Validated Signalling: How Ownership Structure Enhances ESG Disclosure Credibility in an Emerging Market
検証されたシグナリング：新興市場における所有構造がESG開示の信頼性を高める方法 (AI 翻訳)
Ajab Khan, Alhashmi Aboubaker Lasyoud, Mariam Abbas
🤖 gxceed AI 要約
日本語
本論文は、トルコ上場企業を対象に、所有構造（企業グループ、機関投資家、家族保有）がESG開示の評価関連性と信頼性に与える影響を分析。2014-2024年のパネルデータを用いて、企業グループと機関投資家の所有はESG-評価関係を強化し情報非対称性を低減する一方、家族保有の効果は弱いことを発見。トルコのESG報告制度の進展とともに効果が強まる。所有構造が新興市場での信頼性向上に寄与することを示唆。
English
This paper examines how different ownership types (business groups, institutional blockholders, family blockholders) affect ESG disclosure credibility and valuation relevance using a panel of 84 Turkish firms (2014-2024). Results show that business group and institutional ownership strengthen the ESG-valuation link and reduce information asymmetry (narrower bid-ask spreads, lower illiquidity, lower cost of equity), while family ownership has weaker effects. These effects amplify as Turkey's ESG regime evolved from voluntary to harmonized reporting, highlighting ownership as a credibility cue in concentrated ownership markets.
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
日本でも所有構造が集中する企業が多く、本稿の知見はESG開示の信頼性評価に示唆を与える。特にSSBJ導入後、所有構造によるシグナリング効果の違いは投資家にとって重要となる可能性がある。
In the global GX context
This paper contributes to global ESG disclosure scholarship by demonstrating that ownership structure can serve as a credibility mechanism in concentrated ownership environments, complementing formal verification under TCFD/ISSB frameworks. It offers empirical evidence from an emerging market that enriches the understanding of how governance factors influence disclosure effectiveness.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the moderating role of ownership structure in ESG-valuation relationships using panel GMM and robustness checks, useful for corporate governance and disclosure research.
🏢実務担当者:Highlights how different shareholder types interpret ESG disclosure, informing stakeholder engagement and reporting strategies for companies with concentrated ownership.
🏛政策担当者:Suggests that ownership characteristics can substitute for formal verification in disclosure credibility, relevant for designing ESG reporting regulations in emerging markets.
📄 Abstract（原文）
ABSTRACT While signalling theory predicts that ESG disclosure reduces information asymmetry and supports forward‐looking firm valuation, this relationship remains contested in emerging markets with concentrated ownership. Using a panel of 84 Turkish listed firms over 2014–2024 (924 firm‐years) and two‐step system GMM, we examine whether business groups, institutional blockholders and family blockholders differ in how strongly they condition the ESG–valuation relationship. Results indicate that ownership types differentially condition the valuation relevance of ESG disclosure. The estimated interaction effects are largest for business group affiliation (β = 0.438), followed by institutional blockholders (β = 0.325) and family blockholders (β = 0.193), consistent with differences in governance capacity. Business group and institutional blockholder validation is associated with reduced information asymmetry through narrower bid‐ask spreads, lower stock illiquidity and lower cost of equity, while family blockholders show no significant asymmetry effects. Ownership moderation strengthens 79%–171% as Turkey's ESG regime evolved from voluntary to harmonised reporting, consistent with institutional complementarity. Robustness checks using Heckman selection, IV‐2SLS, Driscoll–Kraay inference and a 2018‐crisis placebo support these patterns. Ownership characteristics may serve as a supplementary credibility cue for ESG disclosure in concentrated‐ownership environments where formal verification mechanisms remain underdeveloped.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1002/bse.71260first seen 2026-07-08 06:57:42
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