Voluntary <scp>ISSB</scp> ‐Aligned Disclosure and Firm Value: Evidence From Asia‐Pacific Capital Markets
Yijin Wang, Hongzheng Ma
🤖 gxceed AI 要約
日本語
本論文は、ISSB準拠の気候関連開示を自主的に採用するアジア太平洋の上場企業において、企業価値（Tobin's Q）および業績（ROA）が有意に高いことを実証している。ディファレンスインディファレンスと固定効果モデルにより、開示と企業価値の正の関連がESGガバナンスの成熟した国で強いことを示した。この研究は、構造化された気候開示の市場的重要性に関する初期の実証的証拠を提供する。
English
This study finds that voluntary adoption of ISSB-aligned climate disclosure is positively associated with firm value (Tobin's Q) and operational performance (ROA) among Asia-Pacific listed firms. Using difference-in-differences models, the positive link is stronger in countries with mature ESG governance. It provides early empirical evidence on the market relevance of structured climate disclosure.
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
日本ではSSBJ基準の策定が進行中であり、ISSB準拠の自主開示が企業価値に与える影響を示す本研究成果は、日本企業の開示戦略や投資家対応に示唆を与える。特にESGガバナンスが成熟した市場で効果が大きい点は、日本市場の特性を考慮する上で重要である。
In the global GX context
This paper offers early evidence that voluntary ISSB-aligned disclosure enhances firm value in Asia-Pacific markets. The finding that institutional context (ESG governance maturity) moderates the effect is directly relevant to global standard-setters (ISSB, IOSCO) and regulators considering mandatory adoption, especially in jurisdictions with less mature ESG systems.
👥 読者別の含意
🔬研究者:Supports the value relevance of structured climate disclosure; useful for studies on disclosure regulation and market response.
🏢実務担当者:Adopting ISSB-aligned disclosure early can positively impact firm valuation, especially in markets with strong ESG governance.
🏛政策担当者:Provides evidence that voluntary adoption of ISSB standards can increase firm value, supporting arguments for gradual mandatory disclosure regimes.
📄 Abstract（原文）
ABSTRACT This study examines whether voluntary adoption of International Sustainability Standards Board (ISSB)‐aligned climate disclosure is associated with firm value among Asia‐Pacific listed firms. Using a hand‐collected panel of 490 firm‐year observations across seven economies from 2018 to 2024, the study applies difference‐in‐differences and two‐way fixed effects models following the release of IFRS S1 and IFRS S2 exposure drafts in 2022. The findings indicate that firms voluntarily adopting ISSB‐aligned disclosure tend to exhibit higher Tobin's Q and stronger operational performance measured through return on assets (ROA). The positive association is stronger in countries characterized by more mature ESG governance systems, suggesting that institutional context influences disclosure credibility and investor response. The study contributes early empirical evidence on the market relevance of structured climate‐related disclosure and highlights the growing importance of sustainability governance within Asia‐Pacific capital markets.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1002/csr.70782first seen 2026-06-23 06:09:29
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