Regulatory influence, Corporate Governance and ESG Transparency: Evidence from emerging economies
DOI:
https://doi.org/10.29284/ijasis.12.1s.2026.396-420Keywords:
Decree 107, ESG disclosure, Leverage, corporate governanceAbstract
In response to the increasing global demand for sustainable practices, the Egyptian Financial Regulatory Authority [1] issued decree 107 in 2021, mandating that Egyptian listed non-financial firms with issued capital of at least EGP 100 million disclose their ESG practices annually, thereby aligning their practices with international sustainability standards. The objective of this study is to investigate the impact of leverage and independence of audit committees on the level of ESG disclosure. Also, it is to examine the moderating effect of Decree 107 on the relationship between leverage and ESG disclosure. A panel data analysis is employed using a balanced panel of 53 listed firms from 2019 to 2024. The analysis utilized Pooled OLS regression, fixed effects, and random effects models. The findings show that Decree 107 has a significant positive effect on ESG disclosure level, highlighting the positive impact of regulations in emerging economies. The independence of the audit committee significantly influences ESG disclosure level, thus it shows the supportive role of internal governance mechanisms. Even though leverage is not significantly affecting the disclosure level, its positive interaction with Decree 107 shows that rules may motivate financially distressed firms to enhance transparency. This shows how the power of regulations may override internal financial pressures. This research contributes to the literature by demonstrating how regulations and internal governance might influence disclosure behaviour in emerging economies.
References
[1] F. R. A. FRA. "Financial Regulatory Authority Decrees No. 107 and 108." https://climate-laws.org/document/financial-regulatory-authority-decrees-no-107-and-108_8c56 (accessed November 26, 2025).
[2] H. Diwan and B. A. Sreeraman, "From financial reporting to ESG reporting: a bibliometric analysis of the evolution in corporate sustainability disclosures," Environment, development and sustainability, vol. 26, no. 6, pp. 13769-13805, 2024.
[3] R. M. Ruziwa and B. C. Nomlala, "Audit committee characteristics and environmental, social, and governance reporting quality: An analysis of top 100 JSE-listed corporations," Accounting and Financial Control, vol. 6, no. 1, pp. 38-52, 2025.
[4] K. Chebbi and M. A. Ammer, "Board composition and ESG disclosure in Saudi Arabia: The moderating role of corporate governance reforms," Sustainability, vol. 14, no. 19, p. 12173, 2022.
[5] E. Pollman, "The making and meaning of ESG," Harv. Bus. L. Rev., vol. 14, pp. 403-453, 2024.
[6] M. Joubrel and E. Maksimovich, "ESG data and scores," in Valuation and Sustainability: A Guide to Include Environmental, Social, and Governance Data in Business Valuation: Springer, 2023, pp. 67-98.
[7] S. Tenorio-Salgueiro, M. Vivel-Búa, R. Lado-Sestayo, and A. Martínez-Salgueiro, "Sustainability and integration of ESG reporting: Regulatory frameworks, standardization, and the role of the ISSB," in Adoption, Impact, and Challenges of International Financial Reporting Standards, 2025, pp. 163-196.
[8] C. Deegan, "Introduction: The legitimising effect of social and environmental disclosures–a theoretical foundation," Accounting, auditing & accountability journal, vol. 15, no. 3, pp. 282-311, 2002.
[9] K. Samaha, K. Dahawy, K. Hussainey, and P. Stapleton, "The extent of corporate governance disclosure and its determinants in a developing market: The case of Egypt," Advances in Accounting, vol. 28, no. 1, pp. 168-178, 2012.
[10] M. Elfeky and A. Nasiri, "The determinants of voluntary disclosure in emerging markets: the case of Egypt," Journal of Poverty, Investment and Development, vol. 36, no. 7, pp. 1-12, 2017.
[11] L. L. Wang, "Transmission effects of ESG disclosure regulations through bank lending networks," Journal of Accounting Research, vol. 61, no. 3, pp. 935-978, 2023.
[12] C.-C. Lee, C.-W. Wang, W.-L. Chen, and P.-C. Hong, "Compulsory disclosure regulation: the effect of ESG on extreme risk," Applied Economics, vol. 56, no. 32, pp. 3856-3869, 2024.
[13] I. Akin and M. Akin, "Mandated ESG disclosure and its effects on earnings quality and cost of capital: evidence from European stock markets," Corporate Social Responsibility and Environmental Management, 2025.
[14] M. Singhania and G. Chadha, "Impact of debt on sustainability reporting: a meta-analysis of the moderating role of country characteristics," Journal of Accounting Literature, vol. 46, no. 4, pp. 671-721, 2024.
[15] B. Lukács and P. Molnár, "Companies’ ESG performance under soft and hard regulation environment," Discover Sustainability, vol. 6, no. 1, p. 701, 2025.
[16] A. Aboud and A. Diab, "The impact of social, environmental and corporate governance disclosures on firm value: Evidence from Egypt," Journal of Accounting in Emerging Economies, vol. 8, no. 4, pp. 442-458, 2018.
[17] R. Appuhami and S. Tashakor, "The impact of audit committee characteristics on CSR disclosure: An analysis of Australian firms," Australian Accounting Review, vol. 27, no. 4, pp. 400-420, 2017.
[18] T. Sihombing and H. Nurhaliza, "The influence of audit committee characteristics and audit quality on ESG performance with sustainable growth rate as a moderation variable," Corporate Governance and Sustainability Review, vol. 9, no. 3, pp. 45-54, 2025.
[19] M. Arif, A. Sajjad, S. Farooq, M. Abrar, and A. S. Joyo, "The impact of audit committee attributes on the quality and quantity of environmental, social and governance (ESG) disclosures," Corporate Governance: The International Journal of Business in Society, vol. 21, no. 3, pp. 497-514, 2021.
[20] M. Pozzoli, A. Pagani, and F. Paolone, "The impact of audit committee characteristics on ESG performance in the European Union member states: Empirical evidence before and during the COVID-19 pandemic," Journal of Cleaner Production, vol. 371, p. 133411, 2022.
[21] N. N. Jamil and E. T. Wahyuni, "Audit Committee Effectiveness and Environmental, Social and Governance Rating in Malaysia," International Journal of Economics and Financial Issues, vol. 15, no. 1, p. 272, 2025.
[22] P. Jiraporn and K. C. Gleason, "Capital structure, shareholder rights, and corporate governance," Journal of financial research, vol. 30, no. 1, pp. 21-33, 2007.
[23] G. Chadha and M. Singhania, "Demystifying the influence of debt providers’ preferences on sustainability reporting: A firm-level meta-analytical inquiry," Environmental Science and Pollution Research, vol. 31, no. 10, pp. 14704-14747, 2024.
[24] I. Harymawan, F. K. G. Putra, B. A. Fianto, and W. A. Wan Ismail, "Financially distressed firms: Environmental, social, and governance reporting in Indonesia," Sustainability, vol. 13, no. 18, p. 10156, 2021.
[25] A. Yadav, "Financial distress, ESG practices and firm valuation: comparing pre-and post-Paris Agreement periods," Management Decision, 2025, doi: https://doi.org/10.1108/MD-05-2024-1159.
[26] A. Chariri, I. Januarti, and E. N. A. Yuyetta, "Audit committee characteristics and carbon emission disclosure," in E3S web of conferences, 2018, vol. 73: EDP Sciences, p. 02001.
[27] M. C. Jensen and W. H. Meckling, "Theory of the firm: Managerial behavior, agency costs and ownership structure," in Corporate governance: Gower, 2019, pp. 77-132.
[28] L. Conca, F. Manta, D. Morrone, and P. Toma, "The impact of direct environmental, social, and governance reporting: Empirical evidence in European‐listed companies in the agri‐food sector," Business Strategy and the Environment, vol. 30, no. 2, pp. 1080-1093, 2021.
[29] M. C. Suchman, "Managing legitimacy: Strategic and institutional approaches," Academy of management review, vol. 20, no. 3, pp. 571-610, 1995.
[30] N. Malik and S. Kashiramka, "ESG disclosure and its impact on firm leverage: Moderating role of quality of financial reporting and financial constraints," Global Finance Journal, vol. 65, p. 101099, 2025.
[31] L. Y. Choy, "Hong Kong’s changing regulatory approaches to corporate environmental, social, and governance (‘ESG’) disclosure: an evidence-based assessment," Journal of Corporate Law Studies, vol. 24, no. 1, pp. 137-167, 2024.
[32] V. Minutiello and P. Tettamanzi, "Is It Just a Matter of Reputation? A Study on the Impact of ESG Controversies on Corporate Disclosure," in The Development of Non-Financial Reporting: The Role of Sustainability Reporting and Integrated Reporting in Corporate Strategy: Springer, 2025, pp. 67-91.
[33] I. Ulupui, Y. Murdayanti, M. Yusuf, I. Pahala, and A. Zakaria, "Integrated reporting disclosure and its implications on investor reactions," The Journal of Asian Finance, Economics and Business, vol. 7, no. 12, pp. 433-444, 2020.
[34] R. E. Freeman, Strategic management: A stakeholder approach. Pitman, Boston, MA, 1984.
[35] I. Itan, S. Sylvia, S. Septiany, and R. Chen, "The influence of environmental, social, and governance disclosure on market reaction: evidence from emerging markets," Discover Sustainability, vol. 6, no. 1, p. 347, 2025.
[36] N. Masoud, "Integrating theories for insight: corporate governance and environmental disclosure practices in the UAE," Corporate Governance: The International Journal of Business in Society, vol. 25, no. 7, pp. 1485-1502, 2025.
[37] T. Ben Noamene, "Do private equity investors value ESG and SDGs? Evidence from Tunisia," Society and Business Review, vol. 20, no. 3, pp. 455-469, 2025.
[38] V. Lagasio and N. Cucari, "Corporate governance and environmental social governance disclosure: A meta‐analytical review," Corporate social responsibility and environmental management, vol. 26, no. 4, pp. 701-711, 2019.
[39] A. Buallay and J. Al-Ajmi, "The role of audit committee attributes in corporate sustainability reporting: Evidence from banks in the Gulf Cooperation Council," Journal of Applied Accounting Research, vol. 21, no. 2, pp. 249-264, 2020.
[40] K.-C. Yao, C.-C. Lai, W.-J. Shyr, D.-F. Chou, and K.-M. Huang, "Exploring key factors influencing ESG commitment: evidence from Taiwanese listed companies," Sustainability, vol. 17, no. 13, p. 6208, 2025.
[41] L. Zamani, S. Borzoian, and S. Minaei, "The role of audit committee attributes in corporate sustainability reporting," Operational and Performance Research in Accounting and Auditing, vol. 3, no. 2, pp. 105-133, 2020.
[42] A. Albawwat, "The influence of audit committee characteristics on voluntary disclosure of annual financial reports in Jordan," Universal Journal of Accounting and Finance, vol. 10, no. 1, pp. 161-170, 2022.
[43] S. N. Bronson, J. V. Carcello, C. W. Hollingsworth, and T. L. Neal, "Are fully independent audit committees really necessary?," Journal of accounting and public policy, vol. 28, no. 4, pp. 265-280, 2009.
[44] M. G. De Almeida and I. C. D. S. Paiva, "Audit committees and its effect on environmental, social, and governance disclosure," in 2022 17th Iberian Conference on Information Systems and Technologies (CISTI), 2022: IEEE, pp. 1-6.
[45] A. Hammami and M. Hendijani Zadeh, "Audit quality, media coverage, environmental, social, and governance disclosure and firm investment efficiency: Evidence from Canada," International Journal of Accounting & Information Management, vol. 28, no. 1, pp. 45-72, 2020.
[46] L. Lakhani and S. L. Herbert, "Theoretical frameworks applied in integrated reporting and sustainability reporting research," South African Journal of Economic and Management Sciences, vol. 25, no. 1, p. 4427, 2022.
[47] P. Velte, "Meta-analyses on corporate social responsibility (CSR): a literature review," Management Review Quarterly, vol. 72, no. 3, pp. 627-675, 2022.
[48] L. Girella, P. Rossi, and S. Zambon, "Exploring the firm and country determinants of the voluntary adoption of integrated reporting," Business Strategy and the Environment, vol. 28, no. 7, pp. 1323-1340, 2019.
[49] F. Khalid, A. Razzaq, J. Ming, and U. Razi, "Firm characteristics, governance mechanisms, and ESG disclosure: how caring about sustainable concerns?," Environmental Science and Pollution Research, vol. 29, no. 54, pp. 82064-82077, 2022.
[50] R. Chung, L. Bayne, and J. L. Birt, "Determinants of ESG disclosure among listed firms under voluntary and mandatory ESG disclosure regimes in Hong Kong," Journal of Applied Accounting Research, vol. 25, no. 4, pp. 812-836, 2024.
[51] D. Q. Le, Q. N. Ngoc, T. M. N. Do, N. L. Hong, and M. A. V. Ngoc, "How does the audit committee affect ESG performance? A case of China," Asian Economic and Financial Review, vol. 15, no. 7, pp. 1058-1079, 2025.
[52] S. Maurya, S. Nanda, and M. Riyath, "Do Firm-Specific Factors Matter for ESG Performance Disclosure? Evidence from Environmentally Sensitive Sectors in India," Australasian Accounting, Business and Finance Journal, vol. 19, no. 4, 2025.
[53] T. Al Barrak, K. Chebbi, A. A. Aljughaiman, and M. Albarrak, "Exploring the interplay between sustainability and debt costs in an emerging market: does financial distress matter?," Sustainability, vol. 15, no. 12, p. 9273, 2023.
[54] C. Lohmann, S. Möllenhoff, and S. Lehner, "On the Relationship between Financial Distress and ESG Scores," Corporate Social Responsibility and Environmental Management, 2025, doi: https://doi.org/10.1002/csr.70033.
[55] X. Cui, R. Li, S. Xue, and X. Zhang, "Mandatory versus voluntary: The real effect of ESG disclosures on corporate earnings management," Journal of International Money and Finance, vol. 154, p. 103323, 2025.
[56] T. K. Do and X. V. Vo, "Is mandatory sustainability disclosure associated with default risk? Evidence from emerging markets," Finance Research Letters, vol. 55, p. 103818, 2023.
[57] E. Bolognesi, A. Burchi, J. W. Goodell, and A. Paltrinieri, "Stakeholders and regulatory pressure on ESG disclosure," International Review of Financial Analysis, vol. 103, p. 104145, 2025.
[58] Y. Jiang and Q. Tang, "Mandatory carbon reporting, voluntary carbon disclosure and ESG performance," Pacific Accounting Review, vol. 35, no. 4, pp. 534-561, 2023.
[59] A. Zanócz, "Non-financial reporting and assurance trends in selected Central European countries," Public Finance Quarterly, vol. 71, no. 3, pp. 100-122, 2025.
[60] G. Vitale, S. Cupertino, G. Schiuma, and C. Troise, "Investigating How Mandatory Sustainability Reporting Influences Corporate Governance Effects on ESG Performance: From Obligation to Impact for Sustainable Development," Corporate Social Responsibility and Environmental Management, 2025, doi: https://doi.org/10.1002/csr.70025.
[61] Y. Hutagaol-Martowidjojo, V. Tohang, and E. P. Payung, "The moderating role of policy intervention on the relationship of environment, social, and governance (ESG) and cost of equity capital: a study in basic materials companies in Asia," Australasian Accounting, Business and Finance Journal, vol. 17, no. 5, 2023.
[62] N. Mohamed and A. Rashed, "An investigation of the relationship between corporate social responsibility and corporate financial performance in Egypt: The mediating role of information asymmetry," Journal of Accounting, Business and Management (JABM), vol. 28, no. 1, pp. 73-86, 2021.
[63] I. Gallego-Álvarez, M. B. Lozano, and M. Rodríguez-Rosa, "An analysis of the environmental information in international companies according to the new GRI standards," Journal of cleaner production, vol. 182, pp. 57-66, 2018.
[64] C. Hsiao, Analysis of panel data (no. 64). Cambridge university press, 2022.
[65] J. M. Wooldridge, "Econometric analysis of cross section and panel data MIT press," Cambridge, ma, vol. 108, no. 2, pp. 245-254, 2002.
[66] A. Genedy and A. Sakr, "The relationship between corporate social responsibility and corporate financial performance in developing countries. Case of Egypt," International Journal of Business and Economic Development (IJBED), vol. 5, no. 2, pp. 59-73, 2017.
[67] T. Liu, A. Abdelbaky, A. A. Elamer, and M. Elmahgoub, "Real earnings management and ESG disclosure in emerging markets: The moderating effect of managerial ownership from a social norm perspective," Heliyon, vol. 9, no. 12, 2023.
[68] N. Shehata, M. El-Helaly, and M. Hossain, "A tale of two revolutions: Environmental, social, and governance performance and dividend policy in Egyptian-listed companies during unstable times," Research in International Business and Finance, vol. 75, p. 102737, 2025.
[69] M. Shan and J. Zhu, "Do ESG ratings inhibit corporate leverage manipulation? The moderating effects of internal and external supervision," Sustainability Accounting, Management and Policy Journal, vol. 16, no. 5, pp. 1269-1302, 2025.
[70] M. Shan and J. Zhu, "Do ESG ratings inhibit corporate leverage manipulation? The moderating effects of internal and external supervision," Sustainability Accounting, Management and Policy Journal, no. ahead-of-print, 2024.
[71] M. C. Minutolo, W. D. Kristjanpoller, and J. Stakeley, "Exploring environmental, social, and governance disclosure effects on the S&P 500 financial performance," Business Strategy and the Environment, vol. 28, no. 6, pp. 1083-1095, 2019.
[72] M. Gidage and S. Bhide, "Exploring the ESG–audit fees nexus: insights from Indian firms," Managerial Auditing Journal, Article vol. 40, no. 7, pp. 1136-1167, 2025, doi: 10.1108/MAJ-09-2024-4510.
[73] R. B. Amanamah, "Examining the Moderating Role of Firm Characteristics in the Corporate Governance-Financial Reporting Quality Nexus: Evidence From a Developing Country," Business Ethics and Leadership, vol. 8, no. 1, pp. 28-44, 2024.
[74] F. Nyame-Asiamah and S. Ghulam, "The relationship between CSR activity and sales growth in the UK retailing sector," Social Responsibility Journal, vol. 16, no. 3, pp. 387-401, 2020, doi: 10.1108/SRJ-09-2018-0245.
[75] F. Rauf, W. Wanqiu, K. Naveed, S. U. Qadri, and M. S. e. Ali, "How ESG reporting is effected by sustainable finance and green innovation: moderating role of sales growth," Environmental Science and Pollution Research, vol. 31, no. 5, pp. 7246-7263, 2024.
[76] S. O. Ifedigbo, "Emerging Corporate Reporting Perspectives and Operational Performance of Listed Oil and Gas Firms in Nigeria," International Journal of Economics, Business and Management Research, vol. 6, no. 11, 2022.
[77] S. Saleh, A. Elgharbawy, and O. Abouelela, "Does audit quality influence the relationship between ownership structure and environmental, social and governance disclosure? Evidence from Egypt," Journal of Financial Reporting and Accounting, vol. ahead-of-print, no. ahead-of-print, 2025, doi: https://doi.org/10.1108/JFRA-11-2024-0780.
[78] M. Moalla and S. Dammak, "Do media coverage and audit quality of US companies affect their environmental, social and governance transparency?," Journal of Financial Reporting and Accounting, vol. 23, no. 5, pp. 2007-2026, 2025.
[79] B. H. Baltagi and B. H. Baltagi, Econometric analysis of panel data. Springer, 2008.
[80] L. S. Aiken, Multiple regression: Testing and interpreting interactions. sage, 1991.
[81] J. F. Hair, Multivariate data analysis. Pearson, 2009.
[82] D. N. Gujarati and D. C. Porter, Basic econometrics. McGraw-hill, 2009.
[83] J. A. Hausman, "Specification tests in econometrics," Econometrica: Journal of the econometric society, pp. 1251-1271, 1978.
[84] T. S. Breusch and A. R. Pagan, "The Lagrange multiplier test and its applications to model specification in econometrics," The review of economic studies, vol. 47, no. 1, pp. 239-253, 1980.
[85] M. H. Pesaran, "General diagnostic tests for cross-sectional dependence in panels," Empirical economics, vol. 60, no. 1, pp. 13-50, 2021.
[86] J. B. Ramsey, "Tests for specification errors in classical linear least-squares regression analysis," Journal of the Royal Statistical Society Series B: Statistical Methodology, vol. 31, no. 2, pp. 350-371, 1969.
[87] N. Beck and J. N. Katz, "What to do (and not to do) with time-series cross-section data," American political science review, vol. 89, no. 3, pp. 634-647, 1995.
[88] D. Hoechle, "Robust standard errors for panel regressions with cross-sectional dependence," The stata journal, vol. 7, no. 3, pp. 281-312, 2007.
[89] N. Devika Rani, B. Shobha, S. Vincent Paul, P. Immaculate Joyce, N. Renuka Devi, and J. Nagarathnamma, "ESG-Driven Corporate Sustainability and Capital Structure Strategies: Perspectives from Indian Listed Companies," in Data-Driven Decision Making for Sustainable Business Growth: Springer, 2025, pp. 401-413.
[90] M. Saharti, A. Saeed, S. M. Chaudhry, and R. Ahmed, "ESG Performance of Firms and the Structure of Loan Syndicates: Moderating Role of Relationship," European Financial Management, 2025.
[91] R. Al-Khouri and A. A. Abdul Basith, "The status of environmental, social, and governance voluntary disclosure in the GCC banking industry: does it pay to be socially responsible?," in Empirical Research in Banking and Corporate Finance: Emerald Publishing Limited, 2022, pp. 155-189.
[92] J. Dua and A. K. Sharma, "Unveiling the ESG-dividend nexus: the moderating role of investor protection and regulatory enforcement," Journal of Indian Business Research, vol. 16, no. 2, pp. 265-286, 2024.
[93] R. Desai, "Statutory ESG reporting and investment efficiency: Evidence using quasi-natural experiment," International Journal of Law and Management, 2025.
[94] P. O. Johnson and J. Neyman, "Tests of certain linear hypotheses and their application to some educational problems," Statistical research memoirs, 1936.
[95] M. E. Nawaiseh, "Do firm size and financial performance affect corporate social responsibility disclosure: employees' and environmental dimensions?," American Journal of Applied Sciences, vol. 12, no. 12, p. 967, 2015.
[96] M. H. Shakil, M. Tasnia, and M. I. Mostafiz, "Board gender diversity and environmental, social and governance performance of US banks: Moderating role of environmental, social and corporate governance controversies," International Journal of Bank Marketing, vol. 39, no. 4, pp. 661-677, 2021.
[97] O. Pasko, L. Zhang, A. Oriekhova, V. Aleksanyan, M. Hordiyenko, and Y. Tkal, "Do financial auditors impact sustainability reporting? The effects of big four financial audits on the quality of CSR reports in China," Intellectual Economics, vol. 17, no. 2, pp. 330-361, 2023.
[98] M. A. Intezar et al., "Unveiling the nexus between environmental, social, governance variables and firm performance: An empirical investigation," Journal of Governance and Regulation/Volume, vol. 13, no. 4, pp. 46-53, 2024.
[99] A. A. Hashed, F. A. Almaqtari, A. Elmashtawy, and N. A. M. Raweh, "The Role of Governance Audit Mechanisms on Environmental Sustainability and Emissions in Saudi Arabia Under ESG Regulations," Sustainability (Switzerland), vol. 17, no. 9, 2025, Art no. 4020, doi: 10.3390/su17094020.
[100] M. R. Roberts and T. M. Whited, "Endogeneity in empirical corporate finance1," in Handbook of the Economics of Finance, vol. 2: Elsevier, 2013, pp. 493-572.
[101] P. de Jong, "ESG Disclosure Inconsistency and Tail Risk," Finance Research Letters, p. 108928, 2025.
[102] F. Su, M. Guan, Y. Liu, and J. Liu, "ESG performance and corporate fraudulence: Evidence from China," International Review of Financial Analysis, vol. 93, p. 103180, 2024.
[103] S. F. Khatib, "An assessment of methods to deal with endogeneity in corporate governance and reporting research," Corporate Governance: The International Journal of Business in Society, vol. 25, no. 3, pp. 606-630, 2025.
[104] M. B. Wintoki, J. S. Linck, and J. M. Netter, "Endogeneity and the dynamics of internal corporate governance," Journal of financial economics, vol. 105, no. 3, pp. 581-606, 2012.
[105] D.-M. Wu, "Alternative tests of independence between stochastic regressors and disturbances," Econometrica: journal of the Econometric Society, vol. 41, no. 4, pp. 733-750, 1973.
[106] R. Davidson and J. G. MacKinnon, Estimation and inference in econometrics. Oxford New York, 1993.
[107] D. Kim, "The errors in the variables problem in the cross‐section of expected stock returns," The Journal of Finance, vol. 50, no. 5, pp. 1605-1634, 1995.
[108] I.-C. Yeh and W.-S. Chi, "Stock valuation model based on mean reversion of return on equity," OPSEARCH, pp. 1-37, 2025.
[109] T. L. Squares, "Total Least Squares and Errors-in-Variables Modeling: Analysis, Algorithms and Applications," ed: Springer, 2002.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
