競争優位はESG開示の価値関連性を強化するか？
Does competitive advantage strengthen the value relevance of ESG disclosure? (原題)
Thi Hanh Dung Truong, Dung Tan Huynh, Đặng Anh Tuấn
🤖 gxceed AI 要約
日本語
ASEAN上場企業726社・2,801件のパネルデータ（2015-2023年）を用い、ESG開示が企業価値に与える影響と競争優位の調整効果をシステムGMMで検証。ESG開示はTobin's Q・時価総額・PBRすべてに正の影響を与え、競争優位が高い企業ほどその価値関連性が強まることが示された。ステークホルダー理論とRBVの交差点に位置づける実証研究。
English
Using panel data of 726 ASEAN listed firms (2,801 observations, 2015-2023) and two-step System GMM, this study examines how competitive advantage moderates the ESG disclosure-firm value link. ESG disclosure positively affects all value proxies (Tobin's Q, log market cap, PBR), and the interaction with competitive advantage is positive and significant, suggesting valuation benefits of ESG disclosure are contingent on firms' competitive positioning.
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
日本企業のESG開示戦略にも示唆的。SSBJ基準導入や有報でのサステナビリティ開示が進む中、開示の価値関連性が競争優位に依存するという知見は、日本企業が開示を経営戦略と統合すべき根拠となる。ASEAN市場での比較視点も、グローバル投資家対応を進める日本企業に有用。
In the global GX context
This study contributes to global disclosure scholarship by showing that the value relevance of ESG disclosure is conditional on competitive advantage in emerging ASEAN markets. It complements TCFD/ISSB-aligned research from developed markets and offers evidence that disclosure-firm value links vary by strategic context, relevant for investors assessing ESG integration across jurisdictions.
👥 読者別の含意
🔬研究者:ESG開示と企業価値の関係における競争優位の調整効果を、新興国市場の大規模パネルで実証した点が参考になる。
🏢実務担当者:ESG開示を競争戦略と統合することで、企業価値向上効果を最大化できる可能性を示唆。
🏛政策担当者:ESG開示義務化の効果が企業の競争環境に依存することを踏まえ、開示制度設計に戦略的視点が必要。
📄 Abstract（原文）
Type of the article: Research ArticleIn the evolving landscape of ASEAN capital markets, environmental, social, and governance (ESG) disclosure is increasingly recognized as a strategic driver of corporate value, with competitive advantage determining the extent to which its benefits are realized. This study aims to examine how competitive advantage moderates the relationship between ESG disclosure and firm value in the ASEAN emergent context. The study applies panel data comprising 2,801 observations from 726 listed companies in ASEAN during 2015-2023. Regression analysis was conducted using the two-step System Generalized Method of Moments, accompanied by a series of robustness tests. The findings emphasize ESG reporting benefits, as ESG disclosure positively influences all firm value proxies in baseline models (βESG_Tobin’sQ = 0.0034, p-value < 0.05; βESG_LogMC = 0.0040, p-value < 0.01; βESG_PB = 0.0047, p-value < 0.05). The interaction between ESG disclosure and competitive advantage is also positive and significant across the three measures (βESGxCA_Tobin’sQ = 0.0545, p-value < 0.05; βESGxCA_LogMC = 0.0254, p-value < 0.01; βESGxCA_PB = 0.0678, p-value < 0.01). These results suggest that the valuation implications of ESG disclosure are contingent on firms’ competitive advantage, with the estimated marginal effect generally increasing as competitive advantage improves. Accordingly, the study enriches the literature by resonating with the intersection between stakeholder theory and the resource-based view (RBV), demonstrating how competitive advantage conditions the link between ESG disclosure and firm value in ASEAN capital markets. The study suggests that managers should align financial objectives with stakeholder expectations and integrate ESG disclosure into broader corporate strategies to enhance valuation purposes.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.21511/afc.07(2).2026.06first seen 2026-10-09 04:53:03
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