監査品質はESG開示と企業業績の関係を調整するか？ベトナム大型上場企業からの証拠
Does audit quality moderate the ESG disclosure-firm performance nexus? Evidence from large-capitalisation Vietnamese listed firms (原題)
D. Nguyen, Thi Hai Ha Le
🤖 gxceed AI 要約
日本語
ベトナムの大型上場企業のパネルデータを用い、ESG開示が企業業績に正の影響を与えることを動学的GMM等で示した研究。さらに監査品質（外部保証の質）が高い企業ほど、ESG開示の業績効果が強まることを明らかにした。ESG開示の情報・シグナリング機能と、その財務的意義がガバナンス制度に条件づけられることを強調する。
English
Using panel data from large-cap Vietnamese listed firms and dynamic GMM, the study finds ESG disclosure positively associated with firm performance. Audit quality significantly strengthens this link, so firms with higher-quality external assurance gain more economic benefit from sustainability reporting. The financial relevance of ESG transparency is thus conditional on governance and assurance institutions.
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
SSBJ基準・有報でのサステナビリティ開示が進む日本では、開示の『質』と第三者保証の重要性が議論の焦点。監査品質が開示の経済的価値を高めるという本知見は、保証制度設計や統合報告の信頼性向上を検討する日本企業・監査法人に示唆を与える。
In the global GX context
As ISSB/CSRD regimes push mandatory sustainability disclosure, this paper speaks directly to the assurance debate: credible external verification raises the decision-usefulness of ESG information. It adds emerging-market evidence that disclosure value is conditional on institutional quality, relevant to global assurance-standard discussions.
👥 読者別の含意
🔬研究者:ESG開示と業績の因果関係における保証・ガバナンスの調整効果を、新興国データで検証する枠組みを提供する。
🏢実務担当者:第三者保証の質を高めることがESG開示の投資家評価・財務便益につながることを示す実務的根拠。
🏛政策担当者:開示の信頼性確保には保証制度の整備が有効であり、義務的保証導入の政策的根拠となりうる。
📄 Abstract（原文）
This study examines the impact of ESG disclosure on firm performance and investigates the moderating role of audit quality in shaping this relationship in an emerging market context. Using panel data from large-capitalisation Vietnamese listed firms, the study employs multiple estimation techniques, including dynamic system Generalized Method of Moments (GMM), to address unobserved heterogeneity, performance persistence, and potential endogeneity concerns. The results provide robust evidence that ESG disclosure is positively related with firm performance, suggesting that greater sustainability transparency enhances the informational environment and supports more efficient resource allocation. More importantly, the findings indicate that audit quality significantly strengthens the performance implications of ESG disclosure. Firms subject to higher-quality external assurance appear to derive greater economic benefits from sustainability reporting, highlighting the importance of governance mechanisms in enhancing the credibility and decision-usefulness of non-financial information. These results contribute to the literature by emphasising the informational and signalling role of ESG disclosure rather than sustainability engagement, and by demonstrating that the financial relevance of ESG transparency is conditional on institutional and governance factors. The study offers practical insights for managers, investors, and policymakers regarding the strategic value of credible sustainability disclosure in emerging capital markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.71374/jfar.v26.i3.15first seen 2026-10-26 05:19:54 · last seen 2026-11-06 05:24:55
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