ESG透明性は財務パフォーマンスを改善するか？新興国市場からの証拠
Does ESG Transparency Improve Financial Performance? Evidence from an Emerging Market (原題)
Daifa Fatmasari, A. Juanda, Agung Prasetyo Nugroho Wicaksono
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の非金融企業を対象に、ESG開示が財務パフォーマンスに与える影響を定量的に検証した研究。ESG開示はROAとは負の関係を示す一方、ROEとROICには正に有意な影響を与え、短期的なコスト圧力と長期的な資本効率・株主価値向上の両面を示唆する。ステークホルダー理論の観点から、ESG透明性が戦略的メカニズムとして機能することを新興国文脈で示した。
English
This study quantitatively examines how ESG disclosure affects financial performance among Indonesian non-financial listed firms. ESG disclosure shows a negative association with ROA (short-term cost pressure) but positive, significant effects on ROE and ROIC, indicating long-term capital efficiency and shareholder value gains. It contributes to stakeholder theory by showing ESG transparency acts as a strategic mechanism in an emerging market.
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基準の策定や有報でのサステナビリティ開示義務化が進む中、ESG開示が短期的なコスト増と長期的な資本効率向上をもたらすという本知見は、開示対応に慎重な日本企業の投資家説明や統合報告書の意義を裏付ける材料となる。新興国での実証は、日本企業が新興国サプライチェーンや投資先でESG対応を求める際の根拠にもなる。
In the global GX context
Amid ISSB/CSRD-driven global disclosure mandates, this paper offers emerging-market evidence that ESG transparency trades short-term ROA for long-term ROE/ROIC gains—useful for framing the cost-benefit debate in transition finance and disclosure policy. It adds a non-OECD data point to the largely developed-market literature on ESG-financial performance links.
👥 読者別の含意
🔬研究者:ESG開示と財務指標の関係が指標ごとに異なる符号を示す点は、実証モデル設計や指標選択の参考になる。
🏢実務担当者:ESG開示は短期的にROAを押し下げる可能性があるが、ROE・ROIC改善を通じた長期的な資本効率向上を投資家に説明する根拠として使える。
🏛政策担当者:新興国においてESG開示枠組みの強化が企業の資本効率と規制リスク低減に寄与しうることを示す。
📄 Abstract（原文）
Study’s aims: This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on the financial performance of Indonesian non-financial firms. It seeks to analyze whether corporate transparency in ESG reporting enhances profitability and supports sustainable business practices. Design/Methodology/Approach: This research employs a quantitative approach using a purposive sampling method. The sample consists of Indonesian Stock Exchange-listed non-financial companies that publish both annual and sustainability reports. Financial performance is measured using Return on Assets (ROA), Return on Equity (ROE), and Return on Invested Capital (ROIC). Statistical analysis is conducted to evaluate the relationship between ESG disclosure and financial performance. Findings: The findings indicate that ESG disclosure significantly affects financial performance. ESG disclosure shows a negative association with ROA, suggesting short-term cost pressures. However, ESG disclosure positively and significantly influences ROE and ROIC, indicating enhanced shareholder value and long-term capital efficiency. Firms with higher ESG transparency tend to strengthen stakeholder trust, reduce regulatory risks, and improve corporate reputation. Theoretical contribution/Originality: This study contributes to stakeholder theory by demonstrating how ESG transparency serves as a strategic mechanism that influences financial outcomes differently across profitability measures in an emerging market context. Practitioner/Policy implication: The results highlight the importance of integrating ESG practices with sound financial strategies and encourage regulators to strengthen ESG disclosure frameworks. Limitation/Implication: This study focuses only on Indonesian non-financial firms. Future research should include broader sectors and methodological refinements, including additional robustness tests.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.ets-institute.com/index.php/JEE/article/download/2/10first seen 2026-09-30 05:28:28 · last seen 2026-10-02 05:22:30
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