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ESG開示と企業価値：柱別の関連性と取締役会の会計専門性・女性取締役比率の条件的作用

ESG Disclosure and Firm Value: Pillar-Specific Associations and the Conditional Roles of Board Accounting Expertise and Female Board Representation (原題)

Pathompong Kookkaew, Pitan Sanpakdee

Journal of risk and financial management📚 査読済 / ジャーナル2026-10-17#ESGOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.3390/jrfm19100821
原典: https://doi.org/10.3390/jrfm19100821

🤖 gxceed AI 要約

日本語

タイ上場非金融企業88社・2021〜2025年のパネルデータ（440社年）を用い、E・S・G各開示と企業価値の関連、および取締役会の会計専門性（BAE）と女性取締役比率（FBR）の調整効果を検証。主結果ではESG各柱・BAE・FBRいずれも企業価値と有意な直接関連を示さず、BAEの調整効果も確認されなかった。FBRは環境・ガバナンス開示の関連を調整しないが、社会開示×FBRの交互作用は負で有意となり、FBRが高いほど社会開示と企業価値の関連が弱まる可能性を示す。ただしこの交互作用は仕様に敏感で、ラグ・動学分析では確認されず、安定的・因果的関係とは解釈すべきでないと結論づける。

English

Using a balanced panel of 88 Thai listed non-financial firms (2021–2025, 440 firm-years), this study tests whether environmental, social, and governance disclosure relate to firm value and whether board accounting expertise (BAE) and female board representation (FBR) moderate these links. Primary results show no significant direct associations for any ESG pillar, BAE, or FBR, and BAE moderates nothing. Only the social disclosure × FBR interaction is negative and significant, with the SOC–firm value association declining as FBR rises—yet this is specification-sensitive and absent in lagged and dynamic models, so it should not be read as a stable or causal 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

日本ではSSBJ基準の確定・有報でのサステナ開示義務化が進み、ESG開示の企業価値への影響は投資家対応の焦点。タイという新興国での非有意な結果は、開示の価値関連性が制度・市場文脈に依存することを示し、日本企業の開示戦略を相対化する材料になる。取締役会の属性（会計専門性・女性比率）と開示の相互作用という視点は、日本でも議論が進む取締役会の多様性・専門性と統合報告の質の関係を考える上で示唆的。

In the global GX context

This paper speaks directly to the global disclosure debate—TCFD/ISSB/CSRD—by testing whether ESG disclosure actually translates into firm value, and finding that in an emerging market it may not, with pillar-specific and governance-contingent nuances. The board-attribute moderators (accounting expertise, female representation) connect disclosure quality to governance composition, a theme relevant to ISSB-era discussions of assurance, board oversight, and the credibility of sustainability reporting. Its null and specification-sensitive findings are a useful counterweight to studies claiming uniform ESG value premiums.

👥 読者別の含意

🔬研究者:Provides emerging-market evidence that ESG pillar–firm value links can be null and that board-attribute moderators are fragile across specifications—useful for replication and robustness design.

🏢実務担当者:Suggests that ESG disclosure alone may not move valuation in emerging markets, so disclosure teams should pair reporting with credible governance and assurance signals rather than assume a value premium.

🏛政策担当者:Highlights that mandating ESG disclosure may not automatically yield valuation benefits, informing expectations around ISSB-aligned adoption in emerging economies.

📄 Abstract（原文）

Environmental, social, and governance (ESG) disclosure may have different valuation relevance across ESG pillars and governance contexts. This study examines the associations between environmental, social, and governance disclosure and firm value and whether board accounting expertise (BAE) and female board representation (FBR) moderate these associations. Using a balanced panel of 88 Thai listed non-financial companies from 2021 to 2025 (440 firm-year observations), the study employs random-effects regression with firm-clustered robust inference, supplemented by alternative panel, temporal, functional-form, and dynamic sensitivity analyses. The primary results show no significant direct associations between the three ESG disclosure pillars, BAE, or FBR and firm value. BAE does not significantly moderate any ESG disclosure–firm value association, while FBR does not moderate the environmental or governance disclosure associations. However, the SOC × FBR interaction is negative and significant in the primary contemporaneous specification. Marginal-effect analysis indicates that the SOC–firm value association declines as FBR increases. This interaction is specification-sensitive and is not confirmed in lagged or dynamic analyses. Overall, ESG disclosure value relevance may be pillar-specific and governance-contingent, while the focal interaction should not be interpreted as establishing a stable predictive or causal relationship.

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