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THE EFFECT OF ESG DISCLOSURE ON FIRM VALUE: A SYSTEMATIC LITERATURE REVIEW

ESG開示が企業価値に与える影響：系統的文献レビュー (AI 翻訳)

Dinar Ayu Lestari, Dewi Susilowati

The International Conference on Sustainable Economics Management and Accounting Proceedingジャーナル2026-08-10#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.32424/icsema.v2i1.927
原典: https://doi.org/10.32424/icsema.v2i1.927

🤖 gxceed AI 要約

日本語

本レビューは、2021年から2025年に発表された20件の論文をPRISMA手法で分析し、ESG開示が企業価値（Tobin's Q等）に与える影響を統合した。全体的に正の影響が確認され、情報非対称性の低減、評判向上、資本コスト低減が経路として特定された。新興市場やガバナンス次元で効果が顕著であり、企業規模や成長性が調整要因となる。

English

This systematic review synthesizes 20 studies (2021-2025) using PRISMA to examine ESG disclosure's impact on firm value. It finds overall positive effects via reduced information asymmetry, enhanced reputation, and lower capital costs, with stronger effects in emerging markets and governance dimensions. Moderating factors include firm size and growth.

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開示が始まり、ESG情報の戦略的開示が企業価値向上に寄与する可能性を示す。本レビューは、有報や統合報告書での開示品質向上の根拠を提供し、投資家対応や資本コスト低減に資する。

In the global GX context

This review provides a comprehensive synthesis of ESG disclosure effects, relevant to global frameworks like ISSB and CSRD. It highlights conditions under which disclosure enhances firm value, offering evidence for companies and policymakers designing disclosure regulations.

👥 読者別の含意

🔬研究者:Provides a structured overview of the ESG-firm value literature, identifying mediators and moderators for future research.

🏢実務担当者:Supports business case for high-quality ESG disclosure, especially in emerging markets and governance practices.

🏛政策担当者:Informs disclosure regulation design by showing positive value effects and contextual factors.

📄 Abstract（原文）

This systematic literature review critically examines the theoretical frameworks and empirical evidence linking Environmental, Social, and Governance (ESG) factors to corporate value by analyzing 20 articles that underwent title and abstract screening, followed by a narrative synthesis using thematic analysis. studies published between 2021 and 2025. Using a PRISMA-based methodology, this review identifies patterns of positive impacts, variations in results, and mediating and moderating factors affecting firm value. The synthesis results indicate that ESG disclosure tends to have a positive impact on firm value, as measured by Tobin’s Q, the market-to-book ratio, or market capitalization. This increase occurs primarily through reduced information asymmetry, enhanced reputation, and lower capital costs. Positive effects are more consistently observed in firms in emerging markets and within the governance dimension. Some studies have found a negative or insignificant relationship, particularly in the short term or in developed markets. Factors that strengthen this relationship include company size, sales growth, and competitive advantage. Meanwhile, mediators such as profitability and organizational visibility also play a role. High-quality ESG disclosures support long-term value creation when integrated with business strategy in a balanced manner. These findings provide a basis for companies to enhance the transparency of their ESG reporting to strengthen corporate value.

🔗 Provenance — このレコードを発見したソース

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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。