説明責任の経路：東南アジアにおけるESG開示、統合報告の品質、価値創造の連関
The Accountability Pathway: Linking ESG Disclosure, Integrated Reporting Quality, and Value Creation in Southeast Asia (原題)
Nha Minh Nguyen, Malik Muneer Abu Afifa, Duong Van Bui, Hien Vo Van, Dao Truc Thi Vo
🤖 gxceed AI 要約
日本語
ASEAN6カ国の上場企業2605社を対象に、2020〜2024年のパネルデータを用い、ESG開示が統合報告の品質を高め、それが投資効率という価値創造につながる経路を検証した研究。統合報告品質がESG開示と価値創造を結ぶ重要な媒介メカニズムであることを示す。さらにエネルギー転換圧力が説明責任の重要性を強め、コーポレートガバナンスがESG戦略の実行能力を左右することを明らかにした。
English
Using panel data from 2,605 listed firms across ASEAN-6 (2020–2024), this study tests whether ESG disclosure improves integrated reporting quality and thereby drives value creation, measured by investment efficiency. Integrated reporting quality is found to be a key mediating mechanism. Energy transition pressures strengthen the accountability pathway, while corporate governance shapes firms' capacity to implement ESG strategies.
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基準の策定や有報でのサステナビリティ開示義務化が進む中、ESG開示→統合報告品質→価値創造という経路の実証は、日本企業の開示高度化と投資家対応の設計に直接示唆を与える。特にエネルギー転換圧力が説明責任を強めるという知見は、GX推進下の日本企業の統合報告書戦略に有用。
In the global GX context
As ISSB standards are adopted globally and CSRD raises the bar in the EU, this study provides empirical evidence that integrated reporting quality is the mechanism translating ESG disclosure into value creation. It adds ASEAN emerging-market evidence to a disclosure literature dominated by developed markets, relevant to TCFD/ISSB implementation debates.
👥 読者別の含意
🔬研究者:ESG開示と統合報告品質を媒介変数とする価値創造経路の実証枠組みを、新興国パネルデータで検証した点が参考になる。
🏢実務担当者:統合報告書の品質向上が投資効率改善に寄与するため、開示の形式ではなく実質的な説明責任設計に投資すべきという示唆が得られる。
🏛政策担当者:エネルギー転換圧力が開示の実効性を高めるため、気候・GX政策と開示規制を連動させる設計が有効であることを示唆する。
📄 Abstract（原文）
ABSTRACT This study examines how listed firms in Southeast Asia translate internal environmental, social, and governance (ESG) commitments into accountable practices, transparent reporting, and organizational value creation. Focusing on firms in the ASEAN‐6 countries over the period 2020–2024, the study proposes and empirically tests a framework in which ESG disclosure enhances integrated reporting quality and, ultimately, value creation, as measured by investment efficiency, while accounting for macro‐level energy transition pressures and firm‐level corporate governance mechanisms. Using panel data from 2605 firms, the study employs maximum likelihood structural equation modeling within a moderated mediation framework, while controlling for country‐level fixed effects. The findings indicate that ESG disclosure significantly enhances integrated reporting quality and that reporting quality serves as a key mechanism through which ESG disclosure contributes to value creation. The results further demonstrate that the accountability pathway is context‐dependent: energy transition pressures strengthen the importance of sustainability accountability, whereas corporate governance influences firms' capacity to implement ESG strategies effectively. This study contributes to the literature by conceptualizing corporate social responsibility as a multistage process that links ESG knowledge, disclosure and reporting infrastructure, and value creation. The findings offer practical implications for managers, investors, and policymakers seeking to enhance corporate transparency and promote sustainable capital allocation across ASEAN economies.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/csr.71048first seen 2026-10-10 05:07:00
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