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ジンバブエにおけるESG開示品質の経済的・制度的・ガバナンス的決定要因：実証分析

Economic, Institutional and Governance Determinants of Environmental, Social and Governance Disclosure Quality in Zimbabwe: An Empirical Analysis (原題)

Kudakwashe Munyepwa

Futures: The Zimbabwe Ezekiel Guti University Journal of Leadership, Governance and Developmentプレプリント2026-09-30#ESG対象セクター: finance
DOI: 10.71458/rf7wp492
原典: https://doi.org/10.71458/rf7wp492

🤖 gxceed AI 要約

日本語

ジンバブエ証券取引所上場企業のパネルデータを用い、ESG開示品質の決定要因を実証分析した研究。企業規模・収益性・外国人持株比率・取締役会の独立性が開示品質と正の関連を示す一方、高い負債比率と弱い規制執行が開示を阻害することを明らかにした。制度圧力と実効的なガバナンスがESG透明性を高めることを示し、制度制約下のアフリカ市場における開示研究の空白を埋める。

English

Using panel data from Zimbabwe Stock Exchange listed firms, this study empirically examines determinants of ESG disclosure quality via a framework-aligned disclosure index. Firm size, profitability, foreign ownership and board independence are positively associated with disclosure quality, while leverage and weak regulatory enforcement negatively affect it. It offers one of the first integrated empirical analyses of ESG disclosure determinants in an under-researched African context, highlighting the joint role of economic capacity, institutions and governance.

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

新興国・制度制約下でのESG開示の質的決定要因を示す点は、SSBJ基準導入後に開示の実効性確保が課題となる日本企業・規制当局にとっても示唆的。特に規制執行の弱さが開示品質を損なうという知見は、任意開示から強制開示へ移行する日本の制度設計議論に参照価値がある。

In the global GX context

This paper extends ESG disclosure scholarship to an institutionally constrained African market, complementing ISSB/CSRD-driven research that is dominated by advanced-economy evidence. Its finding that weak regulatory enforcement undermines disclosure quality is directly relevant to global debates on moving from voluntary to mandatory climate disclosure and on enforcement capacity in emerging markets.

👥 読者別の含意

🔬研究者:Provides rare empirical evidence on ESG disclosure determinants in a low-enforcement African setting, useful for comparative disclosure-quality research.

🏢実務担当者:Highlights that governance attributes such as board independence and foreign ownership shape disclosure quality, informing board-level ESG oversight in emerging-market operations.

🏛政策担当者:Underscores that regulatory enforcement capacity, not just framework adoption, is a binding constraint on ESG disclosure quality in developing economies.

📄 Abstract（原文）

The study investigates the economic, institutional and governance determinants of Environmental, Social and Governance (ESG) disclosure quality among firms in Zimbabwe, addressing the limited empirical evidence from institutionally constrained developing economies. Using panel data from Zimbabwe Stock Exchange listed firms, ESG disclosure quality is measured through content analysis of annual and sustainability reports based on an ESG disclosure index aligned with internationally recognised reporting frameworks. Multivariate regression analysis is employed to examine the influence of firm-level economic factors, institutional pressures and corporate governance attributes on disclosure quality. The findings indicate that firm size, profitability, foreign ownership and board independence are positively associated with ESG disclosure quality, while higher leverage and weak regulatory enforcement negatively affect disclosure practices. Institutional pressures and effective governance mechanisms are shown to play a significant role in enhancing ESG transparency. The study is limited to listed firms and relies on publicly available disclosures from a sample of 235 firm-year observations which may constrain the generalisability of the findings to unlisted entities and informal sustainability practices. While the sample size was considered statistically adequate for panel regression analysis and enhanced the robustness of the empirical results, the focus on listed companies restricts broader sectoral applicability. The study concludes that ESG disclosure quality in Zimbabwe is shaped jointly by economic capacity, institutional context and governance effectiveness, underscoring the need for stronger regulatory enforcement and improved governance structures. The novelty of the study lies in providing one of the first integrated empirical analyses of ESG disclosure quality determinants in Zimbabwe, thereby extending ESG disclosure literature to an under[1]researched African context.

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