Green Innovation Capability and Firm Value: The Moderating Role of <scp>ESG</scp> Rating and Energy Transition in <scp>ASEAN</scp> Countries
グリーンイノベーション能力と企業価値：ASEAN諸国におけるESG格付けとエネルギー転換の調整効果 (AI 翻訳)
Tho Hoang Nguyen, Loi Huynh, Nha Minh Nguyen
🤖 gxceed AI 要約
日本語
ASEAN6カ国（インドネシア、マレーシア、シンガポール、フィリピン、タイ、ベトナム）の2806社を対象に、グリーンイノベーション能力（GIC）とESG格付け（ESGR）が企業価値に与える影響を分析。エネルギー転換（ETR）の調整効果も検証した結果、GICとESGRは企業価値を高めるが、その効果は国や変数間の相互作用に依存することが判明。実務・政策への示唆を提供する。
English
This study examines the impact of green innovation capability (GIC) and ESG ratings (ESGR) on firm value (FV) in ASEAN-6 countries, with energy transition (ETR) as a moderator. Using GMM on 14,030 firm-year observations (2020-2024), it finds that GIC and ESGR enhance FV, but the effect is contingent on country-specific factors and interactions. The paper offers practical guidance for managers and policymakers.
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
ASEAN地域のエマージング市場に焦点を当てた実証研究。日本企業がASEANで事業展開する際のESG・エネルギー転換戦略の参考になる。ただし、日本のSSBJや有報とは直接関係しない。
In the global GX context
Provides empirical evidence from ASEAN emerging markets on how ESG ratings and energy transition affect firm value. Complements global ESG literature focused on developed markets, offering insights for multinational corporations and policymakers in similar contexts.
👥 読者別の含意
🔬研究者:Adds to the growing body of ESG–firm value literature with novel evidence from ASEAN-6, highlighting context-dependent effects.
🏢実務担当者:Asset managers and corporate strategists can use findings to tailor sustainability strategies in ASEAN markets.
🏛政策担当者:Offers guidance for designing country-specific ESG and energy transition policies to enhance corporate value.
📄 Abstract（原文）
ABSTRACT Amidst burgeoning interest in sustainability and corporate value, this study addresses an empirical gap in the ASEAN‐6 markets (Indonesia, Malaysia, Singapore, Philippines, Thailand, and Vietnam) by investigating the interplay between green innovation capability (GIC), environmental, social, and governance ratings (ESGR), energy transition (ETR), and firm value (FV). It further explores how ESGR and ETR moderate the GIC–FV relationship. Using Generalized Method of Moments (GMM) regression, we analyzed panel data from Refinitiv Eikon for 2806 companies across the region from 2020 to 2024 (14,030 firm‐year observations). Findings reveal novel insights specific to ASEAN‐6; GIC and ESGR significantly enhance FV, confirming their strategic importance. However, the pathway to increased FV through sustainability is neither straightforward nor uniform but a multidimensional phenomenon. The findings reveal that while GIC and ESGR significantly enhance FV, confirming their strategic importance, the pathway to value creation is neither straightforward nor uniform. Instead, the impact of these sustainability factors is profoundly shaped by country‐specific characteristics and intricate interactions among variables. Practically, this study underscores the necessity for managers to formulate sustainability strategies that leverage GIC and ESGR. Furthermore, it offers guidance for policymakers to design tailored, context‐specific frameworks within each ASEAN‐6 nation. By illuminating the context‐dependent nature of these relationships, this research fills a critical empirical void in understanding how sustainability dimensions influence FV in key emerging economies.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/csr.70751first seen 2026-06-27 04:45:29
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