The ESG Tipping Point: Nonlinear Effects and Thresholds in ESG Scores and Financial Performance of Selected African Firms
ESGの転換点：アフリカ企業におけるESGスコアと財務パフォーマンスの非線形効果と閾値 (AI 翻訳)
Sami Ben Mim, Nawres Jellib, F. Mabrouk
🤖 gxceed AI 要約
日本語
本研究は、アフリカ173社のパネルデータ（2010-2022年）を用いて、ESGパフォーマンスと財務成果の非線形関係をSGMMで分析。環境・ガバナンススコアは一定の閾値を超えるとROAを向上させるが、社会スコアは逆U字型の収穫逓減を示す。ガバナンスが市場価値に重要で、質の高いESG開示の必要性を強調。
English
Using panel data of 173 African firms from 2010-2022, this study reveals asymmetric nonlinear effects of ESG dimensions on financial performance. Environmental and governance scores only improve ROA beyond certain thresholds, while social scores exhibit an inverted U-shape. Governance quality is critical for market capitalization. Findings underscore the need for substantive ESG commitments and transparent disclosure.
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
SSBJ基準の導入が進む日本企業にとって、ESGへの投資が財務成果に結びつく水準（閾値）の存在は、開示戦略の設計に示唆を与える。特にアフリカ進出企業は、現地でのESG取組みの深さが重要であることを示唆。
In the global GX context
This paper contributes to the global debate on ESG materiality by identifying engagement thresholds where ESG drives financial performance. It supports the ISSB's emphasis on decision-useful disclosure and helps multinational firms calibrate ESG strategies in emerging markets.
👥 読者別の含意
🔬研究者:Provides evidence on nonlinear ESG-financial performance relationships using robust econometric methods, offering a threshold analysis framework applicable to other regions.
🏢実務担当者:Helps corporate sustainability teams understand that ESG investments may not pay off until reaching critical levels, guiding resource allocation.
🏛政策担当者:Suggests that mandatory disclosure requirements should encourage firms to reach minimum ESG engagement thresholds to realize financial benefits.
📄 Abstract（原文）
This study investigates the nexus between environmental, social, and governance (ESG) performance and corporate financial outcomes, with a focus on sustainable disclosure and Sustainable Development Goal (SDG)-aligned business practices in Africa. Based on a panel of 173 firms over the 2010–2022 period, the analysis employs the system generalized method of moments (SGMM) to address endogeneity and capture dynamic effects. Results indicate that ESG dimensions exert asymmetric impacts on firm performance: environmental and social scores significantly enhance market capitalization, while no robust positive association emerges for accounting-based performance measured by return on assets (ROA). Pronounced nonlinearities are observed as environmental and governance practices improve ROA only beyond critical engagement thresholds, underscoring the need for substantive and transparent ESG commitments to generate profitability gains. The social dimension follows an inverted U-shaped trajectory, suggesting diminishing returns when firms overinvest in social initiatives. The U-shaped relationship between the governance score and market capitalization shows that governance quality is a critical issue for investors in the financial markets. The heterogeneity of the identified thresholds, with governance requiring the highest level of engagement, offers new insights into the optimal design of ESG strategies. These findings highlight the crucial role of credible ESG disclosure in aligning corporate practices with stakeholder expectations, mobilizing sustainable capital, and advancing the Sustainable Development Goals in emerging markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/2071-1050/18/4/1741/pdf?version=1770599932first seen 2026-07-18 07:43:39
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