Sustainability governance and CEO compensation in MENA firms
MENA地域企業におけるサステナビリティガバナンスとCEO報酬 (AI 翻訳)
Amor Ayed
🤖 gxceed AI 要約
日本語
本研究は、MENA地域の上場企業を対象に、サステナビリティ委員会の質と外部保証の質がCEO報酬に及ぼす影響を分析。取締役会のジェンダー多様性がその関係を弱める一方、CEOの取締役会所属は有意な調整効果を持たないことを発見。ESGとCO2パフォーマンスの改善がガバナンス構造と報酬の間を部分的に媒介する。
English
This study analyzes the impact of sustainability committee quality and external assurance quality on CEO compensation in listed firms across 13 MENA countries. It finds that board gender diversity weakens the positive effect of committee quality on pay, while CEO board membership shows no significant moderation. ESG and CO2 performance partially mediate the governance-compensation link.
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開示や統合報告書への対応が進む中、CEO報酬とサステナビリティ目標の連携が注目されている。本論文は、規制執行が限定的な地域のデータを提供し、日本企業のガバナンス設計に示唆を与える可能性がある。
In the global GX context
Globally, aligning executive compensation with ESG performance is a growing trend. This paper provides evidence from the MENA region, an understudied context, showing that robust sustainability governance (committees and assurance) correlates with higher CEO pay, moderated by board gender diversity. It offers insights for global firms operating in diverse governance environments.
👥 読者別の含意
🔬研究者:Empirical evidence on the governance-compensation link with a focus on sustainability committees and assurance.
🏢実務担当者:Boards can use the findings to design CEO compensation tied to sustainability metrics, considering gender diversity.
🏛政策担当者:Insights on how limited regulatory enforcement shapes the effectiveness of governance mechanisms in aligning pay with sustainability.
📄 Abstract（原文）
Type of the article: Research ArticleAbstractThis study examines whether CEOs receive higher compensation when their firms establish high-quality sustainability committees and obtain independent third-party assurance of their sustainability reports, and whether board gender diversity and CEO board membership moderate these relationships. The empirical dataset comprises publicly listed firms from 13 countries in the MENA region. It includes 2,183 firm-year observations drawn from 486 firms over the 2014–2023 period. The data were primarily obtained from the Refinitiv database and analyzed using panel regression models with firm and year-fixed effects. The results reveal that both sustainability committee quality and external assurance quality are positively associated with CEO compensation (r = 0.17, p < 0.05; r = 0.05, p < 0.05), supporting the signaling and stakeholder theories by emphasizing how robust ESG governance conveys legitimacy and aligns executive incentives with sustainable value creation. Board gender diversity weakened the positive effect of sustainability committee quality on pay (interaction β = –0.00, p < 0.01), suggesting stronger oversight and reduced symbolic ESG use. Conversely, CEO board membership shows no significant moderating effect, indicating limited influence in this context. Additional analyses confirm the robustness of these relationships and reveal that improvements in ESG and CO₂ performance partially mediate the link between governance structure and executive remuneration. This study offers practical insights for policymakers and boards aiming to align CEO compensation with sustainability objectives in contexts with limited regulatory enforcement.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/23711/PPM_2026_01_Ayed.pdffirst seen 2026-07-16 06:05:20
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