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February 12, 2026International Journal of Managerial Finance3 citations

Impact of ESG Reporting Quality on Investment and Debt Financing in Emerging Markets

ESG reporting quality and its impact on investment and debt financing decisions: evidence from emerging market firms

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Authors

PKPathompong KookkaewNPNeungruthai PetcharatPSPitan Sanpakdee

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Overview

This quantitative study finds that high-quality ESG reporting lowers debt costs and enhances investment efficiency in firms, indicating significant financial implications.

Key Points

  • The study aims to determine how ESG reporting quality affects debt financing costs and investment decisions in emerging market firms.
  • Quantitative analysis using panel data from 609 firm-year observations on the Thai Stock Exchange (2019-2023)
  • Least Squares Dummy Variable regression for main analysis
  • Generalized method of moments for robustness checks
  • High-quality ESG reports are positively associated with lower costs of debt financing.
  • ESG reporting quality enhances the relationship between lower debt costs and investment efficiency.
  • High-quality ESG disclosures reduce instances of overinvestment and underinvestment in firms.

Cite This Study

Kookkaew et al. (2026) studied this question.

synapsesocial.com/papers/698d6ebb5be6419ac0d547e3https://doi.org/10.1108/ijmf-06-2025-0327
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