Board Governance as a Risk Management Tool: Insights from Carbon Emission Disclosure in ASEAN Firms
リスク管理ツールとしての取締役会ガバナンス：ASEAN企業における炭素排出開示からの洞察 (AI 翻訳)
Sad Abu Alim, Marwan Mansour
🤖 gxceed AI 要約
日本語
本研究は、ASEAN6カ国の上場企業175社の2014～2021年のパネルデータを用いて、取締役会の内部ガバナンスが炭素排出開示（CED）に与える影響を分析。ジェンダー多様性や環境委員会などの複数のガバナンス属性を統合したBoard Effectiveness Score（BES）を開発し、BESが高いほどCEDが向上することを実証。特に低・中開示企業で効果が顕著であり、新興市場における弱い制度的監視の代替としてのガバナンスの役割を示唆。
English
This study examines how internal board governance influences carbon emission disclosure (CED) in ASEAN firms. Using panel data from 175 listed firms across six ASEAN countries (2014–2021), the authors develop a composite Board Effectiveness Score (BES) integrating gender diversity, board size, independence, meeting frequency, and environmental committee presence. They find that higher BES and specific attributes like gender diversity and environmental committees significantly enhance CED, with stronger effects in low- and mid-disclosing firms. The results highlight governance as a substitute for weak institutional oversight in emerging markets.
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ASEAN企業を対象としているが、日本のGX文脈においても、取締役会の実効性と気候関連開示の関係を実証的に示す点で示唆に富む。SSBJ基準や有報での気候関連開示が求められる中、日本企業のガバナンス構造（例えば、独立社外取締役やサステナビリティ委員会）の有効性を評価する際の参考となる。
In the global GX context
While focused on ASEAN, this paper provides empirical evidence that board governance attributes enhance carbon disclosure, relevant for global disclosure frameworks like ISSB and TCFD. For emerging markets where institutional enforcement is weak, the findings suggest that internal governance mechanisms can substitute for regulation. This offers insights for investors and regulators in similar contexts.
👥 読者別の含意
🔬研究者:Provides a robust multi-method empirical framework and a composite governance score for studying determinants of carbon disclosure, relevant for corporate governance and ESG disclosure literature.
🏢実務担当者:Companies in emerging markets can use the findings to strengthen board governance (e.g., gender diversity, environmental committees) to improve carbon transparency and potentially ESG ratings.
🏛政策担当者:Regulators in emerging economies may consider promoting board reforms as a low-cost tool to enhance corporate climate disclosure without heavy enforcement infrastructure.
📄 Abstract（原文）
This study examines how internal board governance influences carbon emission disclosure (CED), conceptualized as both a key dimension of ESG transparency and a mechanism for managing disclosure-related risks. Using panel data from 175 listed firms across six ASEAN countries during 2014–2021, we develop a composite Board Effectiveness Score (BES) that integrates five governance attributes: gender diversity, board size, board independence, meeting frequency, and the presence of an environmental committee. Unlike prior single-attribute studies, the BES captures governance complementarities and the interactive effects of board structures. Applying a multi-method empirical framework—including fixed-effects estimation, quantile regression, two-step system GMM, Heckman selection correction, Propensity Score Matching (PSM), and Two-Stage Least Squares (2SLS)—we find that gender-diverse boards, environmental committees, and higher BES values significantly enhance carbon emission disclosure. The results remain robust across alternative disclosure measures and additional econometric specifications, with the strongest effects observed among low- and mid-level disclosing firms. These findings highlight the role of internal board governance as a potential substitute for weak institutional oversight in emerging markets. The study offers practical implications for regulators and investors seeking to strengthen climate transparency, ESG accountability, and governance-based risk management in ASEAN economies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/risks14050117first seen 2026-06-29 08:21:07
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