Herding Behavior, ESG Disclosure, and Financial Performance: Rethinking Sustainability Reporting to Address Climate-Related Risks in ASEAN Firms
群集行動、ESG開示、財務パフォーマンス：ASEAN企業の気候関連リスクに対応するサステナビリティ報告の再考 (AI 翻訳)
Ari Warokka, Jong Kyun Woo, Aina Zatil Aqmar
🤖 gxceed AI 要約
日本語
本研究は、ASEAN5カ国の非金融企業を対象に、ESG開示（サステナビリティ報告）と財務パフォーマンスの関係、および資本構造における群集行動の影響を分析。PLS-SEMと多群分析を用いた結果、サステナビリティ報告はROAとトービンのQを向上させるが、純利益率には有意な影響を与えないことが判明。また、群集行動がサステナビリティ報告とパフォーマンスの関係を調整し、リーダー企業ほど透明性の恩恵を受けることが示された。
English
This study examines the relationship between ESG disclosure (sustainability reporting) and financial performance, moderated by herding behavior in capital structure, among non-financial firms in five ASEAN countries. Using PLS-SEM and multigroup analysis, it finds that sustainability reporting improves ROA and Tobin's Q but not net profit margin. Herding behavior moderates this link, with leader firms benefiting more from transparency. The findings offer insights for regulators and corporate strategists aiming to strengthen ESG finance for climate resilience.
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
ASEAN地域の研究だが、日本企業のESG開示やサステナビリティ報告の効果を考える上で参考になる。特に、群集行動が開示の質や戦略的深みに与える影響は、日本の同質性の高い企業文化においても示唆に富む。
In the global GX context
This paper contributes to global ESG disclosure literature by introducing herding behavior as a moderator between sustainability reporting and financial performance. It highlights the risk of superficial adoption of ESG practices, relevant for global frameworks like ISSB and CSRD that emphasize decision-useful information.
👥 読者別の含意
🔬研究者:Researchers can explore the moderating role of herding behavior in ESG-financial performance links, extending behavioral finance into sustainability contexts.
🏢実務担当者:Corporate sustainability teams can use the findings to assess whether their ESG disclosure strategies are truly differentiating or merely following peers.
🏛政策担当者:Regulators in ASEAN and beyond can consider how herding dynamics might affect the effectiveness of mandatory ESG disclosure rules.
📄 Abstract（原文）
This study examines the intersection of environmental, social, and governance (ESG) disclosure—operationalized through sustainability reporting—corporate financial performance, and the behavioral dynamics of herding in capital structure decisions among non-financial firms in five ASEAN countries. As ESG and sustainability finance gain prominence in addressing climate change and climate risk, understanding the behavioral factors that influence ESG adoption is crucial. Using Partial Least Squares Structural Equation Modeling (PLS-SEM) and Multigroup Analysis (MGA), this research finds that while sustainability reporting enhances return on assets (ROA) and Tobin’s Q, it does not significantly influence net profit margin (NPM). The findings also confirm that herding behavior—where companies mimic the financial structures of peers—moderates the link between sustainability reporting and performance outcomes, with leader firms gaining more from transparency efforts. This highlights the double-edged nature of herding: while it can accelerate ESG adoption, it may dilute the strategic depth of climate action if firms merely follow rather than lead. The study provides actionable insights for regulators and corporate strategists seeking to strengthen ESG finance as a driver for climate resilience and long-term stakeholder value.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.20944/preprints202507.0247.v1first seen 2026-05-05 19:08:01
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