Sustainable Disclosure and Market Valuation: The Interplay Between ESG Reporting and Board Gender Diversity
サステナビリティ開示と市場評価：ESG報告と取締役会のジェンダー多様性の相互作用 (AI 翻訳)
Yasean Tahat, Wasim Al-Shattarat, Ahmed Hassanein, Rasha Allusi, Mohammed Hossain, Ahmed Hassan Ahmed
🤖 gxceed AI 要約
日本語
この研究は、ESGパフォーマンスが株価に与える影響と、取締役会のジェンダー多様性（BGD）の媒介効果を分析。15カ国の非金融企業9,543社年データを用い、ESGスコアと株価の正の関係を確認。BGDがその関係を強化することを示した。
English
This study examines the impact of ESG performance on stock prices and the mediating role of board gender diversity (BGD). Using 9,543 firm-year observations from 15 countries (S&P 1200 index, 2012-2020), it finds a positive relationship between ESG scores and stock prices, with BGD enhancing this effect. The value relevance varies across institutional settings, stronger in emerging markets and North America/Europe.
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
日本でもESG情報開示の質向上と女性取締役比率の目標設定が進む中、本論文はESGスコアと株価の関連性におけるジェンダー多様性の媒介効果を実証している。SSBJ基準や有報でのESG開示が実務に与える含意として、多様な取締役会がESG開示の価値関連性を高める可能性を示唆。
In the global GX context
This paper contributes to the global disclosure literature by showing that board gender diversity mediates the relationship between ESG reporting and market valuation. It provides empirical evidence for policymakers (e.g., SEC, ISSB) that governance factors like board composition can amplify the financial benefits of ESG disclosures.
👥 読者別の含意
🔬研究者:Provides robust empirical evidence on the ESG-stock price nexus with board gender diversity as a mediator, useful for further research on disclosure valuation.
🏢実務担当者:Highlights that promoting gender diversity on boards can enhance the market impact of ESG efforts, relevant for corporate disclosure strategy.
🏛政策担当者:Supports the case for policies encouraging board gender diversity as a complement to mandatory ESG disclosure.
📄 Abstract（原文）
This study examines the impact of corporate environmental, social, and governance (ESG) practices on corporate stock prices, with a particular focus on the mediating role of board gender diversity (BGD). Using a dataset of 9543 firm-year observations from non-financial companies across 15 countries in the S&P 1200 global index between 2012 and 2020, the analysis evaluates ESG performance through the Refinitiv ESG Combined Score, which incorporates disclosures across ESG pillars and an overlay for ESG controversies. BGD is measured as the proportion of female directors on corporate boards, while stock prices are assessed using annual closing prices. The findings reveal a positive relationship between ESG performance and corporate stock prices, both at the aggregate level and across individual ESG pillars. Additionally, BGD is shown to enhance stock price performance and serves as a mediator in the ESG-stock price relationship. These results highlight the critical role of board diversity in amplifying the financial benefits of ESG practices. Further analysis suggests that the value relevance of ESG performance varies across institutional settings, with stronger effects observed in emerging/offshore markets and in the North American and European regions. The study offers important implications for companies, investors, and policymakers, emphasizing the need to integrate ESG strategies and promote gender diversity at the board level to enhance corporate valuation and long-term sustainability.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/jrfm19070499first seen 2026-07-05 04:56:22
🔔 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。