Board Characteristics, Ownership Structure, and Shareholder Activism as Determinants of Sustainability Transparency: Panel Data Analysis for Türkiye
取締役会の特性、所有構造、株主アクティビズムがサステナビリティの透明性に与える影響：トルコのパネルデータ分析 (AI 翻訳)
Filiz Yüksel
🤖 gxceed AI 要約
日本語
2020～2024年のボルサ・イスタンブール・サステナビリティ指数構成企業41社を対象に、取締役会の特性、所有構造、株主アクティビズムとサステナビリティの透明性との関係を分析。GRI基準に基づく内容分析で開示スコアを算出し、静的パネル推定と動的GMM推定を実施。静的推定では取締役会の会議頻度と女性比率が透明性に正の影響を与えるが、動的モデルでは効果が消失し、企業規模が長期的な主要因であることを示した。
English
This study examines the relationship between board characteristics, concentrated ownership, shareholder activism, and sustainability transparency for 41 firms listed on the Borsa Istanbul Sustainability Index (2020-2024). Using GRI-based content analysis and panel data estimators (random effects and System GMM), it finds that board meeting frequency and female membership ratio positively affect transparency in the static model, but these effects vanish in the dynamic model, where firm size emerges as the main long-term determinant.
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
本稿はトルコ市場を対象としているが、日本企業のサステナビリティ開示制度（SSBJや有報での任意開示）の設計や、ガバナンス要因と開示の関係を考える上で示唆に富む。特に、短期的なガバナンス改善より企業規模などの構造的要因が長期的な透明性に寄与する点は、日本市場でも検討に値する。
In the global GX context
This paper provides empirical evidence from an emerging market on the drivers of sustainability transparency. It complements global disclosure scholarship (e.g., TCFD, ISSB) by highlighting the limited long-term effect of governance mechanisms and the persistent role of firm size, suggesting that policy frameworks and voluntary reporting incentives may be more effective than board composition mandates in fostering deep disclosure.
👥 読者別の含意
🔬研究者:Methodologically, the use of dynamic panel GMM to test temporal stability of governance effects offers a robust framework for similar studies in other markets.
🏢実務担当者:Corporate sustainability teams can note that while board diversity and meeting frequency may boost disclosure initially, structural factors like firm size are more critical for sustained transparency.
🏛政策担当者:Regulators should focus on incentive structures and alignment with international frameworks (e.g., ISSB) rather than relying solely on governance mandates to achieve long-term disclosure quality.
📄 Abstract（原文）
Using data from the 41 companies listed on the Borsa Istanbul Sustainability Index between 2020 and 2024, this study examines the relationship between board characteristics, concentrated ownership structure, shareholder activism and sustainability transparency. Reports published on a voluntary basis were subjected to content analysis based on criteria selected from the Global Reporting Initiative (GRI) standards, and a sustainability disclosure score was calculated. The relationship between board characteristics, concentrated ownership structure, shareholder activism, financial metrics identified as control variables, and sustainability scores was evaluated via robust random effects (static) and System Generalized Method of Moments (System GMM) (dynamic) panel data estimators. According to the static estimation results, board meeting frequency and the ratio of female members serve as positive drivers for sustainability transparency. In the dynamic model estimates, these governance mechanisms lose their explanatory power and show no statistically observable effect. However, across both methodological approaches, firm size, which was integrated as a control factor, consistently demonstrates a robust positive correlation with levels of disclosure. These findings reveal that governance mechanisms such as the percentage of female members and meeting frequency have a short-term and marginal effect, but structural factors such as company size are the main determinants for a long-term and sustainable level of transparency in Türkiye. Consequently, market regulators should deploy policy frameworks that incentivize disclosure trajectories aligned with international frameworks while fostering voluntary reporting. Concurrently, corporate managers should look beyond mere statutory compliance and continuously embrace extensive global reporting standards.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18126122first seen 2026-06-19 05:25:57
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