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THE EFFECTS OF DIGITAL TRANSFORMATION, ESG DISCLOSURE, AND CORPORATE GOVERNANCE ON CORPORATE FINANCIAL DISTRESS THROUGH OPERATIONAL RISK AND FINANCING CONSTRAINTS

デジタルトランスフォーメーション、ESG開示、コーポレートガバナンスが企業の財務危機に与える影響：オペレーショナルリスクと資金調達制約を媒介として (AI 翻訳)

Faridah, Sitti Mujahida Baharuddin, Herminawaty, Nurhidayanti S, Thanwain, Muhammad Azizurrohman

Jurnal Akuntansi Auditing dan Keuangan BALANCE📚 査読済 / ジャーナル2026-08-13#AI×ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.25170/balance.v23i1.7837
原典: https://doi.org/10.25170/balance.v23i1.7837
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🤖 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、デジタル変革、ESG開示、コーポレートガバナンスが財務危機に与える影響を、オペレーショナルリスクと資金調達制約を媒介変数として分析。固定効果回帰とブートストラップ媒介分析を用い、ESG開示とガバナンスは財務危機を直接的に軽減する一方、デジタル変革は初期導入コストにより直接的な正の効果を示すが、媒介経路を通じて間接的に財務安定性を向上させることを実証。新興市場における財務レジリエンス向上への示唆を提供。

English

This study analyzes the effects of digital transformation, ESG disclosure, and corporate governance on financial distress, mediated by operational risk and financing constraints, using panel data from Indonesian non-financial firms (2018-2024). Fixed effects regression and bootstrap mediation analysis show ESG disclosure and governance directly reduce distress, while digital transformation has a positive direct effect due to transitional costs but indirectly improves stability by reducing operational risk and financing constraints. Findings support a dual-channel framework and offer practical implications for firms and policymakers in emerging markets.

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開示が始まり、ESG情報の財務影響が注目される中、本論文はESG開示が財務危機を軽減する実証を示し、日本の企業が開示の戦略的価値を理解する上で参考になる。また、デジタル変革の初期コストと長期的便益のトレードオフは、日本企業のDX投資判断にも示唆を与える。

In the global GX context

This paper contributes to global GX scholarship by providing empirical evidence from an emerging market (Indonesia) on how ESG disclosure and governance reduce financial distress, aligning with ISSB/CSRD frameworks that emphasize the financial materiality of sustainability information. It also highlights the dual-channel role of operational risk and financing constraints, offering insights for global investors and policymakers on the mechanisms through which ESG practices enhance financial resilience.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the mediating mechanisms between ESG disclosure and financial distress in an emerging market, useful for comparative studies.

🏢実務担当者:Highlights the financial resilience benefits of ESG disclosure and governance, supporting corporate sustainability strategy and risk management.

🏛政策担当者:Suggests that promoting ESG disclosure and governance can enhance financial stability, informing regulatory frameworks in emerging markets.

📄 Abstract（原文）

This study examines the effects of digital transformation, ESG disclosure, and corporate governance on corporate financial distress, with a focus on the mediating roles of operational risk and financing constraints. Using panel data from non-financial firms listed on the Indonesia Stock Exchange over the period 2018 to 2024, the study applies fixed effects regression and bootstrap mediation analysis to test the proposed relationships. The results show that ESG disclosure and corporate governance significantly reduce financial distress, while digital transformation exhibits a positive direct effect, reflecting transitional costs and complexity during early adoption stages. However, the mediation analysis reveals that digital transformation, ESG disclosure, and corporate governance indirectly improve financial stability by reducing operational risk and financing constraints. Both mediating variables are found to be significant determinants of financial distress, confirming the importance of internal risk conditions and access to external financing. The findings support a dual-channel framework, demonstrating that financial distress is shaped not only by firm characteristics but also by underlying transmission mechanisms. This study contributes to the literature by integrating multiple theoretical perspectives and providing evidence from an emerging market context. The results offer practical implications for firms and policymakers in enhancing financial resilience through improved governance, transparency, and digital capability.

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