Impact of Corporate Governance Mechanisms and a Firm’s Financial Performance: The Mediating Role of Leverage in Carbon-Intensive Firms in South Africa
企業統治メカニズムと財務パフォーマンス：南アフリカの炭素集約企業におけるレバレッジの媒介的役割 (AI 翻訳)
M. C. Madwe
🤖 gxceed AI 要約
日本語
本研究は、ヨハネスブルグ証券取引所上場の炭素集約企業58社を対象に、財務レバレッジが企業統治と財務パフォーマンスの関係を媒介するかを検証した。結果、レバレッジは直接的に業績を下げるが媒介効果はなく、役員報酬が業績に負の影響を与える一方、取締役会独立性の影響は非有意だった。脱炭素化に伴う債務依存の持続可能性プロジェクトが短期的業績を圧迫する可能性に警鐘をならしている。
English
This study examines whether financial leverage mediates the relationship between corporate governance and financial performance in 58 carbon-intensive firms listed on the Johannesburg Stock Exchange (2015–2023). Using GMM, it finds leverage negatively affects performance but does not mediate the governance–performance link. Board remuneration negatively impacts performance, while board independence is insignificant. The results highlight that debt-financed sustainability projects may harm short-term financial performance, urging balanced capital structures during decarbonization.
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
南アフリカの炭素集約企業を対象とした研究だが、日本のGX文脈では、脱炭素投資における資本構成の重要性を示唆する点で参考になる。特に、債務に依存したサステナビリティ投資が短期的収益を圧迫する可能性は、日本の企業がGX投資を進める際の財務戦略にも示唆を与える。
In the global GX context
This paper provides empirical evidence from an emerging market on how leverage and corporate governance interact with financial performance in carbon-intensive firms. Globally, it underscores the tension between short-term profitability and long-term decarbonization financing, relevant for transition finance discussions and capital structure decisions under climate constraints.
👥 読者別の含意
🔬研究者:Offers empirical evidence on the mediating role of leverage in governance–performance links for carbon-intensive firms, useful for corporate governance and sustainable finance scholarship.
🏢実務担当者:Highlights that debt-financed sustainability projects may depress short-term performance, informing capital structure strategies for decarbonization.
🏛政策担当者:Suggests that policymakers should consider the financial implications of mandating debt-heavy green investments, and support balanced financing mechanisms.
📄 Abstract（原文）
This study seeks to establish how financial leverage mediates the relationship between corporate governance and the financial performance of 58 carbon-intensive firms listed on the Johannesburg Stock Exchange over the period 2015–2023. This study employed the two-step system generalised method of moments to address endogeneity issues. The results indicate that leverage negatively impacts a firm’s financial performance, but leverage does not mediate the relationship between corporate governance and a firm’s financial performance in carbon-intensive firms. The results of the study also reveal that board remuneration negatively influences a firm’s financial performance, yet board independence has an insignificant impact on firm performance. These results underscore the need for carbon-intensive companies to reassess their remuneration policies to ensure alignment with short-term financial benefits and long-term sustainability initiatives. The findings also suggest that sustainability projects financed predominantly by debt may negatively impact short-term financial performance, indicating the importance of a balanced capital structure during the decarbonisation process.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/jrfm19030198first seen 2026-05-15 21:40:54 · last seen 2026-06-16 05:19:07
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