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Impact of Financial Performance and Corporate Governance on ESG Disclosure: Evidence from Saudi Arabia

財務業績とコーポレートガバナンスがESG開示に与える影響：サウジアラビアからの証拠 (AI 翻訳)

Mona Basali

Sustainabilityプレプリント2025-09-21#ESG
DOI: 10.3390/su17188473
原典: https://doi.org/10.3390/su17188473

🤖 gxceed AI 要約

日本語

本研究は、サウジアラビアの非金融上場企業を対象に、財務業績（ROA）と取締役会の規模がESG開示に与える影響を分析。2009～2023年の260社年データを用いた回帰分析の結果、取締役会の規模はESG開示と負の相関を示し、ROAは頑健性テストで負の相関が確認された。サウジ・ビジョン2030とタダウルの2021年ESG報告改革後の初の実証研究であり、新興市場におけるガバナンスの役割を強調する。

English

This study examines the impact of financial performance (ROA) and board size on ESG disclosure in Saudi Arabia, using 260 firm-year observations from 2009 to 2023. Regression results show board size has a negative and significant relationship with ESG disclosure, while ROA shows a negative correlation in robustness tests. It is the first empirical study post-Tadawul's 2021 ESG guidelines and Saudi Vision 2030, highlighting governance dynamics in emerging 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

サウジアラビアのESG開示制度（タダウル2021年ガイドライン）とビジョン2030に基づく実証研究。日本ではSSBJや有報でのESG情報開示が進む中、新興国におけるガバナンスと開示の関係性を理解する参考となる。ただし、日本企業への直接的な示唆は限定的。

In the global GX context

This paper provides empirical evidence on ESG disclosure determinants in an emerging market undergoing institutional reform (Saudi Vision 2030). It contributes to the global literature on corporate governance and ESG, particularly relevant for countries implementing mandatory ESG reporting. The findings on board size and profitability offer insights for policymakers and regulators designing disclosure frameworks.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG disclosure determinants in a Gulf emerging market, contributing to the literature on governance and ESG in non-Western contexts.

🏢実務担当者:Highlights the importance of board composition and governance mechanisms for ESG disclosure, suggesting practical recommendations like ESG committees and executive compensation links.

🏛政策担当者:Offers insights for regulators in emerging economies designing ESG disclosure mandates, emphasizing the need for sector-specific standards and governance reforms.

📄 Abstract（原文）

This study investigates the impact of financial performance and corporate governance mechanisms on environmental, social, and governance (ESG) disclosure in Saudi Arabia, a country undergoing significant institutional transformation under Saudi Vision 2030 and Tadawul’s 2021 ESG reporting reforms. While ESG research has gained traction globally, studies in emerging economies, particularly in the Gulf region, remain limited. This paper addresses this gap by examining whether profitability, measured by return on assets (ROA), and board size influence ESG disclosure. This study analyzes 260 firm-year observations of Saudi non-financial listed companies from 2009 to 2023. Using multiple regression analysis, including ordinary least squares (OLS), fixed effects (FE), and generalized method of moments (GMM), the analysis controls for endogeneity and ensures robust results. Findings indicate that board size had a negative and statistically significant relationship with ESG disclosure. The robustness tests confirm the inverse relationship between board size and ESG. ROA showed no correlation with ESG disclosure in the main findings; however, robustness tests revealed a negative and significant correlation. This study is the first to explore these impacts post Tadawul’s 2021 ESG guidelines. It also offers novel insights into ESG practices aligned with Saudi Vision 2030. This study contributes to the literature by situating ESG disclosure within the Saudi context, highlighting the unique role of governance dynamics in shaping sustainability practices in emerging markets. The results carry practical implications for policymakers, regulators, and corporate boards by recommending stronger governance frameworks, such as board-level ESG committees, executive compensation linked to ESG, and sector-specific disclosure standards.

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