Cash is sovereign: ESG performance, cash holdings and the strategic influence of gender-diverse boards in Europe
現金は王様：欧州におけるESGパフォーマンス、現金保有とジェンダー多様性のある取締役会の戦略的影響 (AI 翻訳)
Husni Samara, Sajed Mowafaq Alshdaifat, Mohammed T. Abusharbeh, N. Alslaibi, M. Alqudah
🤖 gxceed AI 要約
日本語
この研究は、EU上場企業におけるESGパフォーマンスと現金保有の関係を分析し、取締役会のジェンダー多様性がその関係を強化することを示した。CSRD施行後のEUデータを用いた独自の統合的視点から、ESGが流動性を低下させないことを実証した。
English
This study examines the relationship between ESG performance and corporate cash holdings in EU-listed firms, finding that higher ESG scores lead to larger cash reserves, and gender-diverse boards amplify this effect. Using post-CSRD data, it extends agency and stakeholder theories by showing ESG does not deplete liquidity in the EU regulatory context.
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
欧州のCSRD施行後のデータを用いた研究であり、日本においてもSSBJや有報でのESG情報開示が進む中、ESGと流動性戦略の関係を示唆する点で参考になる。ただし、日本企業に直接適用するには文化・規制の違いに留意が必要。
In the global GX context
This paper contributes to the global GX context by demonstrating that ESG performance can enhance financial resilience, supporting the business case for sustainability. It also highlights the role of board diversity in translating ESG into liquidity management, relevant for ISSB-aligned disclosure and integrated reporting.
👥 読者別の含意
🔬研究者:This paper offers a theoretical extension of agency and resource-based views by linking ESG, board diversity, and cash holdings.
🏢実務担当者:Corporate sustainability teams can use the findings to argue that ESG investments do not harm liquidity, especially under strong governance.
🏛政策担当者:Regulators may consider how disclosure mandates (like CSRD) and diversity policies jointly influence corporate financial behavior.
📄 Abstract（原文）
This study examines the relationship between environmental, social and governance (ESG) performance and corporate cash holdings in EU-listed firms, along with the moderating role of board gender diversity. It goes beyond prior studies by jointly modeling ESG–liquidity dynamics and board diversity within a unified theoretical framework, using one of the largest multi-country EU datasets post-CSRD implementation. Using regression analysis and mixed-effects (REML) regression models, the study analyzes 4,365 firm-year observations from 14 EU countries. Firms with higher ESG scores hold larger cash reserves, and gender-diverse boards amplify this relationship, supporting agency and stakeholder theories. The resource-based view is extended, showing gender diversity enhances board capabilities for liquidity strategies. Contrary to some literature, ESG does not deplete liquidity in the EU's regulatory context. Reliance on self-reported ESG scores may introduce subjectivity, and the EU focus limits generalizability. Future research could explore non-European markets or alternative governance and liquidity proxies. Firms need to integrate ESG and gender equality into their governance in order to support financial resilience. Policymakers need to support ESG disclosure and diversity policies, and investment managers need to use factors to evaluate prudence in finance, while corporate leaders can use board diversity as a governance lever to strengthen liquidity buffers without compromising sustainability commitments. The originality of this study lies in its integrated analysis of ESG performance and corporate cash-holding behavior under the moderating influence of board gender diversity, a perspective rarely examined in EU settings after CSRD enforcement. It advances agency, stakeholder and resource-based theories by showing how inclusive governance transforms ESG practices into financial resilience.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/emjb-06-2025-0221first seen 2026-05-15 19:04:32 · last seen 2026-05-31 04:54:10
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