Do ESG Matter for Investor in ASEAN-5? Evidence from Mining and Property Companies
ESGはASEAN-5の投資家にとって重要か？鉱業および不動産企業からの証拠 (AI 翻訳)
Ervina Rahmalia Putri, Erfan Muhammad, T. I. R. Hakim, Frida Fanani Rohma
🤖 gxceed AI 要約
日本語
この研究は、2021年から2023年までのASEAN-5の鉱業・不動産セクターにおけるESG開示が企業価値に与える影響を分析。結果、ESG総合スコアは企業価値を低下させるが、環境とガバナンスの指標は正の相関を示し、社会的指標は有意でない。監査委員会の特性はESGと企業価値の関係を十分に調整しない。
English
This paper examines the impact of ESG disclosures on firm value in mining and property companies across five ASEAN countries from 2021-2023. It finds that overall ESG composite harms firm value, but environmental and governance pillars show positive correlations, while social metrics are insignificant. Audit committee oversight does not moderate the relationship effectively. The study suggests investors should be cautious in interpreting ESG information from these sectors.
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
ASEAN-5の事例は、日本企業が同地域で事業展開する際のESG情報解釈の参考となる。ただし、日本の開示制度（SSBJ等）とは直接関係しない。
In the global GX context
This study contributes to the ESG–corporate financial performance literature by focusing on mining and property sectors in Southeast Asia, highlighting heterogeneous effects of ESG pillars. It underscores the importance of context-specific ESG valuation for global investors operating in emerging markets.
👥 読者別の含意
🔬研究者:Provides evidence of ESG pillar heterogeneity in emerging market firms, useful for materiality research.
🏢実務担当者:Investors in ASEAN mining/property should disaggregate ESG scores due to opposite signs across pillars.
🏛政策担当者:Suggests mandatory sustainability committees for high-risk environmental sectors to enhance credibility.
📄 Abstract（原文）
ESG disclosures constitute vital non-financial communication channels that potentially influence investor perceptions and capital deployment strategies, consequently affecting firm value. Audit committee oversight within governance architectures is theorized to amplify the value-generating capacity of ESG programs, especially in environmentally impactful industries including mining and property sectors. This study analyzes firms spanning five Southeast Asian markets during 2021-2023. ESG, as a whole, harms firm value across the mining and property sector in ASEAN-5. Audit committee characteristics demonstrate insufficient moderating influence on ESG-firm value relationships. By performing additional tests, environmental and governance indicators exhibit favorable correlations with firm value, whereas social metrics display negligible statistical significance. Empirical findings demonstrate heterogeneous effects for composite ESG and its pillars on firm value. Results indicate that some notions of legitimacy and agency theory are not advocated. Investors need to remain vigilant in digesting ESG information from the mining and property companies in ASEAN-5 countries, as its composite and pillars affect firm value in distinct ways. The government could codify the rule to mandate a sustainability committee to ensure ESG information credibility for all high-risk environmental sectors, especially in ASEAN-5.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.9744/jak.28.1.42-59first seen 2026-07-18 08:05:24
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