Aug 2026· Advances in Economics, Management and Political Sciences· Vol 290, pp. 189-195· 1 citation
Abstract
In recent decades, with the global trend of improving ESG regulatory rules and expanding mandatory disclosure for listed firms, the value effect of ESG information disclosure has remained controversial in academia. Accordingly, it is necessary to review relevant literature to sort conflicting findings and clarify the actual economic impact of ESG disclosure. Focusing on the relationship between ESG information disclosure and corporate value, this paper reviews empirical studies conducted across different countries and institutional contexts. The reviewed literature is categorized into three results: positive relationship, negative relationship, and insignificant relationship. Conflicting conclusions are caused by diverse measurement indicators, sample features, inconsistent rating criteria, and institutional gaps. Three major influencing channels, including information asymmetry relief, stakeholder collaboration, and innovation promotion, are summarized, and obvious heterogeneity exists in firm ownership, region, and pollution type. Empirically, this paper points out existing research defects and proposes specific suggestions for future detailed empirical and cross-country research.
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.
Dinar Ayu Lestari, Dewi Susilowati· The International Conference...· 0 citations
Extensive research on environmental, social, and governance (ESG) issues has been conducted, while established economies have implemented implications for emerging markets, which have largely been ignored and require more attention. The main objective of this study is to view the impact of ESG and corporate governance disclosure on corporate decision-making in the developing world, in addition to analyzing the current state of ESG reporting and its effect on corporate governance, performance, and investor behavior to illustrate its pluses and minuses when applied in different sectors. To achieve the study objectives, a lot of relevant literature was collected and reviewed; especially articles from 2015 to 2025 were searched by researchers in numerous academic databases, such as Scopus, Web of Science, and Google Scholar. The study findings revealed that emerging-market companies place ever-larger importance on ESG disclosures when making decisions. Present challenges in ESG reporting include a variety of reporting standards issued by many different organizations, low regulatory compliance requirements, and a lack of specialized research into this account. It also revealed that good ESG reporting enhances financial performance and investor behavior through long-term sustainability and risk reduction. The research paper suggested additional research to examine the processes and strategies of family firms in disclosing ESG and to evaluate the benefits of ESG disclosures in achieving social development objectives in the developing world
AbdulRhaman Saleh Bu Bshait, Aza Azlina Md Kassim· International journal of com...· 0 citations
This study investigates how ESG disclosure, green investment, and board gender diversity influence corporate reputation within Indonesia's manufacturing industry. The research draws on secondary data sourced from the annual and sustainability reports of companies listed on the Indonesia Stock Exchange between 2018 and 2024. A sample of 68 companies yielding 476 total observations was analyzed using binary logistic regression with the Maximum Likelihood approach, processed through EViews 12.The findings reveal that ESG disclosure and board gender diversity both positively and significantly affect corporate reputation, indicating that greater ESG transparency and a more gender-inclusive boardroom improve how stakeholders perceive a company. Green Investment, however, showed no significant impact on reputation — a result that may stem from insufficient disclosure, delayed outcomes, and inconsistent practices among companies. The study concludes that to build a stronger corporate reputation, companies should prioritize improving the quality of their ESG disclosure and adopt more inclusive governance structures.
M. Razaq, Lela Nurlaela Wati· Jurnal Ragam Pengabdian· 0 citations
Over the past few years, the need for disclosing non-financial information has increased significantly, particularly regarding Environmental, Social, and Governance (ESG) aspects, as investors increasingly seek transparency in corporate practices beyond conventional financial reporting. This study aimed to analyze the relationship between ESG principles and corporate value, with an emphasis on how effective ESG implementation can enhance long-term value creation and sustainability. The research employed a Systematic Literature Review (SLR) approach, which involved identifying, evaluating, and synthesizing relevant evidence related to the research topic. A total of 30 selected articles were synthesized from an initial screening of 92 eligible articles based on predefined inclusion criteria. The findings, presented through a classification matrix, revealed that the impact of ESG disclosure on corporate value remained inconsistent across studies. These variations were influenced by regional contexts—for example, positive governance effects were more evident in Indonesia, varied across studies in Thailand, and remained significant in China even after the COVID-19 pandemic—as well as industry characteristics and external economic conditions, such as financial crises and macroeconomic uncertainty. Although the findings differed, the impact of ESG disclosure that was weak or insignificant in isolation was often strengthened when moderated by factors such as competitive advantage, governance mechanisms, and financing constraints. This study concluded that ESG disclosure alone was not sufficient to drive corporate value; instead, companies needed to integrate ESG practices with strategic advantages to achieve optimal outcomes. Future research is recommended to expand regional coverage and include broader industry sectors to generate more generalizable and comparable findings across different markets.Over the past few years, the need for disclosing non-financial information has increased significantly, particularly regarding Environmental, Social, and Governance (ESG) aspects, as investors increasingly seek transparency in corporate practices beyond conventional financial reporting. This study aimed to analyze the relationship between ESG principles and corporate value, with an emphasis on how effective ESG implementation can enhance long-term value creation and sustainability. The research employed a Systematic Literature Review (SLR) approach, which involved identifying, evaluating, and synthesizing relevant evidence related to the research topic. A total of 30 selected articles were synthesized from an initial screening of 92 eligible articles based on predefined inclusion criteria. The findings, presented through a classification matrix, revealed that the impact of ESG disclosure on corporate value remained inconsistent across studies. These variations were influenced by regional contexts—for example, positive governance effects were more evident in Indonesia, varied across studies in Thailand, and remained significant in China even after the COVID-19 pandemic—as well as industry characteristics and external economic conditions, such as financial crises and macroeconomic uncertainty. Although the findings differed, the impact of ESG disclosure that was weak or insignificant in isolation was often strengthened when moderated by factors such as competitive advantage, governance mechanisms, and financing constraints. This study concluded that ESG disclosure alone was not sufficient to drive corporate value; instead, companies needed to integrate ESG practices with strategic advantages to achieve optimal outcomes. Future research is recommended to expand regional coverage and include broader industry sectors to generate more generalizable and comparable findings across different markets.
Kevindra Adityananda Galih Prakasa, S. Hadi, Andik Wijayanto· Journal of social research· 0 citations
As corporate misconduct remains a persistent governance challenge, growing attention has been paid to whether ESG practices can effectively restrain such behavior. This study investigates how ESG disclosure affects corporate misconduct and further analyzes the mediating effect of financing constraints as well as the moderating role of audit quality. Using panel data from Chinese A-share listed companies between 2014 and 2023, the results show that ESG disclosure can significantly curb corporate misconduct through the reduction of financing constraints. In addition, the restraining effect of ESG disclosure on corporate misconduct becomes stronger among firms with better audit quality. These findings enhance the understanding of ESG disclosure as a preventive governance mechanism and offer valuable policy implications for strengthening corporate governance and advancing sustainable development in emerging economies.
Jie Chen, Mui Yee Cheok, Li-Li Li et al.· Managing Sustainable Develop...· 0 citations
Environmental, social, and governance (ESG) disclosure is attracting the attention of standard setters, regulatory bodies, academics, and practitioners. This interest stems from the evolution of ESG disclosure standards—notably, the new sustainability standards developed by the International Sustainability Standards Board. While considering the opportunities that these new standards offer for future research, this study sheds light on the roles of the key corporate governance pillars involved in the ESG disclosure process, as documented in previous research. A content analysis of 181 articles published between 2009 and 2024 focuses on the roles of three main pillars in ESG disclosure: management, audit committees, and external auditors. Our analysis shows that the role of management stands out most, whereas research remains limited on the roles of the audit committee and external auditors. Our results highlight the roles of these corporate governance pillars in the ESG disclosure process and point to future research opportunities. Our study also notes a growing interest in ESG disclosure research and calls on practitioners and policymakers to strengthen corporate governance mechanisms, while encouraging the adoption of the new ESG disclosure standards.