ESG開示と企業パフォーマンス ― 取締役会のジェンダー多様性の調整効果
ESG Disclosure and Firm Performance – The Moderating Role of Board Gender Diversity (原題)
Fernetta Evania, Yenni Carolina
🤖 gxceed AI 要約
日本語
東南アジア4カ国（インドネシア・フィリピン・タイ・ベトナム）の83社を対象に、2020〜2024年のESGスコアが企業パフォーマンスに与える影響を、取締役会の女性比率がどう調整するか検証した研究。女性取締役比率はESG実践と企業価値（Tobin's Q）の関係を強める一方、収益性（ROA）には有意な調整効果を示さなかった。域内で女性登用の規制が未整備な点を背景に、ガバナンス多様性の役割を実証的に示している。
English
Using 83 firms across Indonesia, the Philippines, Thailand, and Vietnam (2020–2024), this study examines how board gender diversity moderates the effect of ESG scores on firm performance. Female board representation strengthens the ESG–firm value (Tobin's Q) relationship but shows no significant moderating effect on profitability (ROA). It offers empirical evidence on governance diversity in a region lacking mandated board gender quotas.
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
日本ではSSBJ基準・有価証券報告書でのサステナビリティ開示と、東証の女性役員比率要件（プライム市場）が進む。本稿はガバナンス多様性がESGと企業価値の関係を強めることを示し、日本企業の取締役会構成や統合報告書での人材・ガバナンス開示の議論に示唆を与える。
In the global GX context
Amid ISSB/CSRD-driven global disclosure harmonization, this paper adds Southeast Asian empirical evidence on how governance diversity (board gender) conditions the ESG–value link. It complements TCFD/ISSB scholarship by showing that governance structure—not just disclosure volume—shapes market valuation outcomes, relevant to emerging-market transition finance debates.
👥 読者別の含意
🔬研究者:ESGと企業価値の関係におけるガバナンス多様性の調整効果を、新興国パネルデータで検証した実証例として参照できる。
🏢実務担当者:取締役会の女性比率向上がESG評価を通じた企業価値向上に寄与しうる点を、ガバナンス・開示戦略の根拠として活用できる。
🏛政策担当者:女性役員比率の規制が未整備な東南アジア諸国において、ガバナンス多様性政策の設計根拠となりうる。
📄 Abstract（原文）
Sustainability practices reflected in the concept of Environmental, Social, and Governance (ESG) are considered capable of reflecting the quality of corporate management as well as the long-term sustainability prospects of a business. One aspect within the governance dimension that has gained increasing attention is gender diversity on the board of directors, which is believed to influence the quality of decision-making and consequently affect corporate profitability and firm value. In line with this, several countries have established policies regarding the proportion of women on boards of directors to promote greater inclusivity. However, countries in the Southeast Asian region have not yet implemented specific written regulations governing the proportion of women on boards of directors. This condition motivates this study to examine the role of gender diversity in moderating the effect of ESG practices on firm performance in Southeast Asia. This study uses a sample of 83 companies from Indonesia, the Philippines, Thailand, and Vietnam during the 2020–2024 period. The independent variable is measured using ESG scores, while the dependent variables are measured using ROA to represent profitability and Tobin’s Q to represent firm value. The moderating variable is measured based on the proportion of women on the board of directors, after which the data panel test is conducted to determine the most appropriate regression model and hypothesis testing method. The result shows that gender diversity play a role in strengthening the effect of ESG practices on firm value, however it doesn’t give any effect in strengthening or weakening the relationship on firm profitability.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.33395/owner.v10i4.3704first seen 2026-10-03 05:00:17
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