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Unveiling the Drivers of Corporate Success: Financial and Strategic Insights From Saudi Arabia's Leading Non‐Financial Companies

企業成功の原動力の解明：サウジアラビアの主要非金融企業からの財務・戦略的洞察 (AI 翻訳)

Mahfoudh Hussein Mgammal, T. Alruwaili

Corporate Social Responsibility and Environmental Management📚 査読済 / ジャーナル2026-06-03#ESG対象セクター: cross_sector
DOI: 10.1002/csr.70723
原典: https://doi.org/10.1002/csr.70723

🤖 gxceed AI 要約

日本語

サウジアラビアのVision 2030改革期における企業収益性の決定要因を、伝統的な資本構成とESG、R&D、デジタル化、取締役会の多様性などの戦略的要因の相互作用として分析。固定効果パネル回帰を用い、R&Dが最も強い正の要因である一方、ESGとデジタル化は直接効果を持たず、R&Dとガバナンスの調整役として機能することを示す。

English

This study examines how capital structure and strategic drivers (ESG, R&D, digitalization, board diversity) affect profitability in Saudi Arabia during Vision 2030. Using fixed-effects panel regression on 2067 firm-year observations (2018-2024), it finds R&D is the strongest positive driver, while ESG and digitalization act as moderators rather than direct contributors.

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

日本企業にとって、ESGとR&Dの相互作用が収益性に与える影響は、SSBJ開示や統合報告書での非財務情報活用の参考になる。ただし、サウジアラビア特有の文脈であり、日本への直接適用には注意が必要。

In the global GX context

This paper contributes to global ESG scholarship by showing that ESG performance may not directly drive profitability but can amplify other strategic factors. It offers insights for emerging markets undergoing institutional transformation, relevant to ISSB and CSRD contexts where ESG integration is a key theme.

👥 読者別の含意

🔬研究者:Provides evidence on ESG as a moderator in emerging markets, useful for comparative studies.

🏢実務担当者:Suggests that ESG investments should be coupled with R&D and governance to enhance profitability.

🏛政策担当者:Highlights the role of national reform agendas in shaping corporate ESG and innovation outcomes.

📄 Abstract（原文）

We investigate how traditional capital structure choices interact with emerging strategic drivers—ESG performance, R&D intensity, digitalization, and board gender diversity—to shape firm profitability in Saudi Arabia during the Vision 2030 reform era. Using a fixed‐effects panel regression model on 2067 firm‐year observations (2018–2024), we find that traditional leverage metrics show no consistent direct impact on profitability, whereas R&D intensity emerges as the strongest positive determinant. ESG and digital transformation do not influence financial performance directly but enhance the effect of R&D and governance factors when treated as moderators. We contribute by integrating corporate finance and strategic management theories under the dynamic capabilities lens, highlighting the contingent role of institutional transformation in emerging economies, and offering a robust, multi‐dimensional framework for strategic investment decision‐making in transitional markets. These findings provide actionable implications for firms and policymakers working toward sustainable, innovation‐led growth under reform agendas like Vision 2030.

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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。