オオタケ トシツグ   OTAKE Toshitsugu   大竹 敏次    所属   立命館アジア太平洋大学  国際経営学部    職種   教授
言語種別	英語
発行・発表の年月	2026
形態種別	学術論文
査読	査読あり
標題	Bridging ESG and Financial Performance: Financial Risk as Mediator in the MENA Region
執筆形態	共著
掲載誌名	Afro-Asian J. of Finance and Accounting
掲載区分	国外
巻・号・頁	16(5),pp.703-731
概要	This paper aims to investigate how ESG performance affects the financial performance of non-financial firms in the MENA region and to analyse the mediating role of financial risk in this relationship. OLS regression models were developed using a panel dataset of 522 firm-year observations during 2013-2022. The results showed that ESG has a significant impact on the financial performance of firms. Additionally, the results revealed a competitive partial mediation of financial risk in the ESG-FP nexus. Additional path analysis and robustness checks were performed. This research contributes to the existing literature using data retrieved from the Thomson Reuters database and examining the mediating role of financial risk in the hypothesised nexus in the MENA region context. Our results imply that firms must consider the possibility of bankruptcy before commencing any sustainable initiatives as it will in turn affect their financial performance.
DOI	10.1504/AAJFA.2025.10070064