When Tax Avoidance Meets Sustainability: ESG Disclosure and Firms’ Cost of Debt
租税回避とサステナビリティが出会うとき：ESG開示と企業の債務コスト (AI 翻訳)
Nouran Nabil Abdelsalam Mahmoud Ellelly, Laila Aladwey, Abdelmoneim Bahyeldin Mohamed Metwally
🤖 gxceed AI 要約
日本語
本研究は、新興市場の非金融企業を対象に、租税回避と債務コストの正の関係を実証し、ESG開示がこの関係を緩和することを示した。高いESG開示は透明性を高め、債権者の懸念を軽減する。PCSE、固定効果、GMM推定を用いて頑健性を確認した。
English
This study examines the relationship between tax avoidance and cost of debt for non-financial firms in an emerging market, finding a positive association moderated by ESG disclosure. Higher ESG disclosure weakens the positive effect, implying improved transparency reduces creditor concerns. Robustness checks confirm the findings.
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
日本ではSSBJ基準や有報でのESG開示が進む中、本論文はESG開示が資金調達コスト低減に寄与することを示し、日本企業の開示戦略に示唆を与える。特に、税務リスクとESGの関連性は統合報告の観点でも重要。
In the global GX context
Globally, this paper provides emerging-market evidence that ESG disclosure can mitigate the negative financial effects of tax avoidance on borrowing costs. It reinforces the role of transparency in lowering cost of debt, relevant for lenders and firms in the context of ISSB and TCFD frameworks.
👥 読者別の含意
🔬研究者:Researchers can build on this by exploring other moderators or testing in different markets, especially regarding ESG subcomponents.
🏢実務担当者:Corporate finance teams can use high ESG disclosure to potentially lower borrowing costs, especially if facing tax avoidance perception risks.
🏛政策担当者:Regulators in emerging markets should note that ESG disclosure requirements may reduce firms' financing costs by mitigating risk perceptions.
📄 Abstract（原文）
Understanding the factors that shape firms’ borrowing costs has become increasingly important amid growing concerns about corporate transparency, sustainability, and tax practices. Specifically, the study investigates the relationship between tax avoidance (TA) and the cost of debt (CoD) among non-financial firms listed on an emerging Stock Exchange, while examining the moderating effect of environmental, social, and governance disclosure (ESG disclosure) based on the Panel-Corrected Standard Error (PCSE) approach. The findings indicate a significant positive association between TA and CoD, suggesting that lenders perceive aggressive tax practices as a source of additional risk, which consequently increases borrowing costs. The results further show that ESG disclosure plays a moderating role in this relationship, as the positive effect of TA on borrowing costs becomes weaker among firms with higher levels of ESG disclosure. This implies that stronger ESG disclosure improves transparency and alleviates creditors’ concerns about firms’ tax-related behavior. The findings were further validated through robustness checks using alternative CoD measures, fixed-effects regression, and dynamic panel GMM estimations to address endogeneity concerns. The study contributes to the literature by providing evidence from an emerging market and highlighting the role of ESG disclosure in mitigating the negative financial effects of TA.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.3390/su18126337first seen 2026-06-25 04:52:22
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