インドネシア企業における取締役会のジェンダー多様性と知的資本効率—ESG開示の連関
Board gender diversity and the intellectual capital efficiency-ESG disclosure nexus in Indonesian firms (原題)
Sumiati SUMIATI, Nuraini Desty Nurmasari, Rosle Mohidin, A Muhamad Jazuli
🤖 gxceed AI 要約
日本語
インドネシアの非金融上場企業501社・年（2015〜2023年）を対象に、知的資本効率とESG開示の関連、および取締役会ジェンダー多様性（BGD）の調整効果を検証。集計レベルの知的資本効率はESG開示と負の関連を示し、BGDはこの負の関係を強める。新興国では知的資本効率の高さが必ずしもESG開示の充実につながらず、開示が裁量的であることを示唆する。
English
Using 501 firm-year observations (2015-2023) of Indonesian non-financial listed firms, this study examines whether intellectual capital efficiency relates to ESG disclosure and whether board gender diversity (BGD) moderates this link. Aggregate intellectual capital efficiency is negatively associated with ESG disclosure, and BGD strengthens this negative association. Findings suggest that in emerging markets, higher intellectual capital efficiency does not necessarily translate into greater ESG disclosure, which remains discretionary.
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・有報でのサステナビリティ開示が義務化方向にあり、知的資本とESG開示の関係は統合報告書の質を考える上で示唆的。ただしインドネシアの裁量的開示環境に基づく結果であり、日本の制度的文脈への直接適用には注意が必要。
In the global GX context
As global disclosure moves toward ISSB/CSRD mandates, this study shows that in a discretionary emerging-market setting, intellectual capital efficiency and board gender diversity do not automatically improve ESG disclosure quality. It adds evidence that governance mechanisms interact with disclosure regimes in context-specific ways, relevant to debates on whether mandatory frameworks are needed to close the gap.
👥 読者別の含意
🔬研究者:新興国におけるESG開示の決定要因として、知的資本効率とジェンダー多様性の交互作用を実証した点が参考になる。
🏢実務担当者:インドネシア事業を持つ企業は、現地の裁量的開示慣行とガバナンス特性を踏まえたESGエンゲージメント設計が必要。
🏛政策担当者:開示の質を高めるには、裁量的開示に委ねず、制度設計で強制力を持たせる必要性を示唆する。
📄 Abstract（原文）
This study examines whether intellectual capital efficiency is associated with environmental, social, and governance (ESG) disclosure and whether board gender diversity (BGD) moderates this association among Indonesian non-financial listed firms. Using 501 firm-year observations from 2015 to 2023, the study employs fixed-effects panel regression with Driscoll–Kraay standard errors, two-stage least squares (2SLS) robustness tests, and firm-size subsample analyses. The results reveal a negative association between aggregate intellectual capital efficiency and ESG disclosure, although this association is not consistently observed in the small-firm subsample. Component-level analyses indicate negative associations for innovation capital efficiency, capital employed efficiency, and human capital efficiency, whereas the associations for relational and structural capital efficiency are less robust across alternative specifications and firm-size subsamples. The moderating role of BGD is likewise component specific, strengthening the negative association between aggregate intellectual capital efficiency and ESG disclosure, although this moderating effect is not consistently observed among large firms. These findings suggest that, in the Indonesian emerging-market context, greater intellectual capital efficiency does not necessarily translate into greater ESG disclosure. Instead, this negative association is context specific, reflecting relatively discretionary ESG disclosure. Moreover, BGD strengthens, rather than mitigates, this negative association, challenging conventional governance expectations in emerging-market settings.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/23311975.2026.2728253first seen 2026-09-26 04:47:11
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