The Stock Market Reaction to Public Bank ESG Disclosure: An Empirical Examination Across Asian Economies

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DOI: https://doi.org/10.28924/2291-8639-24-2026-210
Published: Jul 6, 2026
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Ngan Bich Nguyen, Duy Tung Duong, Hoang An Do, Thi Ha Phuong Ngo, Khanh Vi Nguyen, The Stock Market Reaction to Public Bank ESG Disclosure: An Empirical Examination Across Asian Economies, Int. J. Anal. Appl., 24 (2026), 210.

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Ngan Bich Nguyen, Duy Tung Duong, Hoang An Do, Thi Ha Phuong Ngo, Khanh Vi Nguyen

Abstract

This study investigates the stock market's reaction to ESG information across 44 banks in 6 major Asian economies using an event-based research methodology, thereby supplementing the still-lacking evidence on ESG information valuation in different institutional and legal environments. In the study, market reaction was recorded using the cumulative mean abnormal return (CAAR), with statistical significance assessed through paired t-tests and non-parametric durability tests. The study's findings indicate that markets react differently to events; specifically, the negative reactions of the Chinese, Indonesian, and Malaysian markets are due to investor scepticism or weak signal effects in these markets. Taiwan, however, showed the opposite result, with investors valuing ESG transparency due to its stronger regulatory enforcement and higher ESG maturity. No significant market reaction was observed in Japan and India. The study indicates that the impact of ESG disclosure on firm value depends on institutional quality, regulatory credibility, and investor sophistication. This result expands the body of ESG data in the Asian banking industry and suggests policies to improve disclosure effectiveness.

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