ESG Disclosure and Financial Analysts’ Accuracy in Saudi Arabia: The Moderating Role of the 2021 ESG Guidelines
サウジアラビアにおけるESG開示と金融アナリストの予測精度：2021年ESGガイドラインの調整効果 (AI 翻訳)
Taoufik Elkemali
🤖 gxceed AI 要約
日本語
本研究は、サウジアラビア市場におけるESG開示とアナリストの利益予測精度の関係を分析。2021年に導入されたESGガイドラインが開示の一貫性を高め、予測精度向上に寄与したことを示す。パネルデータ分析の結果、ESG開示の増加は予測誤差を減少させ、ガイドライン導入後その効果が強まった。
English
This study investigates the impact of ESG disclosure on financial analysts' forecast accuracy in Saudi Arabia, focusing on the 2021 ESG guidelines introduced by Tadawul. Using panel data from 2017-2024, it finds that higher ESG disclosure reduces forecast errors, and the relationship strengthens after guideline implementation, highlighting the informational value of ESG reporting 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
日本ではSSBJ基準の策定が進むが、本結果はESG開示が市場の情報環境を改善する実証的根拠を提供。日本の企業や規制当局にとって、開示の質がアナリスト予測に与える影響を考察する参考となる。
In the global GX context
This paper provides empirical evidence from an emerging market on how mandated ESG disclosure improves capital market information asymmetry. It supports global efforts like ISSB and CSRD that aim to standardize sustainability reporting for better financial analysis.
👥 読者別の含意
🔬研究者:This study contributes to the literature on ESG disclosure and analyst forecast accuracy, offering evidence from an emerging market with a quasi-natural experiment from guideline introduction.
🏢実務担当者:Corporate sustainability teams can use these findings to argue that transparent ESG disclosure can positively influence analyst perceptions and potentially lower cost of capital.
🏛政策担当者:Regulators can see that mandatory ESG guidelines enhance the quality of financial information, supporting the case for standardized disclosure mandates in emerging markets.
📄 Abstract（原文）
This study explores how environmental, social and governance (ESG) disclosure relates to analysts’ forecast accuracy in Saudi Arabia, focusing on the ESG disclosure guidelines introduced by the Saudi Stock Exchange (Tadawul) in 2021. It suggests that ESG disclosure enhances corporate transparency, decreases information asymmetry, and provides analysts with additional non-financial information that can improve the earnings forecast quality. Furthermore, the introduction of ESG guidelines is likely to enhance the consistency and reliability of sustainability reporting, thereby strengthening the informational environment of the capital market. Based on a sample of listed firms from 2017 to 2024 and employing panel regression techniques, including fixed-effects and two-step system generalized method of moments (GMM) estimations, the results indicate that a higher ESG disclosure is associated with lower analyst forecast errors, reflecting an improved forecast accuracy. The findings also reveal that the forecast accuracy increased following the ESG guidelines’ introduction and that the connection between ESG disclosure and analysts’ forecast accuracy became greater after the implementation of the guidelines. Our results demonstrate the informational value of ESG disclosure and suggest that ESG reporting initiatives can boost the quality of financial information in emerging markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/jrfm19040275first seen 2026-05-05 23:16:59
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