サステナビリティ報告書の可読性、株式流動性とコーポレートガバナンスの役割：新興市場からの証拠

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:開示の質的属性（可読性）と資本市場成果の因果経路、およびガバナンスの調整効果の制度依存性を検証する枠組みを提供する。

🏢実務担当者:サステナビリティ報告書の平易な記述が流動性向上に寄与しうるため、開示文書の可読性改善を投資家対応の実務課題として位置づけられる。

🏛政策担当者:開示規制の設計において、情報量だけでなく可読性・明瞭性の基準を設けることの市場効率上の意義を示唆する。

Purpose This study investigates whether the readability of sustainability reports affects stock liquidity and how corporate governance mechanisms shape this relationship. Drawing on agency theory, we ask whether investors reward clear non-financial disclosure. By answering this in Iran – a sanctioned emerging market with concentrated ownership – we test the boundaries of Western-developed theories and offer novel evidence from an institutionally distinct context. Design/methodology/approach Our sample comprises 612 firm-year observations from the Tehran Stock Exchange over 2016–2024. We measure sustainability report readability using the Gunning Fog Index and capture stock liquidity using three proxies: the bid-ask spread, Amihud’s illiquidity ratio and the average daily transactions. We examine four governance moderators: blockholder ownership, institutional ownership, board independence and audit firm type. The analysis employs panel data models with fixed effects and Newey–West adjustments. Findings More readable sustainability reports are associated with higher stock liquidity. However, this relationship depends on governance structures. Blockholder ownership and board independence significantly amplify the positive effect of readability on liquidity. Institutional ownership does not emerge as a significant moderator, and audit firm type matters only for specific liquidity measures. These findings suggest that governance mechanisms are not interchangeable; the institutional environment shapes their effectiveness. Originality/value This study offers one of the first empirical examinations of how corporate governance moderates the relationship between sustainability reporting readability and stock liquidity in an emerging market context. By locating the study in Iran – an economy shaped by prolonged sanctions – we provide a robust test of agency theory’s boundaries. The result is a refinement: some expected relationships hold, others do not, revealing how context conditions the financial consequences of disclosure transparency. These findings offer actionable insights for policymakers designing disclosure regulations and for investors and boards seeking to enhance market efficiency in institutionally challenging environments.

• openalex https://doi.org/10.1108/jes-03-2026-0233first seen 2026-10-30 05:05:33 · last seen 2026-11-06 05:02:05