取締役会の独立性、所有構造とサステナビリティ報告：東アフリカ上場企業からの証拠
Board Independence, Ownership Structure and Sustainability Reporting: Evidence from East African Listed Firms (原題)
Rachael Wavinya Kiilu, Lucy Rono, Stephen Chelogoi
🤖 gxceed AI 要約
日本語
東アフリカ共同体4カ国（ケニア、タンザニア、ウガンダ、ルワンダ）の非金融上場企業51社・2015〜2024年の510企業年観測を対象に、所有構造とサステナビリティ報告の関係を取締役会独立性が調整するかを検証した。GRI準拠のE・S・経済開示指数を用いた変量効果パネル回帰の結果、取締役会独立性は単独で正の関連を示し（係数0.3240）、経営者・外国人・集中・機関投資家の4所有形態すべてとの交互作用も正で有意だった（R²=.5011）。所有と取締役会監督を同時に扱うことの重要性を示すが、観察データゆえ因果とは断定できない。
English
Using 510 firm-year observations from 51 non-financial listed firms across Kenya, Tanzania, Uganda and Rwanda (2015–2024), the study tests whether board independence moderates the link between ownership structure and sustainability reporting measured via a GRI-based E/S/economic disclosure index. Board independence was positively associated with disclosure (0.3240, p<.001), and all four ownership-by-independence interactions were positive and significant (R²=.5011). Results support examining ownership and board oversight jointly, though observational data limit causal claims.
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基準・有報サステナビリティ開示の実務設計が進む中、所有構造や取締役会構成が開示の質を左右するという示唆は、コーポレートガバナンス・コード対応や独立社外取締役の役割を考える上で参考になる。新興国市場の実証は日本企業の海外子会社・サプライチェーン開示の文脈でも示唆を持つ。
In the global GX context
Amid ISSB/CSRD-driven global disclosure mandates, this adds emerging-market evidence that governance structure—board independence interacting with ownership type—shapes disclosure extent, complementing TCFD/ISSB scholarship largely drawn from advanced economies. It informs regulators and investors on how ownership concentration and institutional/foreign ownership condition disclosure quality.
👥 読者別の含意
🔬研究者:所有構造と取締役会独立性の交互作用が開示に与える条件付き効果を、新興国パネルデータで示す実証例として参照できる。
🏢実務担当者:独立取締役の構成や主要株主・外国人株主の存在が自社のサステナビリティ開示の充実度に影響しうる点を、ガバナンス設計の参考にできる。
🏛政策担当者:開示規制の設計において、所有構造の集中度や機関投資家関与を踏まえたガバナンス要件の検討材料になる。
📄 Abstract（原文）
This study examined whether board independence moderated the association between ownership structure and sustainability reporting among non-financial listed firms in four East African Community capital markets. The analysis considered managerial ownership, foreign ownership, ownership concentration and institutional ownership. Problem: Prior research has reported inconsistent ownership–disclosure relationships and has often treated board independence as an isolated governance attribute rather than a condition shaping shareholder monitoring. Evidence simultaneously covering multiple ownership categories and East African markets remains limited. Methodology: The study applied a positivist, explanatory longitudinal design using publicly available corporate reports and websites for 51 listed firms in Kenya, Tanzania, Uganda and Rwanda between 2015 and 2024, producing 510 firm-year observations. Sustainability reporting was measured through an economic, environmental and social disclosure index based on Global Reporting Initiative principles. Random-effects panel regression incorporated ownership variables, board independence, firm size, leverage and four ownership-by-independence interactions. Findings: Board independence was positively associated with sustainability reporting in the model without interactions (reported coefficient = 0.3240, p < .001). All four interactions were positive in the final model: managerial ownership (0.2708, p = .010), foreign ownership (0.4549, p < .001), ownership concentration (0.5657, p < .001) and institutional ownership (0.1064, p = .002). The overall R² was .5011. These estimates show conditional associations, not proof that independent directors caused disclosure improvements. Conclusion: Board independence was a consistent positive moderator of the relationships between the four ownership categories and disclosure extent. The results highlight the value of examining ownership and board oversight jointly in governance research and offer evidence relevant to boards, investors and market regulators. Interpretation remains constrained by observational data, reporting-based measurement and unverified model specification details. Keywords: board independence; sustainability reporting; ownership structure; managerial ownership; foreign ownership; institutional ownership; East African Community
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.53819/81018102t70123first seen 2026-10-21 04:45:01
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