The ESG Valuation Gap: A Comparative Study of Egyptian and Saudi Listed Companies
ESG評価ギャップ：エジプトとサウジアラビアの上場企業の比較研究 (AI 翻訳)
M. Ismail
🤖 gxceed AI 要約
日本語
本研究は、エジプトとサウジアラビアの上場企業におけるESG開示の価値関連性を比較。サウジアラビアではESGスコアと企業価値に正の関係が確認され、特にガバナンス開示が寄与。一方エジプトでは負の関係。この差異は、サウジアラビアの強制的な規制枠組みとエジプトの自主的なアプローチの違いに起因する。
English
This study compares the value relevance of ESG disclosures between Egyptian and Saudi listed firms. In Saudi Arabia, ESG performance positively impacts firm value, driven by governance disclosures. In Egypt, the relationship is negative. The divergence is attributed to Saudi's mandatory regulatory framework versus Egypt's voluntary approach, highlighting the role of regulation in ESG valuation.
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
日本でもSSBJ基準の導入などESG開示の制度化が進む中、本論文は規制の強制力が市場評価に与える影響を実証。日本企業がMENA地域に進出する際の投資判断や、日本の開示制度設計への示唆を含む。
In the global GX context
As global ESG disclosure converges (ISSB, CSRD), this paper provides empirical evidence from MENA on how mandatory vs voluntary regimes shape market valuation of ESG. It underscores the importance of regulatory design in enhancing ESG credibility, relevant for standard-setters and investors worldwide.
👥 読者別の含意
🔬研究者:Provides novel comparative evidence on ESG value relevance in under-studied MENA markets, useful for researchers in ESG and emerging market finance.
🏢実務担当者:Corporate sustainability teams can use findings to understand how regulatory environment influences market perception of ESG performance in different jurisdictions.
🏛政策担当者:Regulators can learn from the contrasting outcomes of Saudi (mandatory) and Egyptian (voluntary) ESG disclosure regimes when designing or refining sustainability reporting rules.
📄 Abstract（原文）
The study examines the value relevance of Environmental, Social, and Governance (ESG) disclosures and tests for crosscountry differences in its impact on perceived firm value between Egypt and Saudi Arabia. It specifically investigates whether ESG data provides incremental explanatory power beyond traditional accounting measures in determining stock prices in these two distinct MENA markets. The study employs a modified Ohlson (1995) valuation model using panel data from 2021 to 2024. The empirical analysis is conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM), a method chosen for its robustness with small sample sizes and formative measures. Multi-group analysis (MGA) is utilized to test the hypothesized differences in path coefficients between the Egyptian and Saudi samples. The results reveal a stark contrast between the two markets. In Saudi Arabia, a positive relationship exists between ESG performance and firm market value, driven predominantly by strong governance (G) disclosures. Conversely, in Egypt, the relationship is negative. This divergence confirms the study's core hypothesis that the value-relevance of ESG is significantly stronger in Saudi Arabia, attributed to its top-down, mandatory regulatory framework compared to Egypt's more voluntary, market-led approach. This research provides novel empirical evidence on the contingent nature of ESG value-relevance within the MENA region. It is among the first to offer a direct comparative analysis of Egypt and Saudi Arabia, moving beyond single-country studies to highlight how national regulatory frameworks moderate financial market perceptions of ESG performance. The findings hold significant value for investors, regulators, and standard-setters aiming to enhance the quality and credibility of sustainability reporting in emerging markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.21608/aljalexu.2026.477372first seen 2026-05-15 19:04:57
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