マレーシア上場企業の財務パフォーマンスにおける企業規模・ESG・投資行動

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:ESG格付けと財務パフォーマンスの調整要因として企業規模を扱う際の、交互作用検定と同等性検定の設計例として参考になる。

🏢実務担当者:ESG格付けの財務的含意が自社規模で異なりうる点を踏まえ、開示・投資家対話でのESG評価の位置づけを検討できる。

🏛政策担当者:ESGスクリーニング指数構成企業を対象とした分析は、開示規制とESG評価の実効性を考える基礎資料になる。

Larger companies may possess greater resources for sustainability implementation, yet organisational scale can also raise coordination costs and reduce the incremental information conveyed by environmental, social and governance (ESG) ratings. This study examines whether firm size conditions the relationship among ESG, investment behaviour and financial performance in Malaysian listed companies. It uses an unbalanced panel of non-financial constituents of the FTSE4Good Bursa Malaysia and FTSE4Good Bursa Malaysia Shariah indices (497 firm-years from 131 firms, 2021–2024), with financial data hand-collected from audited annual reports. Investment behaviour is measured as the signed deviation from an expected-investment benchmark, financial performance as return on equity (ROE), ESG as the FTSE Russell ESG grade and size as the logarithm of total assets. A two-way fixed-effects model with firm-clustered standard errors tests the investment deviation × ESG × size interaction, with conditional effects from the full covariance matrix and equivalence tests for the null. The three-way coefficient is −0.2231 (p = 0.300), so the hypothesis is not supported; equivalence to a negligible effect is not established either, so the result is inconclusive rather than evidence that size is irrelevant. The ESG–ROE slope does not differ significantly from zero at any observed firm size. The signed investment deviation is positively associated with ROE (b = 0.7568, p = 0.014), more strongly in larger firms, a pattern driven by investment above the benchmark. The conclusions hold with return on assets, absolute and signed-split deviations, an industry-year benchmark, an equally spaced ESG grade, random effects and a conditional logit; with lagged ESG the ESG × size term turns positive. The study separates the resource capacity of large firms from demonstrated financial returns, within the bounds of a short panel of ESG-screened firms.

• semanticscholar https://rsisinternational.org/journals/ijriss/uploads/vol10-iss9-pg13375-13388-202610_pdf.pdffirst seen 2026-10-31 05:54:17 · last seen 2026-11-05 06:17:17