ESGと企業業績の解明：新興市場からの証拠と負債コストの媒介的役割
Unpacking ESG and firm performance: Evidence from an emerging market and the mediating role of cost of debt (原題)
Linh Thuy Vu, Phuong Thi Thanh Nguyen, T. Nguyen, Han Thi Ngoc Tran
🤖 gxceed AI 要約
日本語
ベトナムの非金融上場企業を対象に、ESG開示が企業収益性に与える影響と、負債コストの媒介効果を検証。社会・ガバナンス開示はROAに正の影響を与え、負債コストが部分的に媒介するが、環境開示には有意な効果が見られない。ESGの次元別の分解の重要性を示す。
English
This study examines the impact of ESG disclosure on firm profitability in Vietnam, focusing on the mediating role of cost of debt. Using panel data and fixed-effects regressions, it finds that social and governance disclosures positively affect ROA, partially mediated by cost of debt, while environmental disclosure shows no significant effect. It underscores the importance of disaggregating ESG dimensions.
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
日本ではSSBJ開示が始まり、ESG情報の財務的影響が注目される中、本論文はESG次元別の効果の違いを示し、特に環境開示の効果が限定的な点は、日本企業の開示戦略に示唆を与える。負債コストの媒介効果は、資金調達コストの観点からESG開示の重要性を再認識させる。
In the global GX context
This paper contributes to the global ESG-performance literature by identifying cost of debt as a transmission channel, particularly in an emerging market context. It highlights that not all ESG pillars equally affect financial performance, which is relevant for international investors and regulators designing disclosure frameworks like ISSB.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disaggregation and mediating mechanisms in emerging markets, useful for comparative studies.
🏢実務担当者:Suggests that social and governance disclosures may lower borrowing costs, informing corporate disclosure priorities.
🏛政策担当者:Highlights the need for nuanced ESG regulations that consider differential impacts of ESG dimensions.
📄 Abstract（原文）
This study investigates the relationship between environmental, social, and governance (ESG) disclosure and firm profitability, while examining the mediating role of the cost of debt in Vietnam, a transitional emerging market. Using panel data from non-financial listed firms and fixed-effects regressions with Driscoll-Kraay standard errors, we disaggregate ESG into its three core dimensions to uncover heterogeneous effects. The findings reveal that social and governance disclosures are positively and significantly associated with return on assets (ROA), while environmental disclosure shows no significant effect. Moreover, cost of debt partially mediates the relationship between social and governance disclosures and firm profitability, suggesting that enhanced stakeholder trust and reduced risk perceptions lower borrowing costs (El Ghoul et al., 2011) and improve performance. The mediating role is not observed for environmental initiatives. This study makes three contributions. First, it extends the ESG-performance literature by identifying cost of debt as a transmission channel through which specific ESG pillars affect firm outcomes (Intezar et al., 2026). Second, it underscores the importance of disaggregating ESG dimensions, as their financial relevance varies. Third, it contributes to stakeholder (Freeman, 1984) and capital structure theories by contextualizing the analysis in an emerging market with voluntary ESG practices and evolving regulation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.22495/bprv4i4p1first seen 2026-09-09 05:46:20 · last seen 2026-09-22 05:21:17
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