The Influence of Environmental, Social, and Governance Factors on the Financial Performance of Saudi Listed Companies
サウジアラビア上場企業における環境・社会・ガバナンス（ESG）要因が財務業績に与える影響 (AI 翻訳)
Hassan Ali Alqahtani, Mohammed Ali Alghamadi, Hiba Awad Alla Ali Hussin, Nadia Bushra Mohammed Ali, A. Musa
🤖 gxceed AI 要約
日本語
サウジアラビア証券取引所上場企業を対象に、ESG要因が財務業績（ROA・ROE）に与える影響を2018-2023年のパネルデータで分析。固定効果回帰の結果、社会的要因はROA・ROE双方に有意な正の影響を与えるが、環境・ガバナンス要因は有意でない。レバレッジはROAに負の影響、売上高当たり利益は正の影響。サウジ・ビジョン2030のもとでの示唆を提供。
English
This study examines the influence of ESG factors on financial performance (ROA, ROE) for Saudi-listed firms using panel data from 2018–2023. Fixed effects regression shows that social factors have significant positive effects, while environmental and governance factors do not. Leverage negatively impacts ROA; revenue per share positively impacts both. The findings contribute to ESG–performance literature in Gulf markets and inform Saudi Vision 2030 sustainability goals.
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
サウジ・ビジョン2030の文脈でESGと財務業績の関係を検証した点は、日本企業の中東進出やサウジ市場への投資判断において参考となる。ただし、環境要因が有意でない結果は、日本企業の環境開示の質や市場評価との比較に示唆を与える。SSBJ対応のみならず、新興国ESG投資の実証エビデンスとしても有用。
In the global GX context
This paper provides empirical evidence on ESG–performance linkages in a Gulf Cooperation Council market, relevant for global investors and corporates operating in Saudi Arabia. The non-significant environmental factor results challenge the universal positive ESG–performance narrative, suggesting context-specificity. It complements the predominantly Western-focused ESG literature and offers insights for emerging market sustainability strategies.
👥 読者別の含意
🔬研究者:Adds to the scarce empirical evidence on ESG–performance in Gulf markets, with clear methodological detail for replication.
🏢実務担当者:Highlights that social practices may drive financial performance in Saudi Arabia, while environmental factors may not yet be priced, informing corporate ESG strategy.
🏛政策担当者:Supports Saudi Vision 2030 by showing that social ESG factors already correlate with better performance, encouraging further sustainability disclosure.
📄 Abstract（原文）
This study examined the influence of Environmental, Social, and Governance factors on the financial performance of companies listed on the Saudi Stock Exchange (Tadawul). Employing a panel data approach, the analysis covers 450 firm observations collected annually during the period 2018–2023. Financial performance is measured using Return on Assets (ROA) and Return on Equity (ROE), while ESG disclosure scores are disaggregated into their three constituent pillars. Firm size, revenue per share, and leverage are incorporated as control variables. The fixed effects regression results reveal that social factors demonstrate statistically significant positive relationships with both ROA and ROE, supporting the stakeholder theory-based perspective that strong social practices enhance operational efficiency and investor confidence. Conversely, environmental and governance factors exhibit no significant association with either financial performance metric within the study period. Leverage shows a significant negative relationship with ROA but not with ROE, while revenue per share consistently demonstrates strong positive associations with both performance measures. These findings contribute to the limited literature on ESG–performance linkages in Gulf Cooperation Council markets and offer important implications for corporate managers, investors, and policymakers seeking to advance sustainability objectives within the framework of Saudi Vision 2030.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/2071-1050/18/6/2976/pdffirst seen 2026-07-18 08:12:37
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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。