二重規律か、ガバナンスの分離か？新興国市場における企業統治とESG開示が利益管理・財務パフォーマンスの連関をどう形成するか
Dual-discipline or governance decoupling? How corporate governance and ESG disclosure shape the earnings management-financial performance nexus in an emerging market (原題)
Tran Thi Thanh Thu, Tran Phuoc, Hong Diep Bui
🤖 gxceed AI 要約
日本語
ベトナム上場非金融303社の2017〜2024年パネルデータを用い、利益管理（EM）と財務パフォーマンス（FP）の関係をSystem GMMで分析。EMの影響は企業統治（CG）とESG開示の質に依存し、両者が相乗すればEMはより抑制される。一方、ESG開示が高くても統治が弱いとEMの負の影響はむしろ強まり、開示と統治の乖離が市場の厳しい反応を招く「期待の罠」を示唆する。透明性だけでは不十分で、信頼できる内部統治が不可欠と結論づける。
English
Using panel data from 303 Vietnamese non-financial listed firms (2017–2024) and System GMM, the study examines how earnings management (EM) affects financial performance, moderated by corporate governance (CG) and ESG disclosure. EM is better constrained when governance and disclosure work jointly; high ESG disclosure with weak governance amplifies EM's negative effect, consistent with an 'expectation trap.' Transparency alone is insufficient without credible internal governance.
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
SSBJ基準の導入や有報でのサステナビリティ開示が進む日本では、ESG開示の「量」だけでなく統治体制との整合が問われる段階にある。本稿の『開示と統治の乖離が逆効果』という知見は、形式開示への警鐘として日本企業の統合報告・投資家対話に直接示唆を与える。
In the global GX context
As ISSB/CSRD raise the bar for mandatory sustainability disclosure, this paper offers emerging-market evidence that disclosure credibility hinges on internal governance — directly relevant to greenwashing and assurance debates in global disclosure scholarship. It reframes ESG disclosure quality as inseparable from governance architecture.
📄 Abstract（原文）
Purpose This study examines the relationship between earnings management (EM) and financial performance (FP) in Vietnamese listed firms, while investigating the moderating roles of corporate governance (CG) and environmental, social and governance (ESG) disclosure within this nexus. Design/methodology/approach This study employs panel data from 303 non-financial listed firms over the period 2017–2024. A two-step System Generalized Method of Moments (GMM) estimator is applied to address endogeneity, simultaneity bias and dynamic persistence. Marginal effects are estimated to examine how EM affects FP across CG and ESG disclosure levels. Findings The findings show that the effect of EM on FP is contingent upon governance quality and ESG disclosure. When these mechanisms operate jointly, EM is more effectively constrained. Conversely, when ESG disclosure is high but governance quality is weak, the negative impact of EM becomes more pronounced, particularly for real EM. The findings are consistent with an expectation trap mechanism, whereby higher ESG disclosure may increase stakeholder expectations, while misalignment between disclosure and governance is associated with stronger negative market reactions. Overall, the evidence suggests that transparency alone is insufficient without credible internal governance. Originality/value This study contributes to the literature by developing a dual-discipline mechanism that captures the interaction between internal governance and external transparency. By separating CG from ESG disclosure, it avoids measurement overlap and clarifies their distinct roles. Moreover, a hand-collected Corporate Governance Index (CGI), based on the Organisation for Economic Co-operation and Development (OECD) Principles of Corporate Governance (2015, 2023), provides a context-sensitive measure of governance quality in an emerging market.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1108/mf-04-2026-0396first seen 2026-11-07 05:07:03
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