ESG開示は取締役会特性と財務パフォーマンスの関係を再形成するか？新興国銀行のエビデンス

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

🔬研究者:新興国銀行におけるESG開示の調整効果の非有意性は、開示と財務成果の因果を巡る実証研究の参照点になる。

🏢実務担当者:ESG開示の拡充が直ちに財務指標を改善するとは限らない点を、開示戦略の期待値設定に活用できる。

🏛政策担当者:開示義務化の効果を過大評価せず、ガバナンス実効性と組み合わせた政策設計の必要性を示唆する。

This study investigates how board characteristics shape the financial performance of Egyptian banks. It also examines whether ESG disclosure alters the strength and direction of these relationships. Drawing on a balanced panel of the 20 largest banks operating in Egypt between 2016 and 2024, the study analyses four board attributes: board size, gender diversity, board activity, and board independence. Financial performance is captured by return on assets (ROA) and return on equity (ROE), while ESG transparency is evaluated through a 35-item disclosure index encompassing environmental, social, governance, and economic dimensions. The empirical analysis employs bank fixed-effects models with year fixed effects and bank-clustered standard errors. Given the relatively small number of bank clusters, statistical inference is further assessed using a wild cluster bootstrap procedure with 9999 replications. The primary fixed-effects results indicate that board activity is positively and significantly associated with ROA. In contrast, board size, gender diversity, and board independence are not statistically significantly associated with ROA. For ROE, board size, gender diversity, and board activity also show no statistically significant associations. Board independence, however, is negatively associated with ROE. Overall, the findings provide limited evidence that board characteristics are systematically associated with bank financial performance, with the clearest evidence being the positive association between board activity and ROA. Moreover, the moderation analysis further shows that none of the interaction terms between ESG disclosure and the examined board characteristics is statistically significant for either ROA or ROE, providing no statistically reliable evidence that ESG disclosure moderates these relationships. By providing evidence from Egypt, an emerging economy undergoing substantial governance and sustainability reforms, this study extends the literature at the intersection of corporate governance, ESG transparency, and bank performance. It further contributes by providing empirical evidence on whether ESG disclosure operates as a boundary condition in the relationship between board governance and financial performance in the Egyptian banking sector.

• openalex https://doi.org/10.3390/jrfm19100827first seen 2026-10-21 04:44:24
• scopus https://api.elsevier.com/content/abstract/scopus_id/105054998972first seen 2026-11-05 06:22:52 · last seen 2026-11-06 05:56:08