Audit Quality and ESG Signaling: A Mediation Analysis from Selected Emerging Markets on Firm Value Addition
監査品質とESGシグナリング：新興市場における企業価値向上への媒介分析 (AI 翻訳)
Ozair Siddiqui, Abdul Raheman
🤖 gxceed AI 要約
日本語
本研究は、BRICST諸国の非金融企業を対象に、監査品質と企業価値の関係をESG（環境・社会・ガバナンス）が媒介するかを分析。見かけ上無関係な回帰（SUR）とブートストラップを用いた結果、ESGは負の間接効果を持つことが判明。新興市場ではESG開示が象徴的に留まり、戦略的統合が必要と示唆。
English
This study examines whether ESG mediates the relationship between audit quality and firm value in BRICST emerging markets using SUR and bootstrapping. Results show a negative indirect effect, suggesting ESG disclosures in emerging markets remain symbolic without strategic integration, contrary to stakeholder theory.
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
日本企業が新興市場に投資する際、現地企業のESG開示が形式的である可能性に注意が必要。また、日本のESG情報開示の信頼性向上にも示唆を与える。
In the global GX context
The paper highlights that ESG disclosures in emerging markets may lack credibility without integration into firm strategy, relevant for global investors and standard-setters like ISSB who are concerned with disclosure quality.
👥 読者別の含意
🔬研究者:Provides evidence of negative mediation of ESG on audit quality-firm value link, challenging stakeholder theory in emerging markets.
🏢実務担当者:Highlights the need to integrate ESG practices strategically rather than treat them as symbolic disclosures to enhance firm value.
🏛政策担当者:Suggests that regulators in emerging markets should strengthen ESG disclosure credibility and ensure audits cover ESG aspects.
📄 Abstract（原文）
This study is among the first to investigate whether ESG (Environmental, Social, and Governance) factors mediate the relationship between audit quality and value addition of non-financial firms in the selected emerging markets, using the theoretical lens of signaling theory. More specifically, the study focuses on BRICST (Brazil, Russia, India, China, South Africa, and Turkey) economies and uses Seemingly Unrelated Regression (SUR) system and bootstrapping to perform the mediation analysis on unbalanced panel data. The results show evidence that ESG does mediate the relationship between audit quality and value addition; however, contrary to the notions of stakeholder theory, the indirect effect is negative. Similarly, the direct impact of audit quality on value addition also remains negative. The study contributes theoretically by refining signaling theory through the lens of institutional and contextual factors. It demonstrates that both audit quality and ESG scores act as signals for stakeholders. Practically, the findings highlight the need to integrate ESG practices into the overall firm strategy, showing that ESG disclosures in emerging markets remain symbolic without strategic integration. The findings also highlight growing stakeholder expectations beyond assurance of financial information, covering the credibility of ESG disclosures as well.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.20448/ijsam.v10i1.8557first seen 2026-07-18 08:08:37
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