財務持続性と企業価値：ESG開示と機関投資家所有の調整効果—サウジ上場企業からの証拠
Financial Sustainability and Firm Value: The Moderating Roles of ESG Disclosure and Institutional Ownership—Evidence from Saudi Listed Firms (原題)
Fateh Belouadah, Hiba Awad Alla Ali Hussin, Nacera Taher Benchohra Belghaouti, Yousif Saeed Ahmed Amin, khaled Abd Alaziz Hassan Mohmmed, Mohamed Ali
🤖 gxceed AI 要約
日本語
サウジ証券取引所（Tadawul）上場の非金融企業140社を2018〜2024年にわたり分析し、財務持続性指数（FSI）が企業価値（Tobin's Q）を高めることを示した。ESG開示はそれ自体が価値関連的で、財務持続性と企業価値の関係を正に調整する。機関投資家所有も第二の調整経路となるが直接効果は有意でない。2021年のESG報告枠組み導入後もESGの調整効果に有意な変化は見られなかった。
English
Using panel data on 140 non-financial Tadawul-listed firms (2018–2024) and system GMM estimation, the study finds a composite Financial Sustainability Index positively affects firm value (Tobin's Q). ESG disclosure is independently value-relevant and positively moderates this relationship; institutional ownership provides a second moderation channel though its direct effect is insignificant. A three-way interaction test shows no significant change after Tadawul's 2021 ESG reporting framework.
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
サウジのVision 2030とTadawulのESG開示枠組みを背景に、開示が企業価値に与える実証的証拠を提示する。日本のSSBJ・有報開示の義務化議論においても、開示規制導入が企業価値評価に与える影響を考える比較材料となる。
In the global GX context
Adds emerging-market evidence to the global disclosure literature on whether ESG reporting frameworks (analogous to ISSB/CSRD adoption) translate into firm-value effects, showing stable but not strengthened ESG moderation after Tadawul's 2021 framework—relevant to debates on the real effects of mandatory disclosure regimes.
👥 読者別の含意
🔬研究者:新興国市場におけるESG開示の価値関連性と規制導入効果の実証デザイン（system GMM、三重交互作用）の参考になる。
🏢実務担当者:ESG開示が企業価値評価や機関投資家の評価にどう結びつくかを示す、開示戦略立案の材料。
🏛政策担当者:開示枠組み導入が企業価値に与える効果は限定的との示唆は、規制設計や段階的義務化の議論に有用。
📄 Abstract（原文）
This study examines whether financial sustainability enhances firm value among non-financial companies listed on the Saudi Exchange (Tadawul), and whether environmental, social and governance (ESG) disclosure and institutional ownership moderate this relationship. Drawing on the resource-based view, signalling theory, stakeholder theory and agency theory, a composite Financial Sustainability Index (FSI) is constructed from profitability, solvency, liquidity and efficiency dimensions, and firm value is proxied by Tobin’s Q. Using panel data for 140 firms over 2018–2024, the analysis applies pooled ordinary least squares, fixed-effects and random-effects estimators; because firm value is persistent and is jointly determined with financial policy, a two-step system generalised method of moments (system GMM) estimator serves as the primary specification. Financial sustainability exerts a positive and significant effect on firm value, robust to the inclusion of both moderators. ESG disclosure is independently value-relevant and positively moderates the financial sustainability–firm value relationship; institutional ownership provides a second moderation channel, although its direct effect is statistically insignificant and the conditional financial-sustainability effect is not distinguishable from zero at low institutional ownership. ESG moderation is stable across the sample period: a formal test of a three-way interaction with a post-2021 indicator shows no statistically significant change after Tadawul’s 2021 ESG reporting framework. Because the design is observational, the estimates are interpreted as conditional associations under the stated identifying assumptions rather than as causal effects. The findings relate corporate financial strategy to Sustainable Development Goal (SDG) 8, SDG 9, SDG 12 and SDG 13, and offer actionable guidance for managers, investors and regulators pursuing Saudi Vision 2030.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su182211517first seen 2026-11-14 05:18:51
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