When ESG Disclosure Pays but Markets Look Away: Evidence from Vietnamese Commercial Banks

ESG開示が報われるが市場は見向きもしない：ベトナム商業銀行からの証拠 (AI 翻訳)

Ngọc Toàn Phạm, Hieu Le Tran Trung

Preprints.orgプレプリント2026-08-05#ESG対象セクター: banking

DOI: 10.20944/preprints202608.0339.v1

原典: https://doi.org/10.20944/preprints202608.0339.v1

🤖 gxceed AI 要約

日本語

本研究は、ベトナムの商業銀行を対象に、任意のESG開示が会計ベースおよび市場ベースの業績に与える影響を2010〜2025年のパネルデータで検証した。内容分析によるESG開示指数を構築し、固定効果・変量効果モデルとシステムGMMを用いて分析した結果、ESG開示はROA・ROEなどの会計業績を有意に向上させる一方、Tobin's Qや株価純資産倍率などの市場指標には有意な影響が見られなかった。資本市場がまだ持続可能性の透明性を十分に価格に反映していないことを示唆する。

English

This study examines the impact of voluntary ESG disclosure on the financial performance of Vietnamese commercial banks using panel data from 2010-2025. Constructing an ESG disclosure index via content analysis and employing fixed/random effects and system GMM, the authors find that ESG disclosure significantly improves accounting performance (ROA, ROE) but has no significant effect on market measures (Tobin's Q, price-to-book). This suggests that capital markets have not yet fully priced sustainability transparency in this frontier market.

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開示が始まり、ESG情報の投資判断への反映が課題となっている。本稿の「会計業績には寄与するが市場評価には未反映」という非対称性は、日本の上場企業が開示の経済的便益を説明する際の参考になる。また、新興市場の実証は、日本企業の海外子会社の開示戦略にも示唆を与える。

In the global GX context

Globally, this paper contributes to the disclosure-performance literature by documenting that in an emerging market, ESG disclosure improves accounting performance but not market valuation. This asymmetry challenges the assumption that markets immediately reward transparency, relevant for ISSB and CSRD implementation in developing economies. It also highlights the role of institutional context in the value relevance of ESG information.

👥 読者別の含意

🔬研究者:Provides long-window evidence on ESG disclosure-performance asymmetry in a frontier banking market, useful for comparative studies.

🏢実務担当者:Suggests that ESG disclosure can improve accounting performance even if market valuation lags, informing corporate reporting strategies.

🏛政策担当者:Indicates that capital market development may be needed for ESG transparency to be priced, relevant for securities regulators.

📄 Abstract（原文）

Purpose. This study examines whether voluntary environmental, social, and governance (ESG) disclosure improves the financial performance of commercial banks in an emerging market, and whether the effect differs between accounting-based and market-based performance. Design/methodology. Using an unbalanced panel of Vietnamese commercial banks over 2010–2025, we construct a voluntary ESG disclosure index from annual and sustainability reports through content analysis across the environmental, social, and governance pillars. Financial performance is captured by two accounting measures (ROA, ROE) and two market measures (Tobin’s Q, price-to-book). We estimate fixed-effects models for the accounting measures and random-effects models for the market measures, based on F, Breusch–Pagan and Hausman tests, with bank-clustered robust standard errors; we address multicollinearity through a reduced-form specification and endogeneity through a two-step system GMM estimator. Findings. Voluntary ESG disclosure is positively and significantly associated with accounting performance—most strongly with ROE (β = 0.0021, p &lt; 0.01)—and the effect on ROA becomes significant once multicollinearity between disclosure, size and age is mitigated. In contrast, ESG disclosure shows no significant association with either market measure. The positive effect on accounting performance is confirmed by a dynamic system-GMM estimator that controls for endogeneity. Leverage, bank age, liquidity, media pressure and CEO stability are additional determinants of accounting performance. Originality/value. The study provides among the first long-window (16-year) evidence for a frontier banking market and documents a disclosure–performance asymmetry: banks are rewarded in their books but not (yet) in their market valuation, indicating that the capital market has not yet fully priced sustainability transparency.

🔗 Provenance — このレコードを発見したソース

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