Sustainable Development Goal (SDG) Disclosure and Firm Value: Empirical Evidence from Southeast Asia
持続可能な開発目標（SDG）の開示と企業価値：東南アジアからの実証的エビデンス (AI 翻訳)
Arie Pratama, Nanny Dewi Tanzil, P. Koeswayo, Kamaruzzaman Muhammad, L. Megawati
🤖 gxceed AI 要約
日本語
本研究は、東南アジア4カ国の上場企業660社を対象に、SDGs開示の広さ（Refinitivデータ）と企業価値（株価純資産倍率）の関連を分析。正の相関関係を確認し、SDG8と13の開示が多く、SDG2と14が少ないなど開示の偏りを明らかにした。持続可能性報告の枠組み改善を提言。
English
This study examines the relationship between SDG disclosure breadth (based on Refinitiv data) and firm value (price-to-book ratio) among 660 listed firms in four Southeast Asian countries. It finds a positive correlational association, with SDG 8 (Decent Work) and SDG 13 (Climate Action) most disclosed, while SDG 2 (Zero Hunger) and SDG 14 (Life Below Water) least. The study highlights uneven disclosure and calls for more balanced frameworks.
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
本論文は東南アジア市場を対象としており、日本企業にとってはASEAN進出時のSDGs開示ベンチマークとして参考になる。ただしSSBJや日本の開示制度との直接的な関連は薄い。
In the global GX context
This study adds empirical evidence from Southeast Asian emerging markets to the global debate on SDG disclosure and firm value. It reinforces the case for standardized, quality-oriented sustainability reporting, aligning with ISSB and GRI developments.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the value relevance of SDG disclosure breadth in Southeast Asia, useful for researchers studying sustainability reporting and market valuation.
🏢実務担当者:Corporate sustainability teams can benchmark their SDG disclosure against regional peers and note the positive market perception.
🏛政策担当者:Regulators in emerging economies can consider these findings to design more balanced SDG reporting frameworks.
📄 Abstract（原文）
Amid growing global attention to corporate sustainability and responsible investment, the disclosure of Sustainable Development Goals (SDGs) has emerged as an important component of non-financial reporting. However, the extent to which SDG disclosure contributes to firm value remains underexplored, particularly in emerging markets. This study examines the association between SDG disclosure in corporate reports and firm value among 660 publicly listed companies across four Southeast Asian countries: Indonesia, Malaysia, Thailand, and Singapore. SDG disclosure is measured using 17 SDG indicators derived from the Refinitiv database and should be interpreted as a measure of disclosure breadth rather than disclosure quality or depth. The analysis begins with descriptive statistics to illustrate the distribution of key variables, followed by ANOVA to assess differences in SDG disclosure across countries and industries. Hypothesis testing is then conducted using multiple regression analysis with robust standard errors, with firm value proxied by price-to-book value (PBV). Several robustness checks are performed, including winsorised regression, year-by-year regressions, and regression models incorporating country and industry dummy variables. The results indicate that SDG disclosure is positively associated with firm value, although the relationship is interpreted as correlational rather than causal because of the short observation period and potential endogeneity. The findings also show that SDG disclosure is unevenly distributed across goals and countries, with SDG 8 and SDG 13 receiving the highest attention, while SDG 2 and SDG 14 remain among the least disclosed. These results highlight the importance of sustainability transparency in shaping market valuation and underscore the need for more balanced, comparable, and quality-oriented sustainability reporting frameworks across the region.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/jrfm19060413first seen 2026-06-12 05:48:51 · last seen 2026-06-15 05:27:13
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