新興国市場における企業統治、ESG開示と企業価値
Corporate Governance, ESG Disclosure and Firm Value in an Emerging Market (原題)
Tran Minh Nguyet, Pho Duc Vuong, Dinh Mai Thanh, Nguyen Van Dung
🤖 gxceed AI 要約
日本語
ベトナムの上場企業を対象に、2015〜2024年の企業統治とESG開示の共進化を規制文書分析と実証文献レビューで検討。開示は「量」では急速に拡大したが「質」が追いつかず、単独報告書は約1%から7%、GRI参照は約22%に留まり第三者保証も稀。統治スコアはASEAN平均を31ポイント下回る。開示と企業価値の正の関連は大企業に偏り、測定方法に敏感で、価値への影響は開示量より「信頼性」を通じると論じ5命題の枠組みを提示。
English
A decade-long qualitative synthesis of how corporate governance and ESG disclosure co-evolved in Vietnam (2015-2024), combining analysis of 18 regulatory instruments with a review of empirical evidence. Disclosure breadth grew fast but depth lagged: standalone reports rose only from ~1% to 7%, GRI referencing stayed near 22%, and assurance remained rare. Vietnam's 2024 governance score sat 31 points below the ASEAN mean. The authors argue governance affects firm value through disclosure credibility rather than volume, formalised in a five-proposition framework.
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
ベトナムは日本企業の主要サプライチェーン拠点であり、現地開示制度の実効性は日本企業のScope 3把握やSSBJ対応の前提条件となる。新興国での「形式採用と実質実践の乖離」は、日本の有報・統合報告書における開示の質的向上を考える上でも示唆に富む。
In the global GX context
Adds emerging-market evidence to global disclosure scholarship (ISSB/IFRS S1-S2 adoption, TCFD-aligned regulation), showing that statutory upgrading alone does not produce credible disclosure. The credibility-centred framework offers a testable lens for jurisdictions where formal compliance outpaces substantive practice.
👥 読者別の含意
🔬研究者:開示の「量」と「質」を区別し、信頼性・保証を媒介変数とする実証設計の出発点として有用。
🏢実務担当者:ベトナム拠点・サプライヤーのESG開示水準を過信せず、保証やGRI準拠の実態を確認する際の参照枠になる。
🏛政策担当者:開示義務化だけでは質が伴わないことを示し、第三者保証や執行措置の設計を検討する根拠となる。
📄 Abstract（原文）
Purpose: This paper examines how corporate governance and the disclosure of environmental, social and governance (ESG) information have co-evolved in Vietnam between 2015 and 2024, and through which channels the two are expected to bear on firm value in an emerging market where the state remains a dominant owner. Design/methodology/approach: The study adopts a qualitative design that combines systematic document analysis of 18 regulatory and soft-law instruments issued between 2012 and 2024 with an integrative review of published empirical evidence on Vietnamese listed companies and secondary benchmark data from the ASEAN Corporate Governance Scorecard and a ten-year census of disclosure practices. Material was coded deductively against agency, stakeholder, legitimacy, signalling and institutional theory, and inductively for emergent themes. Findings: Vietnam’s regime moved through three phases: Mandated entry (2015 to 2017), soft-law consolidation (2017 to 2020) and statutory upgrading with climate alignment (2021 to 2024). Disclosure spread rapidly in breadth, yet depth lagged. Standalone reports rose only from about 1 percent to 7 percent of listed firms, GRI referencing stayed near 22 percent throughout the decade, and third-party assurance remained rare. Vietnam’s mean governance score in the 2024 regional assessment (60.15 points) sat 31 points below the ASEAN mean. The empirical literature reports a mostly positive association between disclosure and value, but the evidence is concentrated among large firms and is sensitive to how disclosure is measured. We argue that governance shapes value less through the volume of ESG disclosure than through its credibility, and we formalise this argument in a conceptual framework with five propositions. Originality/value: The paper offers the first decade-long, regulation-anchored synthesis of the governance, disclosure and value nexus in Vietnam. It distinguishes formal adoption from substantive practice and proposes a credibility-centred mechanism that can be tested once longitudinal, assurance-adjusted disclosure data become available.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.62225/2583049x.2026.6.5.7085first seen 2026-10-29 04:59:49 · last seen 2026-11-06 05:00:52
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