Women Leadership Index and Corporate Cash Holdings: The Serial Mediation Role of ESG Assurance and ESG Performance
女性リーダーシップ指数と企業の現金保有：ESG保証とESGパフォーマンスの連続媒介役割 (AI 翻訳)
Saiful Anwar, D. Agustia, Wiwiek Dianawati
🤖 gxceed AI 要約
日本語
本研究は、女性リーダーシップ指数（WLI）が企業の現金保有に与える影響を、ESG保証とESGパフォーマンスの連続媒介効果を通じて検証した。アジア太平洋地域と欧州の非金融企業12,330社年を対象に分析。結果、WLIは現金保有に正の影響を与え、その経路としてESG保証の向上がESGパフォーマンスを高め、それが長期投資需要と不確実性への備えとして現金保有を増やすという連続媒介メカニズムが確認された。
English
This study examines the effect of the Women Leadership Index (WLI) on corporate cash holdings through the serial mediation of ESG assurance and ESG performance using 12,330 firm-year observations from Asia-Pacific and Europe. The findings show that WLI positively influences cash holdings, and this relationship is mediated by a chain: WLI enhances ESG assurance, which improves ESG performance, leading to higher cash holdings as a strategic buffer for long-term investments and uncertainty.
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
日本のコーポレートガバナンス改革（CGコードやスチュワードシップコード）では女性役員比率の向上とESG開示の充実が求められている。本研究は、ESG保証とパフォーマンスの連鎖が現金保有に影響することを示し、日本企業が取締役会の多様性とESG保証の質を高める実務的根拠を提供する。
In the global GX context
Globally, the study connects board diversity, ESG assurance, and corporate financial policy, relevant to ongoing discussions around ISSB assurance standards and ESG rating transparency. It highlights how robust ESG assurance can improve performance and influence cash management strategies, offering insights for firms navigating sustainability demands.
👥 読者別の含意
🔬研究者:This paper empirically uncovers the serial mediation mechanism linking female board representation to cash holdings via ESG assurance and performance, a novel contribution to governance and corporate finance literature.
🏢実務担当者:Firms can use these findings to justify higher cash reserves when improving board diversity and ESG assurance, aligning financial strategy with sustainability governance.
🏛政策担当者:Regulators may consider promoting ESG assurance standards alongside board diversity mandates to enhance transparency and sustainable risk management.
📄 Abstract（原文）
Corporate cash holding policies have become increasingly important as firms face heightened global uncertainty, growing sustainability demands, and greater transparency expectations. This study examines the effect of the Women Leadership Index (WLI) on corporate cash holdings through ESG assurance and ESG performance within a serial mediation framework. The analysis is based on 12,330 firm‐year observations from non‐financial companies across Asia‐Pacific and Europe. Empirically, the study employs a serial mediation approach using System GMM and Hayes' PROCESS Model 6, complemented by robustness tests and additional analyses. The findings reveal that WLI has a positive and significant effect on corporate cash holdings, suggesting that firms with higher‐quality female board representation tend to retain more cash as a strategic response to governance discipline and sustainability demands. Furthermore, this relationship operates through a serial mediation mechanism. WLI enhances ESG assurance as a monitoring function, strengthening transparency and credibility and, in turn, promoting higher ESG performance. Improved ESG performance subsequently increases long‐term investment needs and exposure to uncertainty, leading firms to hold more cash as a strategic buffer. These results indicate that high‐quality female leadership not only mitigates cash inefficiencies but also aligns cash holding policies with firms' strategic needs. From a practical perspective, regulators, firms, and investors should expand women's access to leadership development and promote higher‐quality ESG assurance as a governance instrument to enhance transparency and sustainability risk management. This study contributes to the literature by uncovering the mechanisms through which women's leadership influences corporate cash holding policies, integrating ESG assurance and performance. This area remains relatively underexplored in prior research.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bsd2.70369first seen 2026-07-16 06:01:29
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