ESGパフォーマンスが企業価値に与える影響：デジタル変革の調整効果—サウジ上場企業からの証拠

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🔬研究者:ESGと企業価値の関係におけるデジタル変革の調整効果を、新興国市場のパネルデータで示した実証研究として参考になる。

🏢実務担当者:ESG開示とデジタル戦略を統合的に進めることが企業価値向上に寄与しうるという示唆を、自社の統合報告書や投資家対応に活かせる。

🏛政策担当者:サウジ・ビジョン2030の下で、ESGとデジタル化を促す政策が企業価値に正の影響を与える可能性を示唆する。

This study examines the joint and interactive effects of environmental, social, and governance (ESG) performance and digital transformation on firm value by using a sample of 64 non-financial firms listed on the Saudi Exchange over 2020–2024. The empirical analysis employs panel data techniques, feasible generalized least squares (FGLS), Driscoll–Kraay standard errors, and two-stage least squares (2SLS) estimation. The results show that ESG performance is positively associated with firm value, which suggests that capital markets reward firms for sustainability activities. Digital transformation also shows a positive association with firm value and is consistent with its role as a driver of firm valuation. The positive interaction between ESG and digital transformation suggests that digitalization reinforces the association between ESG practices and firm value. The findings remain robust across alternative model specifications and firm value measures. Digital transformation is measured with a text-based disclosure index built from digital-related keywords in annual reports. The index captures disclosed digital orientation rather than realized digital capability, so a high disclosure frequency may partly reflect signalling or impression management rather than fully deployed digital infrastructure. The findings show the importance of adding digital strategies to sustainability practices and provide useful implications for managers, investors, and policymakers under Saudi Vision 2030.

• semanticscholar https://doi.org/10.3390/ijfs14090234first seen 2026-09-12 05:27:22 · last seen 2026-09-22 05:21:29