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持続可能金融報告・ESG開示・所有構造が財務パフォーマンスに与える影響：インドネシア国有銀行の証拠

The Impact of Sustainable Finance Reporting, ESG Disclosure, and Ownership Structure on Financial Performance: Evidence from Indonesia’s State-Owned Banks (原題)

N. Ismail, Indarto Indarto, Rohmini Indah Lestari

Economics Professional in Action (E-PROFIT)📚 査読済 / ジャーナル2026-10-30#ESG経営インパクト: 資金調達対象セクター: finance
DOI: 10.37278/eprofit.v8i2.1589
原典: https://doi.org/10.37278/eprofit.v8i2.1589

🤖 gxceed AI 要約

日本語

インドネシアの国有銀行4行を対象に、持続可能金融報告書（SFR）・ESG開示・政府所有構造が財務パフォーマンスに与える影響を2019〜2025年の112四半期データで分析。SFRと所有構造は直接には財務を押し下げるが、ESG開示を介すると正の間接効果に転じることをPLS-SEMで示した。ESG開示をコンプライアンスではなく戦略的手段と位置づけるべきと提言する。

English

Using 112 bank-quarter observations (2019–2025) from four Indonesian state-owned banks, this study applies PLS-SEM to test how Sustainable Finance Reports, ESG disclosure, and government ownership affect financial performance. SFR and ownership have negative direct effects but positive indirect effects via ESG disclosure, which mediates and reverses the relationship. The authors argue ESG disclosure should be treated as a strategic instrument, not mere compliance.

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

新興国国有銀行におけるESG開示の財務効果を定量化した点は、SSBJ基準対応や有報・統合報告での開示戦略を検討する日本の金融機関にとって示唆的。開示を媒介変数として捉える枠組みは国内のESG投融資実務にも応用可能。

In the global GX context

Adds emerging-market evidence to the global disclosure literature (ISSB/TCFD adoption), showing ESG disclosure as a mediator that converts compliance costs into performance gains. Relevant to transition-finance debates on state-owned financial institutions in emerging economies.

👥 読者別の含意

🔬研究者:ESG開示の媒介効果を新興国国有銀行で実証したPLS-SEM研究として、開示と財務の因果経路分析の参照点になる。

🏢実務担当者:ESG開示を戦略的投資と捉え、開示品質向上が財務成果に繋がる経路を自社の開示設計に活かせる。

🏛政策担当者:国有金融機関へのESG開示義務化が財務に与える影響を踏まえ、開示制度設計の根拠として参照できる。

📄 Abstract（原文）

This study examines the effect of the Sustainable Finance Report (SFR), ESG Disclosure, and government ownership structure on the financial performance of four major state-owned banks in Indonesia (Bank Mandiri, BRI, BNI, and BTN), and tests the mediating role of ESG Disclosure. Using a quantitative explanatory design, the study draws on 112 bank-quarter observations from 2019–2025, selected through purposive sampling, and analyzes them with Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS 4. The model shows good fit (SRMR = 0.059; GoF = 0.873) and strong explanatory power, with R² of 0.827 for ESG Disclosure and 0.855 for Bank Performance. SFR has a significant negative direct effect on bank performance (β = −0.469; t = 2.398; p = 0.008), as does ownership structure (β = −1.101; t = 8.762; p < 0.001), the latter being the dominant predictor (f² = 0.821). Both SFR (β = 1.511; t = 19.918) and ownership structure (β = 0.684; t = 8.410) significantly increase ESG Disclosure, which in turn improves bank performance (β = 0.345; t = 3.174; p = 0.001). ESG Disclosure significantly mediates the effects of SFR (β = 0.521; t = 3.087) and ownership structure (β = 0.236; t = 2.891) on bank performance, reversing their negative direct effects into positive indirect ones. These findings contribute to the sustainability and ownership-governance literature and suggest that managers and regulators should treat ESG Disclosure as a strategic instrument rather than a compliance obligation.

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