Comparative Analysis of ESG Performance among ASEAN Firms: Evidence from Malaysia, Singapore, Thailand, and Indonesia
ASEAN企業のESGパフォーマンス比較分析：マレーシア、シンガポール、タイ、インドネシアのエビデンス (AI 翻訳)
Raja Adzrin Raja Ahmad, Wan Imran Daniel Aminurrashid, Siti Rahayu Sarman, Zarina Abu Bakar, Nor Balkish Zakaria
🤖 gxceed AI 要約
日本語
本研究は、2019年から2023年までのマレーシア、シンガポール、タイ、インドネシアの4つのASEAN経済圏における企業のESGパフォーマンスを比較分析した。758社の上場企業データを用いた記述的分析の結果、タイが最も高いESGスコアと報告の統一性を示し、インドネシアは持続可能な進展を見せた。一方、マレーシアではESGスコアの低下とばらつきが観察され、地域全体での調和の必要性が示唆された。
English
This study compares ESG performance of firms in four ASEAN economies (Malaysia, Singapore, Thailand, Indonesia) from 2019 to 2023 using Refinitiv data on 758 listed firms. Thailand leads in average ESG scores and reporting uniformity; Indonesia shows steady progress; Malaysia exhibits declining scores and high variability. Sectoral analysis finds Energy, Financials, and Industrials outperform Consumer and Technology. The study highlights the need for regional harmonization to improve comparability and transparency.
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
日本はアジアのESG開示先進国だが、ASEAN各国の多様な進展から学ぶ点が多い。特にタイの規制主導の成果やインドネシアの金融当局の関与は、日本の投資家対応や統合報告書の充実に示唆を与える。
In the global GX context
This paper provides comparative ESG evidence from ASEAN, complementing global disclosure literature focused on developed markets. It underscores how regulatory frameworks (e.g., Thailand, Indonesia) drive ESG performance, offering insights for international investors and standard-setters like ISSB assessing emerging market adoption.
👥 読者別の含意
🔬研究者:Provides regional ESG benchmarking and sectoral analysis useful for comparative corporate sustainability research.
🏢実務担当者:Helps corporate disclosure teams benchmark their ESG performance against ASEAN peers and identify regulatory trends.
🏛政策担当者:Highlights the role of national regulation in ESG outcomes, useful for designing harmonized regional standards.
📄 Abstract（原文）
This study examines the comparative Environmental, Social, and Governance (ESG) performance of firms in four ASEAN economies; Malaysia, Singapore, Thailand, and Indonesia from 2019 to 2023. Using secondary data obtained from Refinitiv Eikon Datastream, the analysis covers a final sample of 758 listed firms, representing 3,790 firm-year observations. The study employs a descriptive analytical approach to explore cross-country, temporal, and sectoral variations in ESG performance. The general findings show that ESG performance in ASEAN has improved steadily over the five-year period, though the rate and consistency differ among nations. Thailand continues to lead in both average ESG scores and reporting uniformity, reflecting strong regulatory frameworks and institutional support. Indonesia demonstrates sustained progress, possibly driven by sustainability regulations and the growing influence of the Otoritas Jasa Keuangan (OJK). Singapore maintains a stable yet moderate performance, consistent with its adherence to global standards such as the GRI and TCFD frameworks. Malaysia, however, exhibits a gradual decline in ESG scores and higher variability, suggesting uneven ESG adoption and differences in disclosure quality across sectors. Sectoral analysis indicates that Energy, Financials, and Industrials outperform Consumer and Technology industries, underscoring the role of regulatory enforcement and environmental exposure. Overall, the study concludes that ASEAN’s ESG landscape is evolving positively but remains fragmented, highlighting the need for stronger regional harmonisation to enhance comparability, transparency, and sustainable growth.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.47772/ijriss.2025.910000306first seen 2026-05-05 19:08:45
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