ESG Disclosure in Emerging Markets: Implications for Investment-Financing Maturity Mismatch in Non-Financial Firms Across ASEAN-4 (2019–2023)
新興市場におけるESG開示：ASEAN-4の非金融企業における投資-資金調達の満期ミスマッチへの影響（2019-2023） (AI 翻訳)
Ummi Nurun Nissa, N. D. Hendranastiti
🤖 gxceed AI 要約
日本語
本研究は、ASEAN-4（インドネシア、マレーシア、タイ、フィリピン）の非金融上場企業76社を対象に、ESG開示が投資と資金調達の満期ミスマッチに与える影響を固定効果パネル回帰で分析した。結果、全体的なESG開示スコアとガバナンス開示スコアの向上が満期ミスマッチリスクを低減する一方、環境・社会側面の効果は有意ではなかった。COVID-19パンデミック下では企業の資金調達リスク管理が慎重化し、国ごとにミスマッチ管理に差異があることが示された。
English
This study empirically examines the effect of ESG disclosure on investment-financing maturity mismatch using a fixed effects panel regression on 76 listed non-financial firms from ASEAN-4 (Indonesia, Malaysia, Thailand, Philippines) from 2019 to 2023. Findings show that higher overall ESG and governance disclosure scores reduce maturity mismatch risk, while environmental and social aspects have no significant effect. During COVID-19, firms became more cautious in financing risk management, and variations exist across countries.
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
本論文はASEAN-4を対象としているが、日本企業のESG開示が財務健全性（特に資金調達の期間ミスマッチ）に与える示唆を含む。日本のSSBJ開示基準や有報におけるESG情報の充実が、企業の資金調達戦略に影響する可能性を示唆しており、日本企業のアセアン進出時にも参考となる。
In the global GX context
This paper adds to the global literature on the financial benefits of ESG disclosure, particularly in emerging markets. It aligns with ISSB and TCFD frameworks by demonstrating that enhanced disclosure—especially governance—can reduce financing risks. For firms in ASEAN and similar regions, the findings support the business case for transparent ESG reporting.
👥 読者別の含意
🔬研究者:Empirical evidence on how ESG disclosure influences corporate financing decisions, relevant for scholars in sustainable finance and disclosure.
🏢実務担当者:Corporate treasury and sustainability teams can leverage improved ESG disclosure to reduce investment-financing maturity mismatch and enhance financial stability.
🏛政策担当者:Regulators in emerging markets may use these findings to advocate for mandatory ESG disclosure as a tool for financial risk mitigation.
📄 Abstract（原文）
Purpose – This study aims to empirically investigate the effect of Environmental, Social, and Governance (ESG) disclosure on investment-financing maturity mismatch using a fixed effects panel regression method. Methodology – The sample consists of 76 publicly listed non-financial companies from developing countries in the ASEAN-4 region, Indonesia, Malaysia, Thailand, and the Philippines, during the period 2019–2023. Findings – The results show that higher overall ESG disclosure and governance disclosure scores are associated with a reduced risk of investment-financing maturity mismatch, while the environmental and social aspects do not have a significant effect. Additionally, the findings indicate that during the COVID-19 pandemic, companies became more cautious in managing financing risks and there are variations in maturity mismatch management among ASEAN-4 countries. Originality – This study focuses on the effect of sustainability disclosures on investment-financing maturity mismatch in non-financial firms across ASEAN-4, that has not been widely discussed.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.its.ac.id/index.php/ijbmts/article/download/8899/7497first seen 2026-07-18 07:31:19
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