The Impact of ESG Performance on the Value Relevance of Agribusiness Firms in BRICS
ESGパフォーマンスがBRICSのアグリビジネス企業の価値関連性に与える影響 (AI 翻訳)
Manuela Alves Chami, Geovane Camilo dos Santos, Cíntia de Melo de Albuquerque Ribeiro, Hugo Costa de Macedo
🤖 gxceed AI 要約
日本語
本研究は、BRICS諸国のアグリビジネス企業におけるESGパフォーマンスと株価の関係を分析。2009～2022年のデータを用いたパネル分析の結果、ESGスコアは株価と有意な正の関係を示し、投資家がESG情報を意思決定に活用していることを示唆。ステークホルダー理論、シグナリング理論、正当性理論の観点から解釈。
English
This study examines the relationship between ESG performance and stock prices of agribusiness firms in BRICS countries from 2009 to 2022. Using panel data analysis, it finds a significant positive association, indicating that investors value ESG information. The findings are interpreted through stakeholder, signaling, and legitimacy theories, contributing to the literature on ESG 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BRICSに焦点を当てており、日本への直接的な示唆は限定的。しかし、ESG情報の価値関連性が新興市場でも確認された点は、日本企業の国際的なESG開示戦略を考える上で参考になる。
In the global GX context
This paper contributes to the global understanding of ESG value relevance in emerging economies, particularly within the agribusiness sector. It demonstrates that ESG performance is priced by investors in BRICS markets, reinforcing the importance of ESG disclosure for companies operating in or investing in these regions.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-stock price link in BRICS agribusiness, useful for comparative studies or meta-analyses on ESG materiality.
🏢実務担当者:Highlights that ESG performance can influence stock valuations in emerging markets, guiding corporate disclosure and investor relations strategies.
📄 Abstract（原文）
Purpose: This study aims to analyze the relationship between environmental, social and governance (ESG) performance and stock prices of agribusiness companies in the BRICS. Design/methodology/approach: The final sample comprises 196 observations from thirty-nine agribusiness companies across the five BRICS countries, covering the period from 2009 to 2022. Data was collected from the London Stock Exchange Group plc (LSEG) and analyzed using panel data methods, specifically Generalized Least Squares (GLS) and Panel-Corrected Standard Errors (PCSE). Findings: The results indicate that the ESG variable exhibits a significant and positive relationship with stock prices across the overall analysis period (2009-2022) in both models. This suggests that investors in agribusiness companies in BRICS countries consider ESG performance information a significant factor in their investment decisions. The findings align with the Stakeholder Theory, which emphasizes the importance of building stakeholder trust to secure investments. However, they also resonate with Signaling Theory, which shows that ESG disclosure functions as a credible signal of corporate quality that reduces information asymmetry, and with Legitimacy Theory, which suggests that ESG adoption helps firms meet societal and institutional expectations. Contributions: This study contributes to the academic debate by expanding the literature on the impact of ESG in agribusiness, particularly in the context of emerging economies within BRICS, and by integrating different theoretical lenses to explain how the market prices ESG performance. Practically, it guides investors in making informed decisions, mitigating risks, and pursuing long-term returns. It also highlights the social relevance of ESG performance in shaping investors’ perceptions, as improved ESG performance can attract more investment and incentivize agribusiness companies to adopt more responsible strategies, thereby fostering sustainable development.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.14392/asaa.2025180211first seen 2026-05-15 18:59:21 · last seen 2026-06-05 05:29:52
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