The differential effects of environmental, social, and governance disclosures on the cost of capital: Evidence from Jordanian industrial firms
環境・社会・ガバナンス開示が資本コストに与える差異的影響：ヨルダン産業企業の証拠 (AI 翻訳)
Mohammad Shubita, Moade Shubita, Mohammad Alqam, Duaa Shubita, Mohammad Saad
🤖 gxceed AI 要約
日本語
ヨルダンの上場産業企業31社のパネルデータを用い、ESG開示の各次元（環境・社会・ガバナンス）が加重平均資本コスト（WACC）に与える影響を分析。プール回帰や固定効果モデルを適用した結果、ESG開示は資本コストに統計的に有意な影響を与えていないことが示された。新興市場におけるESG情報の価値関連性の限界を示す実証研究。
English
Using panel data from 31 Jordanian industrial firms, this study examines the differential effects of environmental, social, and governance disclosures on the weighted average cost of capital (WACC). Results show no statistically significant relationship between any ESG disclosure dimension and WACC, suggesting that capital providers in emerging markets may not yet price ESG information. Contributes to sustainability and finance literature on market maturity and disclosure credibility.
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
日本ではSSBJ開示が始まり、ESG情報と資本コストの関連が注目されるが、本稿は新興市場の事例であり、日本市場への直接適用は限定的。ただし、開示の信頼性や市場の成熟度が資本コストへの反映に影響する点は、日本の投資家対応にも示唆を与える。
In the global GX context
This study provides evidence from an emerging market (Jordan) on the limited pricing relevance of ESG disclosures, contrasting with developed markets where ESG integration is more mature. It highlights the importance of disclosure credibility and market development for the effectiveness of ESG reporting frameworks like ISSB, offering a cautionary note for global standard-setters.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure and cost of capital in an emerging market, useful for comparative studies.
🏢実務担当者:Limited direct applicability, but highlights that ESG disclosure may not yet affect financing costs in some markets.
🏛政策担当者:Suggests that regulatory efforts to enhance ESG disclosure may need to consider market maturity and credibility.
📄 Abstract（原文）
Abstract This study investigates the difference in the costs of capital of industrial firms based on their environmental, social and governance disclosures in Jordan. The study examines the relationship between dimensions of ESG disclosure and the weighted average cost of capital using panel data of 31 industrial companies listed on Amman Stock Exchange (ASE) during 2018–2024. Environmental disclosure, social disclosure, and governance disclosure are analyzed independently, whereas the following control variables are included: firm size, leverage, profitability, and Tobin's Q. Empirical analysis is performed through pooled regression, year effects, firm and year fixed effects and Wald tests to determine if there are differential effects in magnitude of the three ESG dimensions. The results provide limited statistical evidence that ESG disclosure is reflected in the cost of capital. The composite ESG disclosure index does not appear to be materially correlated with the WACC; nor are the individual disclosure dimensions of environmental, social and governance. None of the dimensions of disclosure (environmental, social and governance) or the composite disclosure index are statistically significant across the main specifications. The Wald tests also indicate that there are no statistically significant differences among disclosure dimensions. The results indicate that the industrial sector capital providers in Jordan might not have fully embraced the ESG disclosure in financing cost decisions and clearly differentiate the three dimensions of ESG disclosure. The study is also a contribution to sustainability and finance literature by highlighting the market maturity, disclosure credibility and the evolving sustainability reporting practices in emerging markets and the pricing relevance thereof.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.21203/rs.3.rs-9747026/v1first seen 2026-08-04 04:47:29
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