ESGパフォーマンスとその開示：ASEAN5カ国製造業における企業収益性の実証
ESG Performance and Its Disclosures: Evidence on Corporate Profitability from ASEAN-5 Manufacturing Firms (原題)
Meiliana Jaunanda, Daralee Angel, Grace Fabiola Suyana
🤖 gxceed AI 要約
日本語
ASEAN5カ国の上場製造業744社・年（2023-2025年）のパネルデータを用い、ESGパフォーマンスとROAの関係を検証。総合ESGスコアはROAに有意な負の影響を与える一方、環境・社会・ガバナンスの各開示スコアは個別にはROAに有意な正の影響を持つことを示した。統合スコアと個別次元で効果が異なる点を明らかにした実証研究。
English
Using 744 firm-year panel observations of listed manufacturers across ASEAN-5 (2023-2025), the study tests how ESG performance affects ROA. The aggregate ESG score shows a significant negative effect on ROA, while the Environmental, Social, and Governance disclosure scores each show significant positive effects individually. The findings suggest high overall ESG performance does not automatically translate into higher profitability, though each ESG dimension can still support ROA.
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
新興ASEAN市場におけるESG開示と財務成果の乖離は、日本企業の海外サプライチェーン管理やSSBJ開示の国際比較を考える上で示唆に富む。統合スコアと個別次元の効果差は、日本企業のESG評価設計や投資家対話の論点となりうる。
In the global GX context
This adds emerging-market evidence to the global debate on whether ESG performance pays off financially, complementing ISSB/CSRD-driven disclosure scholarship that is still dominated by developed-market samples. The divergence between aggregate and component scores is relevant to rating-agency methodology and to how disclosure frameworks weight individual E/S/G dimensions.
👥 読者別の含意
🔬研究者:Emerging-market panel evidence that aggregate ESG scores and individual E/S/G disclosure scores can move ROA in opposite directions, useful for rethinking ESG-performance measurement.
🏢実務担当者:ASEAN-based manufacturers can note that granular E, S, and G disclosure may support profitability even when headline ESG scores do not.
🏛政策担当者:Regulators in ASEAN markets weighing mandatory ESG disclosure should consider that score aggregation choices materially affect the observed financial signal.
📄 Abstract（原文）
Growing pressure on firms to demonstrate sustainability has made ESG a central corporate concern, yet evidence on its financial consequences remains mixed, particularly in emerging ASEAN markets. Listed manufacturers across the ASEAN-5 countries are the subject here, with attention to whether ESG performance links to their financial results. The relationship examined in the study is how ROA is affected by ESG performance and its three subcomponents including Environmental, Social, and Governance Disclosure Scores. Using a quantitative approach to explanatory research design, the study uses panel data collected from 744 firm-year observations of manufacturing firms in Indonesia, Malaysia, Singapore, Philippines, and Thailand in the period 2023-2025. Regarding the overall ESG Score, the study finds no support for the hypothesis, as its effect on ROA is negative and statistically significant. Each of the three disclosure scores, namely Environmental, Social, and Governance, behaves differently, producing a positive and statistically significant effect on ROA. What this suggests is that high ESG performance may not necessarily yield high financial performance, while every individual ESG dimension can still affect ROA positively.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.55047/marginal.v5i4.2405first seen 2026-11-04 05:03:49 · last seen 2026-11-06 05:01:02
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