Sustainability Disclosure and Firm Value: External ESG Evaluation and the Role of Advertising Intensity
サステナビリティ開示と企業価値：外部ESG評価と広告強度の役割 (AI 翻訳)
Jaehyun Park, H. Kwon
🤖 gxceed AI 要約
日本語
本研究は、サステナビリティ開示が企業価値に影響するメカニズムとして、外部ESG評価の媒介効果を検証。韓国上場企業の2019～2021年のデータを用いた回帰分析とブートストラップ媒介分析の結果、開示と外部評価、外部評価と企業価値の正の関連が確認され、外部評価が開示-価値関連の一部を媒介することが示された。また、広告強度が高い企業ほど開示と外部評価の関連が弱まることが明らかになった。
English
This study examines whether sustainability disclosure affects firm value through external ESG evaluation, using Korean listed firms (2019-2021). Regression and mediation analyses show that disclosure is positively associated with external ESG performance, which in turn is positively associated with firm value, with external evaluation partially mediating the disclosure-value link. Additionally, the disclosure-evaluation association weakens as advertising intensity increases.
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
韓国企業を対象としているが、日本企業のESG開示・評価の実務にも示唆を与える。特に、広告強度が外部評価に与える影響は、日本企業のIR・広告戦略とESG評価の関係を考える上で参考になる。
In the global GX context
While focusing on Korean firms, this research provides insights for global ESG disclosure scholarship by demonstrating that external ESG evaluation is a partial mediator between disclosure and firm value, and that advertising intensity moderates this process. This adds nuance to the understanding of how disclosure translates into market value.
👥 読者別の含意
🔬研究者:Shows that external ESG evaluation partially mediates the disclosure-value link, offering a more nuanced empirical model.
🏢実務担当者:Highlights that advertising intensity can weaken the link between disclosure and external ESG ratings; firms should consider communication balance.
🏛政策担当者:Implications for understanding how disclosure mandates translate into market outcomes; but Korean context limits generalizability.
📄 Abstract（原文）
This study examines whether sustainability reporting becomes relevant to firm value partly through externally evaluated ESG performance and whether this process varies with firms' communication environments. Using firm‐year data on Korean listed firms from 2019 to 2021, we estimate regression models with year and industry fixed effects and firm‐level clustered standard errors, complemented by bootstrap mediation analysis. The results show that sustainability disclosure is positively associated with externally evaluated ESG performance and that externally evaluated ESG performance is positively associated with firm value. The mediation analysis further indicates that external ESG evaluation accounts for part, but not all, of the disclosure–value association. In addition, the positive association between sustainability disclosure and externally evaluated ESG performance becomes weaker as advertising intensity increases. These findings suggest that sustainability reporting matters not only as a disclosure practice, but also as part of a broader process through which publicly available ESG‐related information is incorporated into external evaluation. By treating externally evaluated ESG performance as an external evaluative output rather than a direct proxy for underlying ESG conduct, this study offers a more context‐sensitive account of when sustainability disclosure becomes economically meaningful.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70749first seen 2026-06-12 05:43:29
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