ESG disclosure and REITs financial performance: a disaggregated static panel analysis
ESG開示とREITsの財務パフォーマンス：分解静的パネル分析 (AI 翻訳)
Olumide Samson Ola, Mohd Lizam, Rotimi Boluwatife Abidoye, Babatunde M. Wahab
🤖 gxceed AI 要約
日本語
マレーシアのREITsデータを用いて、ESG開示の各要素が企業価値（Tobin's Q）に与える影響を分析。環境開示とガバナンス開示は有意な影響を持つが、社会開示は有意でない。エネルギー効率や取締役会の説明責任はプラス効果、温室効果ガス削減やパリ協定関連開示はコスト懸念からマイナス効果。
English
This study analyzes the impact of ESG disclosure dimensions on the financial performance of Malaysian REITs using a static panel approach. Environmental and governance disclosures significantly influence Tobin's Q, while social disclosures do not. Energy efficiency and board accountability enhance valuation, whereas GHG reduction and Paris Agreement disclosures have negative effects due to perceived costs.
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
マレーシアREITの事例は日本でも参考になる。ESG開示が投資家評価に与える影響は、SSBJ対応や統合報告書作成において、単なる開示量ではなく質と経済的成果との連関が重要であることを示唆する。特に、温室効果ガス削減目標の開示がコスト負担と見なされる可能性に留意が必要。
In the global GX context
This paper offers emerging-market evidence on how investors price ESG disclosures differently. It highlights that while operational efficiency and governance are rewarded, disclosures on GHG reduction and Paris Agreement alignment may be viewed as costly, suggesting that credibility and materiality matter. This is relevant for global disclosure frameworks like ISSB and CSRD, which emphasize decision-usefulness.
👥 読者別の含意
🔬研究者:Provides disaggregated ESG effects in REITs within an emerging market, useful for comparative studies on ESG valuation.
🏢実務担当者:REIT managers can prioritize energy efficiency and governance disclosures, while being mindful that some climate disclosures may be perceived as costly by investors.
🏛政策担当者:Malaysian regulators can use findings to refine ESG reporting standards, ensuring disclosures are linked to material financial outcomes.
📄 Abstract（原文）
Purpose This study aims to investigate the effect of environmental, social and governance (ESG) disclosures on the financial performance of Malaysian Real Estate Investment Trusts (M-REITs), focusing on how individual ESG dimensions influence market valuation measured by Tobin’s Q. Design/methodology/approach Using a balanced panel dataset of 17 listed M-REITs from 2017 to 2023, the study employs two-stage least squares regression to address potential endogeneity and validate robustness. Separate models are estimated for disclosures to isolate their specific effects. Diagnostic tests for normality, heteroscedasticity and autocorrelation confirm the validity of the models. Findings The results show that environmental and governance disclosures significantly influence firm value, while social disclosures do not. Energy efficiency and board accountability enhance market valuation, whereas greenhouse gas emission reduction and Paris Agreement disclosures exhibit negative effects, suggesting perceived cost implications. The findings indicate that investors reward operational efficiency and credible governance but remain sceptical toward symbolic or compliance-driven ESG initiatives. Practical implications The results highlight the need for REIT managers to link ESG disclosures to measurable financial outcomes, for regulators to strengthen ESG reporting frameworks and for investors to integrate firm-specific ESG quality into valuation models. Originality/value This study provides one of the first empirical examinations of ESG–performance dynamics in the Malaysian REIT market using disaggregated ESG indicators and an instrumental-variable approach, offering nuanced insights into how emerging-market investors price sustainability information.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1108/pm-11-2025-0162first seen 2026-05-14 22:31:34
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