Board Ethnic Diversity and the Value Relevance of Antibribery and Corruption Disclosure
取締役会の民族的多様性と反汚職・腐敗防止開示の価値関連性 (AI 翻訳)
A. Gerged, Sharmin Shabnam Rahman
🤖 gxceed AI 要約
日本語
本研究は反汚職開示をガバナンス能力として再概念化し、取締役会の民族的多様性がその価値関連性を高めることを示す。FTSE100企業のパネルデータを用いた分位回帰分析の結果、開示の質と量が財務・ESGパフォーマンスと正の関係を持つが、その効果は多様な取締役会で強化される。倫理的透明性は多様なガバナンス構造に支えられて戦略的価値を生む。
English
This study reconceptualizes antibribery disclosure as a governance capability and finds that board ethnic diversity strengthens its positive association with financial and ESG performance. Using panel quantile regression on FTSE 100 firms, the authors show that the value relevance of ethical disclosure is contingent on board diversity, implying that governance structures drive strategic benefits from transparency.
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
日本ではコーポレートガバナンス・コードで取締役会の多様性が重視されており、本研究は多様な取締役会が非財務開示の価値関連性を高めることを示す。SSBJのガバナンス情報拡充にも示唆を与える。
In the global GX context
Globally, with ISSB and CSRD emphasizing governance, this paper provides evidence that board diversity enhances the strategic value of ethical disclosures. It suggests that disclosure mandates should consider board composition to maximize effectiveness.
👥 読者別の含意
🔬研究者:This paper offers a contingent view of ethical disclosure, integrating governance and diversity mechanisms using quantile regression to capture heterogeneity.
🏢実務担当者:Corporate sustainability teams can use these findings to advocate for board diversity as a means to enhance the strategic value of anti-corruption disclosures.
🏛政策担当者:Regulators should consider board diversity requirements as a complement to disclosure mandates to improve corporate ethics and performance.
📄 Abstract（原文）
Antibribery and corruption disclosure (ABCD) has traditionally been conceptualised as a compliance‐oriented reporting practice. However, whether and under what conditions such disclosure contributes to strategic value creation remains insufficiently understood. This study reconceptualises ABCD as a governance capability whose effectiveness depends on board‐level structures, particularly board ethnic diversity (BED). Drawing on legitimacy, stakeholder and agency theories, we develop a configurational perspective in which disclosure effectiveness is contingent on governance capacity rather than on disclosure alone. Using a balanced panel of FTSE 100 firms from 2008 to 2022, we employ panel quantile regression (PQR) and a two‐stage panel quantile (2SPQR) approach to capture distributional heterogeneity and address endogeneity. The findings reveal that both the quality and quantity of ABCD are positively associated with financial performance and ESG outcomes, but these effects vary across firms and are significantly strengthened by board ethnic diversity. The results suggest that ethical transparency becomes strategically valuable when supported by diverse and capable governance structures. This study contributes by advancing a contingent view of ethical disclosure, integrating governance and diversity mechanisms and offering methodological insights into heterogeneous sustainability‐performance relationships. The findings have important implications for corporate strategy, regulatory design and societal efforts to strengthen ethical business conduct.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.71069first seen 2026-06-07 05:03:28 · last seen 2026-06-15 05:27:42
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