Corporate Governance Mechanisms and ESG Disclosure: Evidence from Emerging Financial Markets
企業統治メカニズムとESG開示：新興金融市場からのエビデンス (AI 翻訳)
Makhathini Lungani Rudolph, K. Aliamutu
🤖 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企業を対象に、企業統治構造と立地がESG開示と企業業績の相関に与える影響を分析。固定効果パネル回帰を用い、金融センター所在企業ではESG開示が業績と負の相関を示す一方、非金融センターでは中立的であることを発見。強固な統治機構は金融ハブで効果的だが、不安定な制度環境では無効である。
English
This study examines how corporate governance and geographic location influence the ESG disclosure–firm performance link for Johannesburg Stock Exchange firms. Using fixed-effects panel regression, it finds that ESG disclosure negatively correlates with performance in firms located in financial centers, while the link is neutral or weaker elsewhere. Strong governance improves performance in financial hubs but is ineffective in less stable institutional environments.
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がESG開示基準を策定中だが、本論文は新興市場におけるESG開示と業績の関係に統治構造と立地が介在することを示す。日本企業が新興国に進出する際のESG戦略や開示実務に示唆を与える。
In the global GX context
This paper contributes to the global debate on ESG disclosure effectiveness by highlighting the moderating roles of governance quality and geographic context in an emerging market. It underscores that the value relevance of ESG disclosure is not uniform and depends on institutional and market conditions—a lesson for international frameworks like ISSB.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the conditional nature of ESG disclosure's impact on financial performance, moderated by governance and location.
🏢実務担当者:Corporate sustainability teams can use the findings to calibrate ESG reporting and governance practices depending on their firm's geographic and institutional setting.
🏛政策担当者:Regulators in emerging economies should consider how local institutional strength affects the efficacy of mandatory ESG disclosure rules.
📄 Abstract（原文）
The study explored the influence of corporate governance structures and business location on the correlation between ESG disclosure and firm performance among firms listed on the Johannesburg Stock Exchange. The study uses a quantitative strategy that uses panel data analysis to address unobservable heterogeneity and make estimates more accurate over time. This method is appropriate because it considers differences across companies, changes over time, and the way that corporate governance frameworks, ESG disclosure, and business performance affect each other. A fixed effects panel regression is employed to assess the claimed associations. The results offer detailed insights into the influence of governance quality and information settings on the financial consequences of sustainability reporting in an emerging market context. ESG disclosure appears to correlate negatively with performance in enterprises situated in financial centres, indicating that market participants in these locales may view substantial ESG investments as a distraction from profit-maximizing endeavours. Companies outside financial centres have a decreased or neutral link between ESG and performance, suggesting that disclosure serves mainly as a reputational or regulatory activity rather than a catalyst for financial performance. Robust governance systems improve business performance in financial hubs but seem ineffectual in less stable institutional contexts, highlighting the significance of regulatory enforcement and board autonomy. These findings together highlight that the robustness of corporate governance, company size, and geographic location collectively influence the impact of ESG disclosure on firm value in South Africa's growing financial markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.32479/ijefi.22431first seen 2026-05-05 23:19:31
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