投資決定を媒介としたESG開示が財務業績に与える影響
Pengaruh ESG Disclosure Terhadap Kinerja Keuangan dengan Keputusan Investasi Sebagai Mediasi (原題)
Hayfa Saidah, Yeni Fitriani Somantri
🤖 gxceed AI 要約
日本語
インドネシア証取のIDX ESG Leaders Index採用企業12社・60観測を対象に、ESG開示が財務業績に与える影響を投資決定の媒介効果を含めて検証した。ESG開示は投資決定には有意な影響を与えるが、財務業績には直接・間接とも有意な効果を示さなかった。ESG開示水準が高い企業群でも、開示が会計ベースの業績変動を説明する主要因にはなっていないことを示す。
English
Using 12 IDX ESG Leaders Index firms (60 observations, 2020–2024), this study tests whether ESG disclosure affects financial performance via investment decisions. ESG disclosure significantly influences investment decisions but has no significant direct or mediated effect on financial performance. The findings suggest ESG disclosure is not yet a primary driver of accounting-based performance even among high-disclosure firms.
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・インドネシアにおけるESG開示と財務業績の非連関を示す実証例。日本ではSSBJ基準・有報でのサステナビリティ開示が進む中、開示の経済的効果を巡る議論に比較材料を提供する。
In the global GX context
Adds emerging-market evidence to the global debate on whether ESG disclosure translates into financial performance, complementing TCFD/ISSB/CSRD scholarship that often assumes disclosure benefits. Useful for understanding disclosure-effectiveness gaps outside developed markets.
👥 読者別の含意
🔬研究者:ESG開示と財務業績の媒介モデル研究に、新興国・小規模サンプルの反証的証拠を提供する。
🏢実務担当者:ESG開示が直ちに財務成果へ結びつかない可能性を踏まえ、開示の目的を投資家コミュニケーションとして捉え直す示唆。
🏛政策担当者:開示義務化の効果測定において、開示と業績の因果を過度に前提としない慎重な制度設計の必要性を示す。
📄 Abstract（原文）
Using investment choices as a mediating variable, this study aims to examine the impact of Environmental, Social, and Governance (ESG) Disclosure on financial performance among companies listed in the IDX ESG Leaders Index for the 2020–2024 period. This study employs an associative research design and quantitative methodology. The sample was selected using purposive sampling, resulting in 12 companies with a total of 60 observations. The Sobel The empirical evaluation relied on a path analytical framework to evaluate secondary data, which included sustainability reports and financial statements. Empirical estimations confirm that ESG transparency exerts no statistically meaningful impact on corporate financial outcomes (p = 0.250), ESG disclosure has a significant effect on investment decisions (p = 0.002), investment decisions do not have a significant effect on financial performance (p = 0.195), and investment decisions do not mediate the effect of ESG Disclosure on financial performance (Z-calculated = 1.216 < 1.96). These findings indicate that ESG Disclosure has not yet been able to improve the accounting-based performance metrics of companies belonging to the IDX ESG Leaders Index, either directly or through investment decisions. This study makes an empirical contribution by demonstrating that ESG disclosure has not emerged as a primary factor explaining variations in financial performance among companies with relatively high levels of ESG disclosure.
🔗 Provenance — このレコードを発見したソース
- openalex https://journal.fkpt.org/index.php/jtear/article/view/2907first seen 2026-10-05 05:27:10
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