https://digital.lib.ueh.edu.vn/handle/UEH/76602 Thu, 09 Apr 2026 23:06:50 GMT 2026-04-09T23:06:50Z https://digital.lib.ueh.edu.vn/handle/UEH/76900 Title: The compounding effect of mandatory GHG emissions disclosure and voluntary ESG disclosure on firm value in Korea Author(s): Sangil Kim; Kimin Kim Abstract: Purpose: This study attempts to examine the effect of greenhouse gas (GHG) emissions disclosure and its compounding effect with environmental, social, and governance (ESG) disclosure on firm value in Korea. This study focuses on the unique institutional setting in Korea that implements mandatory GHG emissions disclosure and voluntary ESG disclosure. Design/methodology/approach: Using a dataset comprising 25,968 firm-year observations from publicly listed Korean firms from 2000 to 2021, we applied an ordinary least squares (OLS) regression model to test hypotheses. Findings: The results show that, in a voluntary disclosure regime, ESG disclosure has a positive impact, whereas in a mandatory disclosure regime, GHG emissions disclosure has a negative impact on firm value. The results also indicate that when a firm discloses both its GHG emissions and ESG performance information, the voluntary disclosure of ESG information synergistically mitigates the adverse effects of mandatory disclosure of GHG emissions information. This synergy contributes significantly to enhancing the firm’s overall value. The findings indicate that a firm can enhance its value by proactively disclosing ESG information, especially when it is compulsorily required to report GHG emissions data. Originality/value: This study investigated the effect of corporate non-financial disclosure on firm value by shedding light on the differential attributes between voluntary and mandatory disclosures and between quantitative and qualitative information. Mon, 01 Jan 2024 00:00:00 GMT https://digital.lib.ueh.edu.vn/handle/UEH/76900 2024-01-01T00:00:00Z https://digital.lib.ueh.edu.vn/handle/UEH/76901 Title: Government environmental attention and enterprise greenwashing behavior: evidence from China Author(s): Xiaoyu Zheng; Wenzhen Li Abstract: Purpose: This study investigates whether Chinese local governments’ environmental attention can mitigate corporate “greenwashing”, focusing on the extent of environmental content in annual government work reports as indicative of government environmental attention. This study aims to determine whether enterprises respond to changes in local governmental attention by improving the quality of their environmental information disclosures. Design/methodology/approach: Data from China’s A-share listed companies spanning 2013–2021 were sourced from the CSMAR database and company annual reports. Environmental attention data were manually gathered from local government work reports published on official local government websites by using text analysis methods. These datasets were analyzed empirically to assess the impact of local governments’ environmental attention on corporate greenwashing behavior. Findings: Results show that increased governmental environmental attention significantly reduces corporate greenwashing behavior by alleviating corporate financing constraints, enhancing independent engagement in environmental initiatives and bolstering stakeholder oversight. Moreover, heterogeneity analysis indicates that the influence of government environmental concerns is pronounced in non-state-owned enterprises, firms with subpar audit quality and those exhibiting myopic management tendencies. Originality/value: This study enriches the existing literature on the government–business nexus. It also introduces methodological innovations by employing a lexical analysis of environmental themes in local government work reports instead of using typical event study approaches. Furthermore, it uses a mediating effect model to identify the mechanisms through which government environmental attention influences corporate greenwashing, namely, government subsidies, corporate environmental initiatives and external stakeholder oversight. Mon, 01 Jan 2024 00:00:00 GMT https://digital.lib.ueh.edu.vn/handle/UEH/76901 2024-01-01T00:00:00Z https://digital.lib.ueh.edu.vn/handle/UEH/76898 Title: Austrian FDI in Asian economies: Does knowledge capital matter? Author(s): Dewa Gede Sidan Raeskyesa Abstract: Purpose: While Austrian foreign direct investment (FDI) in Asian economies experiences a rising trend, the following question arises: Why does Austria invest more in certain economies over others? This study intends to assess the factors that drive Austrian investment in Asian economies. Design/methodology/approach: Based on the ownership, location and internalization framework and the knowledge capital approach, this study hypothesizes that knowledge capital significantly attracts FDI from Austria. Meanwhile, this study applies the panel-corrected standard error method to analyze data for 11 Asian economies from 1990 to 2022. Findings: After considering endogeneity, the results show a positive and significant correlation between expenditure in research and development per gross domestic product (GDP) in the host economies and FDI inflow from Austria. In addition, the study reveals that factors such as market size, trade openness and natural resources in the host economies significantly influence Austria’s FDI, which indicates that Austrian investors fall into the three main FDI typologies: market-seeking, resources-seeking and efficiency-seeking. Originality/value: This study fills the literature gap by becoming the first to analyze the determinants of Austrian FDI in Asian economies, thus enriching our understanding of Austria’s global investment pattern. Mon, 01 Jan 2024 00:00:00 GMT https://digital.lib.ueh.edu.vn/handle/UEH/76898 2024-01-01T00:00:00Z https://digital.lib.ueh.edu.vn/handle/UEH/76899 Title: The dynamic relationship between ASEAN+6 exchange rates and stock markets: application of the ARDL model Author(s): Surachai Chancharat; Suthasinee Suwannapak Abstract: Purpose: This study investigates the short- and long-run relationship between stock prices and exchange rates in the Association of Southeast Asian Nations (ASEAN)+6 markets. In the short run, support is found for both the theory of a goods market where exchange rates influence stock returns and portfolio balance theory, where stock returns influence exchange rates. Design/methodology/approach: The co-integration approach of linear and nonlinear augmented autoregressive distributed lag (ARDL) models was applied to daily data from 2 January 2017 to 30 June 2023. Findings: The findings provide evidence that the goods market theory is supported solely in Indonesia and Singapore, while the portfolio balance theory is supported for Australia, China, India and Malaysia. Practical implications: Policymakers and investors should seriously consider the importance of the study findings. The results show that all ASEAN+6 countries experience a short-term interaction between the two markets. This illustrates that exchange rates and stock price movements play vital roles in other markets. Stakeholders, particularly policymakers, should be aware of this critical relationship. Originality/value: This is the first study to dynamically examine how the ASEAN+6 framework influences currency rates and stock markets. Mon, 01 Jan 2024 00:00:00 GMT https://digital.lib.ueh.edu.vn/handle/UEH/76899 2024-01-01T00:00:00Z