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ESG開示と監査報酬：新興国市場における取締役会のジェンダー多様性の調整効果

ESG Disclosure and Audit Fees: The Moderating Role of Board Gender Diversity in an Emerging Market Context (原題)

Fadi Al‐Asfour, Aliaa Elfedawy

Journal of risk and financial management📚 査読済 / ジャーナル2026-10-02#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.3390/jrfm19100761
原典: https://doi.org/10.3390/jrfm19100761

🤖 gxceed AI 要約

日本語

エジプト証券取引所EGX100の非金融企業80社・2018〜2023年の480社年データを用い、ESG開示と監査報酬の関連を検証。ESG開示は監査報酬と有意に正の関連を示し、監査の複雑性・リスク評価の増大を示唆する。取締役会のジェンダー多様性は監査報酬と負に関連し、ESG開示と監査報酬の正の関係を有意に緩和する。新興国におけるガバナンス要因の調整効果を明らかにした。

English

Using 480 firm-year observations from 80 non-financial EGX100 firms (2018–2023), this study examines the link between ESG disclosure and audit fees in Egypt. ESG disclosure is positively associated with audit fees, suggesting greater audit complexity and risk assessment. Board gender diversity is negatively associated with audit fees and significantly attenuates the ESG–audit fee relationship, highlighting governance as a contingency in emerging markets.

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・有報でのサステナビリティ開示が進み、ESG情報の第三者保証・監査コストへの関心が高まる。本稿は開示拡大が監査報酬に与える影響と、取締役会構成（ジェンダー多様性）がそれをどう緩和するかを示し、日本企業の開示ガバナンス設計や監査報酬交渉の参考になる。

In the global GX context

As ISSB/CSRD and assurance requirements expand globally, understanding how ESG disclosure affects audit pricing is increasingly relevant. This study adds emerging-market evidence that board gender diversity can mitigate ESG-related audit cost premiums, informing debates on governance quality and disclosure credibility under TCFD/ISSB-aligned regimes.

👥 読者別の含意

🔬研究者:ESG開示が監査報酬に与える影響と、取締役会ジェンダー多様性の調整効果を新興国データで示した実証的貢献。

🏢実務担当者:ESG開示拡大に伴う監査コスト増加を見込み、取締役会の多様性・ガバナンス強化がコスト抑制に寄与しうる点を検討材料にできる。

🏛政策担当者:新興国でのESG開示・保証制度設計において、ガバナンス要件（取締役会多様性）が開示コストに与える影響を考慮する示唆。

📄 Abstract（原文）

Environmental, social, and governance (ESG) disclosure has become increasingly important in corporate reporting and accountability; however, evidence regarding its implications for audit pricing remains mixed and is particularly limited in emerging markets, where ESG reporting and assurance practices are still evolving. This study investigates the association between ESG disclosure and audit fees and examines whether board gender diversity moderates this relationship in the Egyptian institutional context. Using a panel dataset of 80 non-financial firms listed on the Egyptian Exchange (EGX100) from 2018 to 2023, comprising 480 firm-year observations, the study applies pooled ordinary least squares and fixed-effects regression models. Sensitivity analyses and instrumental variable estimation are employed as additional robustness and endogeneity checks. The findings indicate a significant positive association between ESG disclosure and audit fees, consistent with the argument that ESG reporting may entail additional audit complexity and risk assessment. Board gender diversity is negatively associated with audit fees and significantly attenuates the positive association between ESG disclosure and audit fees. This moderating pattern is consistent with the view that gender-diverse boards may strengthen governance and the credibility of corporate disclosure, although the underlying auditor-risk and audit-effort mechanisms are not directly tested. The study contributes to the audit-pricing and ESG literature by identifying board gender diversity as an important governance contingency in the association between ESG disclosure and audit fees within an emerging-market setting.

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