The Governance Pillar of ESG Criteria in Greece: Evidence from ATHEX ESG Index Firms and Implications for Sustainable Finance
ギリシャにおけるESG基準のガバナンスの柱：ATHEX ESG指数企業の証拠と持続可能な金融への示唆 (AI 翻訳)
Ioannis Kalialakis, A. Kostas, Vasilios Zoumpoulidis, C. Grose, Dimitrios N. Koufopoulos, Michail Fygkioris
🤖 gxceed AI 要約
日本語
本論文は、ギリシャのアテネ証券取引所ESG指数に2021～2023年に掲載された68社のガバナンス特性を分析。取締役会の規模、独立役員比率、女性比率、CEO兼任、内部監査の開示状況などを評価し、可視性の高い閾値型のガバナンス要素は改善する一方、能力集約型のメカニズムは変化が限定的であることを示した。EUやOECD基準との比較から、部分的規制対応の現状が明らかになった。
English
This study examines governance pillar characteristics of 68 firms listed on the Athens Stock Exchange ESG Index (2021-2023). It evaluates board size, independence, gender diversity, CEO duality, and audit disclosure. Findings show selective institutionalization: visible threshold-based arrangements adjust more readily than capability-intensive mechanisms. Comparisons with EU and OECD benchmarks reveal partial regulatory readiness.
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や統合報告書でガバナンス開示が強化される中、閾値ベースの指標と実質的なガバナンス機能の乖離を示す本知見は、日本企業のESG対応においても示唆に富む。特に、外形的な基準充足と内部統制の実効性のバランスが今後の課題となる。
In the global GX context
As global frameworks like ISSB and CSRD emphasize governance disclosure, this Greek case study highlights a common challenge: visible governance metrics (e.g., board independence) advance faster than capability-intensive mechanisms (e.g., internal audit quality). This insight is relevant for jurisdictions assessing the depth of their governance reforms.
👥 読者別の含意
🔬研究者:Provides a longitudinal governance baseline for a small European market, useful for comparative corporate governance studies.
🏢実務担当者:Corporate governance teams can use the findings to benchmark their ESG index performance against southern European peers.
🏛政策担当者:Offers evidence on partial regulatory readiness, suggesting that threshold-based rules alone may not ensure robust governance.
📄 Abstract（原文）
Environmental, Social, and Governance (ESG) criteria are increasingly central to corporate transparency, risk oversight, and sustainable finance, yet evidence on the governance pillar in Greece remains limited. This study examines a pooled cohort of 68 firms appearing in the Athens Stock Exchange ESG Index during 2021–2023, with annual analytical samples of 66, 68, and 65 firms. Using annual reports, corporate governance statements, and sustainability disclosures, it evaluates board size, board independence, gender diversity, CEO–Chair structure, committee architecture, internal audit disclosure visibility, and external audit concentration. Board size remained stable. Proportional board independence peaked in 2022 and remained slightly above its 2021 level in 2023. The aggregate female board seat share increased, although the 2023 rise partly reflected a smaller denominator. CEO–Chair duality was persistent but non-monotonic, internal audit disclosure visibility changed only modestly, and top-two audit provider concentration increased in 2023. The findings are interpreted as selective governance institutionalization: visible, threshold-based arrangements adjust more readily than capability-intensive mechanisms involving authority, internal controls, specialist oversight, and assurance capacity. Greek, EU, and OECD benchmarks indicate partial regulatory readiness. The study provides a longitudinal governance baseline but does not estimate causal performance effects or certify firm-level legal compliance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/1911-8074/19/7/529/pdf?version=1784118243first seen 2026-07-19 05:41:40
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