09-22 05:15:50
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