Social Sustainability and Financial Performance: Accounting-Based Panel Evidence from the Jordanian Manufacturing Sector
社会的持続可能性と財務パフォーマンス：ヨルダン製造業セクターからの会計ベースのパネル証拠 (AI 翻訳)
Odai Abdel Rahman Tahat, Sharifah Buniamin
🤖 gxceed AI 要約
日本語
本研究は、ヨルダンの上場製造企業49社（2018～2024年、343企業年観測）を対象に、社会的持続可能性と財務パフォーマンスの関係を検証した。年次開示の内容分析から構築した社会的パフォーマンス指標（SPI）を用い、固定効果パネル回帰によりROA、トービンのQ、持続可能成長率の3指標との正の関連を確認した。社会的投資が収益性や市場評価、内部成長に寄与することを示す。
English
This study examines the relationship between social sustainability and financial performance using a manually constructed Social Performance Index (SPI) from annual disclosures of 49 Jordanian manufacturing firms (2018–2024, 343 firm-year observations). Fixed-effects panel regression shows that better social performance is positively associated with ROA, Tobin's Q, and sustainable growth rate, while financial leverage has a negative effect. The findings support the view that social investments act as strategic intangible resources.
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
本論文は、標準化されたESG評価体系が未発達な新興国市場における社会的開示の枠組みを提供する。日本企業が中東・北アフリカ地域へ進出する際の現地子会社の社会的パフォーマンス評価や、ESG投資判断の参考となり得る。ただし、気候変動やカーボン会計への直接的な示唆は少ない。
In the global GX context
This paper offers empirical evidence from an emerging market where standardized ESG rating systems are absent, contributing to the global literature on social sustainability and financial performance. It highlights the strategic value of social investments for firms in less-regulated environments. For international readers, it provides a context-sensitive disclosure framework that may inform social reporting practices in other developing economies.
👥 読者別の含意
🔬研究者:Adds to the social sustainability-performance literature with panel evidence from an emerging market (Jordan).
🏢実務担当者:Provides a social disclosure framework useful for firms operating in environments without mature ESG rating systems.
🏛政策担当者:May inform policies encouraging social disclosure and sustainable practices in developing countries.
📄 Abstract（原文）
Emerging-market research continues to insufficiently examine the concept of social sustainability, particularly with respect to its quantifiable financial effects on firm performance. This study investigates the relationship between social sustainability and financial performance among 49 manufacturing companies listed on the Amman Stock Exchange over the period 2018–2024 (N = 343 firm-year observations). A manually constructed Social Performance Index (SPI), derived from systematic content analysis of annual corporate disclosures, serves as the primary independent variable. Employing fixed-effects panel regression with firm-level clustered standard errors, financial performance is evaluated through three complementary and theoretically grounded perspectives: Return on Assets (accounting-based), Tobin's Q (market-based), and the Sustainable Growth Rate (growth-based). The empirical findings consistently demonstrate that enhanced social performance is positively and significantly associated with profitability, market valuation, and internally financed growth, whereas financial leverage exerts a persistent, statistically significant negative influence across all model specifications. These results suggest that investments in employee welfare and community engagement function as strategic intangible resources that strengthen operational efficiency and reinforce corporate legitimacy among external stakeholders. This study contributes a context-sensitive social disclosure framework particularly applicable to institutional environments where standardized ESG rating systems remain absent or underdeveloped. It further offers empirical guidance to support the attainment of the UN Sustainable Development Goals 8 and 12 through responsible corporate conduct and sustainable, long-term value creation in emerging economies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://asianonlinejournals.com/index.php/ijsam/article/download/8669/3494first seen 2026-07-18 08:31:31
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。