移行経済における企業統治と資本構成の関係におけるCSRの調整的役割：分位点分析
The moderating role of CSR in the relationship between corporate governance and capital structure: a quantile analysis of firms in a transition economy (原題)
Katayoun Ghafourian Mokhtari, Alireza Azarberahman
🤖 gxceed AI 要約
日本語
本研究は、イラン企業を対象に、企業統治（CG）とCSRが資本構成（負債比率）に与える影響と、CSRの調整効果を分位点回帰で分析。CGは負債を増加させるが、CSRは負債を減少させ、CSRがCGの正の効果を弱めることを示した。効果は低レバレッジ企業で顕著であり、持続可能な金融の理解に貢献する。
English
This study examines how corporate governance (CG) and CSR affect capital structure (leverage) in Iranian listed firms using quantile regression. CG increases leverage, CSR decreases it, and CSR moderates CG's positive effect. Effects are stronger at lower leverage levels, contributing to sustainable finance literature in transition economies.
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開示や統合報告書でCSR情報が重視されるが、本論文はイラン特有の制度に基づくため、直接的な示唆は限定的。ただし、CSRと資本構成の関係は、日本の企業がESG情報開示を資金調達に活かす際の参考になる。
In the global GX context
Globally, this paper adds evidence on how CSR performance influences capital structure in an emerging market, complementing studies in developed economies. It highlights the moderating role of CSR in governance-leverage links, relevant for understanding ESG integration in financing decisions under ISSB and CSRD frameworks.
👥 読者別の含意
🔬研究者:Provides empirical evidence on CSR's moderating role in governance-leverage relationships in a transition economy, useful for comparative sustainable finance research.
🏢実務担当者:Suggests that strong CSR performance may reduce reliance on debt, informing capital structure decisions and ESG communication strategies.
🏛政策担当者:Highlights the importance of CSR disclosure in shaping corporate financing behavior, relevant for designing ESG reporting standards in emerging markets.
📄 Abstract（原文）
This study examines the simultaneous effect of corporate governance (CG) and corporate social responsibility (CSR) on capital structure (CS) and elucidates the moderating role of CSR in the relationship between CG and financial leverage, with particular emphasis on the distinctive institutional characteristics of the Iranian economy and the heterogeneous behavior of firms across varying leverage levels. The statistical population comprises firms listed on the Tehran Stock Exchange (TSE) over the period 2015–2024, from which 1,420 firm-year observations were retained after applying systematic screening criteria. The CG index was constructed based on four structural components, while CSR was measured through content analysis employing a three-dimensional disclosure checklist encompassing social, economic and environmental dimensions. To capture distributional heterogeneity in the effects, quantile regression (QR) was employed. The findings indicate that CG exerts a positive and statistically significant effect on financial leverage, whereas CSR has a negative and significant influence. Moreover, the interaction term between CG and CSR is negative and significant, demonstrating that CSR weakens the positive impact of CG on debt usage. The QR results further reveal that these effects are more pronounced at lower leverage levels and gradually diminish in highly leveraged firms, highlighting asymmetric behavioral patterns across the leverage distribution. By integrating a multilevel perspective with QR, this study introduces a novel analytical framework for explaining the complex interaction between CG, CSR and CS in transition economies and contributes to the advancement of sustainable finance literature in emerging institutional contexts.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.emerald.com/ramj/article-pdf/doi/10.1108/RAMJ-11-2025-0207/11812938/ramj-11-2025-0207en.pdffirst seen 2026-09-03 05:50:43 · last seen 2026-09-22 05:08:19
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。