The Impact of Climate Change Disclosure on Cost of Debt: The Moderating Effect of Political Connections and ESG Disclosure
気候変動開示が負債コストに与える影響：政治的コネクションとESG開示の調整効果 (AI 翻訳)
Abdullah Almutairi
🤖 gxceed AI 要約
日本語
エジプトの上場企業83社を対象に、気候変動開示が負債コストに与える影響を分析。気候変動開示は負債コストを低下させ、政治的コネクションとESG開示がその関係を調整することを発見。持続可能な開発目標達成に向けた企業の戦略的アプローチが資本コストに影響を与えることを示唆。
English
This study examines the impact of climate change disclosure on the cost of debt using a sample of 83 Egyptian listed firms. It finds that climate change disclosure reduces the cost of debt, and that political connections and ESG disclosure moderate this relationship. The findings offer policy implications for regulators and investors, highlighting how strategic corporate practices aligned with SDGs can affect capital costs.
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
日本企業にとって、エジプトのような新興市場での気候変動開示と資金調達の関係は参考になるが、直接的な日本市場への適用には注意が必要。ただし、ESG開示の調整効果は日本の統合報告書やSSBJの議論にも示唆を与える。
In the global GX context
This paper contributes to the global literature on climate disclosure and cost of capital by providing evidence from an emerging market, Egypt. It underscores the moderating roles of political connections and ESG disclosure, which are relevant for understanding how institutional contexts shape the financial impacts of climate reporting. The findings are particularly valuable for investors and multinational corporations operating in similar environments.
👥 読者別の含意
🔬研究者:Provides empirical evidence from an emerging market on the link between climate disclosure and cost of debt, and the moderating effects of political connections and ESG.
🏢実務担当者:Corporate sustainability teams can use these insights to understand how climate disclosure and ESG practices may influence borrowing costs, especially in emerging markets.
🏛政策担当者:Regulators in developing countries may consider the role of political connections and ESG in designing disclosure mandates to achieve sustainable development goals.
📄 Abstract（原文）
This study was conducted to investigate the impact of climate change disclosure on the cost of debt and gain deep insight into the usefulness of political connections and ESG disclosure for reducing the cost of debt. A sample of 83 listed firms in the Egyptian context, spanning 498 observations over 6 years from 2018 to 2023, was used. A quantitative approach was adopted to examine the key hypotheses. This research reveals that climate change disclosure decreases the cost of debt. Furthermore, political connections and ESG disclosure moderate the main nexus. Multiple robustness checks were conducted to confirm these findings. Crucial policy implications for regulators, investors, and sustainability experts were developed by highlighting the latest practices of corporations aligned with achieving Sustainable Development Goals. The significance of this study lies in filling several gaps in the literature regarding climate change disclosure, political connections, and ESG disclosure and how a company’s strategic approach can impact the cost of capital.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.3390/ijfs14050123first seen 2026-05-14 23:01:48
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