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Do anti-corruption strategy disclosure mediate the relationship between ESG practices and cost of debt?

汚職防止戦略の開示はESG実践と負債コストの関係を媒介するか (AI 翻訳)

Yamina Chouaibi, Sihem Hermi

Corporate Governance📚 査読済 / ジャーナル2026-08-13#ESGOrigin: CN経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1108/cg-04-2025-0278
原典: https://doi.org/10.1108/cg-04-2025-0278

🤖 gxceed AI 要約

日本語

中国企業728社のパネルデータ（2018-2023）を用い、ESG実践が負債コストに与える影響を、汚職防止戦略の開示を媒介変数としてSEMで分析。結果、汚職防止がESGと負債コストの関係を部分的に媒介し、負債コストを有意に低下させることが示された。透明性と信用向上が資金調達コスト低減に寄与する。

English

Using panel data from 728 Chinese firms (2018-2023) and SEM, this study finds that anti-corruption strategy disclosure partially mediates the relationship between ESG practices and cost of debt, significantly lowering it. Combating corruption enhances transparency and credibility, reducing information asymmetry and creditor risk, thus lowering financing 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

日本ではSSBJ開示や統合報告書でESG情報の信頼性が問われる中、汚職防止開示が資金調達コストに与える影響を示す本研究成果は、日本企業の開示戦略や投資家対応に示唆を与える。

In the global GX context

Globally, this study contributes to the literature on ESG and cost of capital by highlighting the mediating role of anti-corruption disclosure, relevant for ISSB and CSRD frameworks that emphasize governance and transparency.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the mediating role of anti-corruption disclosure in the ESG-cost of debt nexus, useful for further research in other contexts.

🏢実務担当者:Highlights that transparent anti-corruption practices can lower financing costs, informing corporate disclosure and governance strategies.

🏛政策担当者:Suggests that promoting anti-corruption disclosure can improve corporate access to finance, relevant for regulatory frameworks.

📄 Abstract（原文）

Purpose This study aims to investigate the direct and indirect relationship between environmental, social and governance (ESG) practices and the cost of debt in Chinese companies, using anti-corruption strategy disclosure as a mediating variable. Design/methodology/approach To test the direct and indirect effects between ESG practices and the cost of debt using structural equation modeling (SEM), this study used a panel data set of 728 Chinese companies between 2018 and 2023. Data were collected from Thomson Reuters DataStream, the ASSET4 database and company annual reports and then analyzed using SEM to test the hypotheses. Findings Regression results show that anti-corruption mediates the relationship between ESG practices and the cost of debt in Chinese companies. This suggests that combating corruption helps lower the cost of debt by strengthening financial transparency and corporate credibility with creditors. In addition, anti-corruption partially mediates this relationship, exhibiting a significant negative effect. Practical implications This study shows that ESG practices and the fight against corruption reduce information asymmetry and the risk perceived by creditors, thereby strengthening the transparency, ethics, governance and sustainability of companies, and offering concrete guidance for strategic decision-making. Originality/value This study provides new insights by showing how ESG practices and anti-corruption measures can reduce the cost of debt, examining their direct link and the mediating effect of anti-corruption actions, an aspect that has received little attention.

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