The Effect of ESG Practices on Portfolio Efficiency in Thailand’s Transportation and Logistics Sector
タイの運輸・物流セクターにおけるESG実践がポートフォリオ効率に与える影響 (AI 翻訳)
Sirikwan Jaroenwiriyakul, K. Thaweewat, Prawpan Oruangke, Ruksakul Cheewakoset
🤖 gxceed AI 要約
日本語
本研究は、タイの運輸・物流セクターにおけるESG実践とポートフォリオ効率の関係を調査。2020～2024年のデータを用いたCAPM分析により、ESG銘柄は非ESG銘柄と比較して平均的に価格が高く、ボラティリティが低いことが示された。COVID-19パンデミックにより全銘柄で価格下落が見られたが、ESG銘柄はリスク・リターン特性が優れている。
English
This study investigates the relationship between ESG practices and portfolio efficiency in Thailand's transportation and logistics sector. Using CAPM analysis on data from 2020-2024, it finds that ESG stocks have higher average prices and lower volatility compared to non-ESG stocks. Despite a decline during COVID-19, ESG stocks demonstrate a better risk-return profile.
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
タイ証券取引所（SET）のESG基準に焦点を当てており、日本のSSBJや有報におけるESG開示とは直接関係がないが、新興国市場でのESG投資の有効性を示す点で参考になる。
In the global GX context
While focused on Thailand's SET ESG standards, this paper provides empirical evidence from an emerging market on the financial benefits of ESG investing, which complements the global discourse on ESG integration in portfolio management.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG portfolio performance in an emerging market transport sector.
🏢実務担当者:Highlights that ESG stocks may offer better risk-return profiles, relevant for portfolio construction.
🏛政策担当者:Suggests that aligning with SET ESG standards can enhance company credibility and long-term performance.
📄 Abstract（原文）
This research investigates the relationship between Thailand’s stock market performance and the transportation sector’s adherence to environmental, social, and governance (ESG) conditions. In this study, the optimum portfolios were compared from 2020–2024 using historical data and the Capital Asset Pricing Model (CAPM) theory. The results suggest that ESG stocks play an important role in financial performance. On average, ESG stock prices are higher than those of non-ESG stocks. In addition, based on standard deviation, ESG stocks appear to be less volatile than non-ESG stocks. The findings also indicate that, due to the COVID-19 pandemic, stock values declined across all groups during 2020-2021. In the CAPM analysis, the beta coefficients of ESG stocks range revealed that risk was associated with the ranking of 0.7–1.1. Most of these were stocks exhibiting returns close to the market benchmark with less volatility. However, non-ESG stocks had a ranking of beta 0.3–1.3, confirming that they were riskier compared to the market benchmark. Furthermore, the findings suggest that investing in ESG stocks may improve a portfolio’s risk-return profile compared to non-ESG stocks. Therefore, ESG stocks may have the potential to outperform non-ESG stocks in the context of sustainable investment. In terms of policy implications, investors seeking stable long-term returns in the transportation sector may consider ESG stocks as part of their portfolio strategy. Additionally, companies aiming to enhance credibility with investors should align with SET ESG standards, which link ESG ratings to long-term performance through integration into capital markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://so02.tci-thaijo.org/index.php/BECJournal/article/download/285056/189647first seen 2026-07-18 08:09:58
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