Russia's politically motivated foreign ownership and its impact on sustainability disclosure
Erekle Pirveli, T. Uman, V. Partsvaniya
🤖 gxceed AI 要約
日本語
ジョージアの上場企業を対象に、ロシアの外国所有が持続可能性開示に与える影響を分析。CSRD/ESRS基準を用いた開示スコアを構築し、ロシア所有企業は特に社会的・ガバナンス開示を抑制することを実証。環境開示は業種規制のため影響が少ない。
English
Analyzes how politically motivated Russian foreign ownership affects sustainability disclosure in Georgia, using CSRD/ESRS benchmarks. Russian-owned firms disclose less, especially on social and governance dimensions, while environmental disclosure is less affected due to sector regulations. Challenges the assumption that foreign ownership uniformly improves transparency.
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
日本のGX文脈では直接関係しないが、外資系企業の開示行動を政治的要因で分析する視点は、日本企業の海外子会社開示や地政学リスク管理に示唆を与える。
In the global GX context
Challenges the global assumption that foreign ownership uniformly enhances sustainability disclosure. Highlights the need for regulators to consider political motivations behind ownership, relevant for emerging markets and cross-border investment contexts.
👥 読者別の含意
🔬研究者:Provides empirical evidence that politically motivated ownership can undermine disclosure, opening avenues for further research on ownership structures and transparency.
🏢実務担当者:Sustainability teams should assess ownership influence on disclosure quality, especially in geopolitically sensitive regions.
🏛政策担当者:Regulators should scrutinize non-Western foreign ownership effects on disclosure and consider tailored reporting requirements.
📄 Abstract（原文）
This study aims to investigate how politically motivated Russian foreign ownership influences corporate sustainability disclosure in Georgia, an emerging economy marked by geopolitical vulnerability and a high concentration of foreign capital in strategic sectors. We compiled a hand-collected dataset of 300 firm-year observations for 51 publicly traded entities admitted to Georgia's capital market between 2018 and 2023. Using the EU's Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) as conceptual benchmarks, we constructed firm-level sustainability disclosure scores. The analysis applies ordinary least squares regressions with controls for corporate governance, financial and disclosure-related characteristics, and incorporates sector and year fixed effects. Russian-owned entities disclose significantly less sustainability information, particularly in the social and governance dimensions, while environmental disclosures appear less affected due to sector-specific regulations. These firms exhibit selective reporting behavior that favors discretion over accountability. The negative effect is unique to Russian ownership and is not observed among other foreign-owned firms. This study conceptualizes and empirically validates politically motivated foreign ownership as a distinct form of foreign control that can undermine sustainability disclosure. The findings challenge the assumption that foreign ownership uniformly promotes transparency, particularly in strategically important sectors. The results carry important implications for regulators in emerging markets seeking to strengthen sustainability reporting and governance standards for firms owned by politically driven, non-Western investors.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/jaee-04-2025-0184first seen 2026-05-15 18:02:50
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