ESG開示品質が流動性リスクと財務柔軟性に与える影響：現金保有の調整効果の検証
Investigating the Impact of ESG Disclosure Quality on Liquidity Risk and Financial Flexibility: The Moderating Role of Cash Holdings (原題)
Fatemeh Aghazadeh, Seifullah Aghazadeh
🤖 gxceed AI 要約
日本語
テヘラン証券取引所上場企業を対象に、ESG開示品質が流動性リスクと財務柔軟性に与える影響をパネルデータ分析で検証した研究。ESG開示の質向上は情報非対称性の緩和を通じて流動性リスクを低減し財務安定性を高めることを示す。さらにESG関連リスク（風評リスク等）に備えた現金保有が調整効果を持ち、財務制約を緩和することを明らかにした。
English
This study examines how ESG disclosure quality affects liquidity risk and financial flexibility among Tehran Stock Exchange firms, using panel-data GLS regression. Higher-quality ESG disclosure reduces liquidity risk and strengthens financial stability by lowering information asymmetry. Cash holdings significantly moderate this relationship, acting as a precautionary buffer against ESG-related reputational and financing shocks.
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
SSBJ基準・有価証券報告書でのサステナビリティ開示義務化が進む日本では、開示品質が資本コストや流動性に与える影響は投資家対応の重要論点。新興市場の実証だが、開示品質と財務柔軟性の因果経路は日本企業の開示戦略設計に示唆を与える。
In the global GX context
Amid ISSB/CSRD-driven global disclosure mandates, this paper adds emerging-market evidence that ESG disclosure quality functions as a financial-risk management tool, not just transparency. It supports the global thesis that disclosure quality links to cost of capital and liquidity, complementing TCFD/ISSB scholarship with a cash-holdings moderation lens.
👥 読者別の含意
🔬研究者:ESG開示品質と流動性・財務柔軟性の因果経路、および現金保有の調整効果を新興市場データで示す実証的参照点となる。
🏢実務担当者:ESG開示の質向上が流動性リスク低減と資本調達コスト改善に寄与しうることを、開示戦略・現金政策の設計に活用できる。
🏛政策担当者:開示品質の向上が市場流動性と企業財務安定に資するという根拠は、開示規制の設計・義務化の正当化に援用できる。
📄 Abstract（原文）
This study aimed to examine the effect of ESG disclosure quality on liquidity risk and financial flexibility, with emphasis on the moderating role of cash holdings among companies listed on the Tehran Stock Exchange. This applied study employed a descriptive-correlational research design based on panel data analysis. Based on theoretical foundations in sustainability reporting and financial structure literature, multiple regression models were developed. Data extracted from companies’ financial statements and management discussion reports were analyzed using the Generalized Least Squares (GLS) method. The findings indicated that improving the quality of sustainability and ESG disclosures contributes significantly to reducing liquidity risk and enhancing corporate financial stability by decreasing information asymmetry and improving stakeholder relationships. Furthermore, ESG-related risks, such as reputational risks, increase the likelihood of stakeholder sanctions and make external financing more costly. In this regard, cash holdings played a significant moderating role. Companies exposed to ESG-related risks increased their cash holdings based on a precautionary motive to cope with adverse financial shocks and maintain operational continuity. This cash buffer mitigated the effects of financial constraints and contributed to preserving financial flexibility. ESG disclosure quality is not merely a tool for increasing transparency; rather, it serves as a strategic mechanism for managing liquidity risk and enhancing financial flexibility. By adopting optimal cash holding policies, managers can mitigate the negative consequences of reputational risks and cash flow fluctuations and ensure corporate continuity and financial stability under conditions of economic uncertainty.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.61838/jmbs.393first seen 2026-11-07 05:48:34
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