ESG Disclosure and Stock Price Synchronicity: Panel Evidence from Saudi Listed Companies
ESG開示と株価同期性：サウジアラビア上場企業のパネル証拠 (AI 翻訳)
Sultan Abdullah Alabdullatif
🤖 gxceed AI 要約
日本語
本研究は、サウジアラビア上場企業20社（2019-2024年）のパネルデータを用いて、ESG開示と株価同期性の関連を分析。市場モデルのR二乗を対数オッズ変換した同期性指標に対し、ESG開示は統計的に有意な負の関連を示し、特に環境・社会開示が主な要因であることを発見。投資家が企業固有情報を利用することを示唆し、GCC諸国の資本市場情報効率の文献に貢献。
English
This study analyzes panel data from 20 Saudi listed firms (2019-2024) to examine the association between ESG disclosure and stock price synchronicity. Using a log-odds transformation of market-model R-squared, it finds a statistically significant negative relationship, driven primarily by environmental and social disclosures. The results suggest investors use ESG information for firm-specific decisions, contributing to the literature on capital market informativeness in GCC economies.
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開示が始まり、ESG情報の資本市場への影響が注目される。本研究成果は、開示が株価の情報効率を高める可能性を示し、日本の開示制度設計や投資家対応に示唆を与える。
In the global GX context
This study provides empirical evidence from an emerging market (Saudi Arabia) that ESG disclosure enhances capital market efficiency by reducing stock price synchronicity. It adds to the global discourse on the benefits of ESG disclosure, complementing findings from developed markets and informing regulators and investors in other jurisdictions, including those implementing ISSB standards.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure and market efficiency in an emerging market context, useful for comparative studies.
🏢実務担当者:Highlights the potential capital market benefits of enhanced ESG reporting, supporting corporate disclosure strategies.
🏛政策担当者:Offers evidence that ESG disclosure mandates can improve market quality, relevant for regulators designing disclosure frameworks.
📄 Abstract（原文）
Stock price synchronicity, where share prices of multiple firms rise and fall in similar patterns, suggests investors are making decisions based on generalized or market-wide market indicators rather than information about individual firms. Reducing synchronicity is generally seen as desirable to ensure markets work efficiently. This study investigates the association between the level of environmental, social, and governance (ESG) disclosure and stock price synchronicity among Saudi listed firms. Panel data covering 2019–2024 from 20 firms (120 firm-year observations) listed on the Tadawul are used. A log-odds transformation of the market-model R-squared measures synchronicity, estimated through the pooled OLS, fixed effects, and random effects generalized least squares approaches. The results indicate a statistically significant negative association between ESG disclosure and synchronicity, with environmental and social (but not governance) disclosures as the primary drivers. These findings suggest that investors use ESG disclosures to make company-specific decisions, contributing to the emerging literature on capital market informativeness in Gulf Cooperation Council economies. The findings remain robust after addressing potential endogeneity concerns using a lagged ESG specification. Among key implications, the study suggests that efforts to enhance ESG reporting under Saudi Arabia's Vision 2030 program may measurably benefit capital market quality.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.26389/ajsrp.s020326first seen 2026-07-18 06:00:10
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