ESG Performance and Corporate Value in an Emerging Market: The Moderating Role of Board Structures in Sustainability
新興市場におけるESGパフォーマンスと企業価値：サステナビリティにおける取締役会構成の調整的役割 (AI 翻訳)
Nongnit Chancharat, W. Vetchagool, Surachai Chancharat
🤖 gxceed AI 要約
日本語
タイ上場企業94社を対象に、ESGスコアと企業価値の関係を分析。パネルGMM推定により、ESGスコアは企業価値に正の影響を与えるが、取締役会の独立が高いほどその効果が弱まることを発見。取締役会の規模は有意な影響を与えず、規制当局はESG開示の促進や税制優遇を検討すべきと提言。
English
This study of 94 Thai listed firms (2019-2023) finds ESG scores positively affect corporate value, but board independence negatively moderates this relationship. Board size has no significant direct or moderating effect. The authors recommend integrating ESG into strategy and call for regulators to promote board expertise, ESG disclosure, and tax incentives for high-ESG firms.
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
日本のGX文脈では直接的な示唆は限定的だが、ESGと企業価値の因果関係を内生性に対処して検証した点は、SSBJ対応を進める日本企業の開示戦略にも参考事例となる。取締役会の独立性がESG効果を弱めるという逆説的な結果は、日本企業の独立社外取締役比率向上の議論に一石を投じる可能性がある。
In the global GX context
While focused on Thailand, this study addresses a global debate on whether ESG performance drives firm value. The negative moderation by board independence challenges conventional governance wisdom, offering a cautionary tale for markets like the EU and US where board independence is emphasized. It also highlights the need for context-specific governance in emerging markets, which is relevant for global investors and multinational corporations.
👥 読者別の含意
🔬研究者:Provides a rigorous GMM estimation of ESG-value link with a novel moderating effect of board independence, relevant for scholars of corporate governance and sustainability in emerging markets.
🏢実務担当者:Highlights that board independence may not always amplify ESG benefits; companies should consider board composition carefully when implementing ESG strategies.
🏛政策担当者:Suggests that regulations promoting board independence might have unintended consequences on ESG integration; tax incentives for ESG could be more effective.
📄 Abstract（原文）
This study examines the relationship between publicly traded Thai companies’ ESG performance and value as well as how board structures moderate this. In the Thai context, there is a limited number of empirical studies that employ the board of directors’ structure as a moderating variable, despite the importance of the board’s role in corporate management. This study aims to address this research gap. A panel GMM regression model is employed to address endogeneity issues, and our sample consists of 94 Thai listed companies with available ESG data from 2019 to 2023, resulting in 470 firm-year observations. The results demonstrate positive direct impact of ESG score on corporate value. In addition, board independence is positively significant and relates to company value. However, this research found negative moderating effect of board independence on the relationship between ESG score and corporate value. Furthermore, the empirical results indicate that board size does not have a significant direct and moderate impact on corporate value. Moreover, firm size and leverage are not related to corporate value. The results confirm the agency theory and stakeholder theory. Based on the findings, company executives should integrate ESG practices into their strategic plans. Moreover, regulatory authorities should promote expertise diversity and independence within the board and promote ESG standards and disclosure, as well as offer tax incentives for companies with outstanding ESG. This would enable investors to consider ESG performance in their decision-making. This study represents a new contribution to literature, especially in the context of emerging markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/jrfm19010087first seen 2026-05-15 18:24:27
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。