Net-Zero Strategy Credibility and Firm Valuation in Middle Eastern Equity Markets
中東株式市場におけるネットゼロ戦略の信頼性と企業評価 (AI 翻訳)
Manal Khalifa Hamida Algharari, Wagdi Khalifa
🤖 gxceed AI 要約
日本語
中東7カ国の上場企業167社を対象に、ネットゼロ戦略の信頼性と企業評価の関連を検証。5次元の信頼性指数を構築し、信頼性が高いほどTobin's Qや異常リターンが高いことを実証。投資家が脱炭素戦略の信頼性を価格に反映していることを示す。
English
This study examines whether net-zero strategy credibility is priced in Middle Eastern equity markets, using a five-dimension Credibility Index for 167 listed firms across seven countries (2020-2025). Findings show a positive association with valuation multiples and abnormal returns, indicating that investors reward credible decarbonization strategies.
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
日本ではSSBJ開示が始まり、ネットゼロ戦略の信頼性が投資家評価に与える影響が注目される。本研究成果は、日本企業が開示の質を高めることで資本市場での評価向上につながる可能性を示唆する。
In the global GX context
This paper provides novel evidence from GCC markets that credible net-zero strategies are rewarded by investors, complementing global research on transition finance and disclosure quality. It offers insights for regulators and investors in emerging markets and beyond.
👥 読者別の含意
🔬研究者:Provides a validated credibility index and evidence on the pricing of transition authenticity in emerging markets.
🏢実務担当者:Highlights the importance of credible net-zero commitments for firm valuation, useful for corporate strategy and investor relations.
🏛政策担当者:Suggests that regulatory frameworks enhancing disclosure credibility can influence market valuations.
📄 Abstract（原文）
Corporate net-zero pledges have proliferated across the Middle East, yet whether capital markets distinguish credible decarbonization strategies from symbolic ones remains unexamined in energy-exporting emerging markets, a gap this study addresses. This omission matters because the six Gulf Cooperation Council (GCC) economies in our sample face acute stranded-asset exposure amid national diversification programmes such as Saudi Arabia’s Vision 2030 and the UAE’s Operation 300bn. We test whether net-zero credibility is associated with firm valuation among 167 listed firms across seven Middle Eastern countries (2020–2025, 1002 firm-year observations), constructing a five-dimension Credibility Index (pathway specificity, capex alignment, verification, policy compliance, and track record) and applying event-study, pooled panel regression, mediation, moderation, and firm/year fixed-effects analysis. The index is internally consistent (Cronbach’s α = 0.92) and its estimated valuation association is invariant to equal, alternative and leave-one-out weighting schemes. Credibility is positively associated with all four valuation multiples (p < 0.001, firm-clustered standard errors); a one-standard-deviation increase corresponds to a 0.133 increase in Tobin’s Q (95% CI [0.116, 0.149]). High-credibility announcements earn cumulative abnormal returns 5.95 percentage points above low-credibility announcements over (−5, +5) trading days (95% CI [4.79, 7.11]), a gap robust to nonparametric tests, placebo dates and strictly pre-announcement credibility scoring. The association survives firm and year fixed effects (within-firm β = 0.119 per SD, p < 0.001). No moderator—foreign ESG fund, domestic institutional or sovereign wealth fund ownership, regulatory stringency, carbon intensity or financial health—reaches significance after correction for multiple testing, so we find no evidence of investor-type or jurisdictional heterogeneity in this sample. To the authors’ knowledge, this is the first Middle East-calibrated, capex-verified credibility index and the first evidence on the pricing of transition authenticity across GCC markets and Egypt, informing regulators, boards, and ESG investors.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.3390/su18168293first seen 2026-08-14 06:01:32
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