Disclosure performance and firm value: The mediating role of financial reporting quality
開示パフォーマンスと企業価値：財務報告品質の媒介的役割 (AI 翻訳)
Nhien Thi Cao, Ngoc Hung Dang
🤖 gxceed AI 要約
日本語
本研究は、ベトナム上場企業の2016〜2024年のデータを用いて、ESG開示が企業価値に与える影響と、財務報告品質（FRQ）の媒介効果を検証。SEM分析の結果、ESG開示は企業価値に有意な正の影響を与え、FRQが部分的に媒介することを確認。特に社会（S）の影響が強い。
English
Using 3,978 firm-year observations from Vietnamese listed firms (2016-2024), this study examines the ESG disclosure-firm value relationship and the mediating role of financial reporting quality (FRQ). SEM results show that ESG disclosure positively impacts firm value, partially mediated by FRQ, with the social pillar having the strongest effect. PSM addresses endogeneity.
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
本論文はベトナムを対象としているが、日本の企業にとって、ESG開示と財務報告の品質が企業価値向上に連動するメカニズムを示唆。SSBJ対応や統合報告書の充実を図る上で、情報透明性の重要性を再認識させる。
In the global GX context
This paper provides emerging-market evidence on how ESG disclosure enhances firm value through improved financial reporting quality, relevant to global disclosure frameworks (ISSB, CSRD) that emphasize transparency and governance.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the mediating role of financial reporting quality in the ESG disclosure-firm value relationship, extending agency and signaling theories.
🏢実務担当者:Highlights that integrating ESG disclosure with strong financial reporting can boost investor confidence and firm valuation.
🏛政策担当者:Supports policies promoting integrated reporting and transparent financial practices to attract investment.
📄 Abstract（原文）
This study examines the relationship between environmental, social, and governance (ESG) disclosure and firm value, emphasizing the mediating role of financial reporting quality (FRQ), a transmission mechanism that remains underexplored in emerging markets. Using 3,978 firm-year observations of listed firms in Vietnam from 2016 to 2024, the baseline findings reveal that ESG disclosure exerts a positive and statistically significant impact on firm value. Among the individual ESG dimensions, the social pillar demonstrates the strongest influence. Structural equation modeling (SEM) further confirms that FRQ partially mediates this relationship; specifically, effective ESG disclosure enhances information transparency and mitigates earnings management, which in turn leads to higher investor confidence and superior valuation (Velte, 2017; Almahuzi, 2025). Additionally, propensity score matching (PSM) was utilized to address endogeneity and reverse causality concerns, confirming the robust positive effect of ESG on stock prices. This research contributes to agency and signaling theories by providing empirical evidence that integrating high-quality ESG disclosure with financial transparency is crucial to strengthen market confidence and promote sustainable growth in developing economies (Grewal et al., 2021).
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.22495/bprv4i3p5first seen 2026-07-21 06:03:57
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