外部保証とその後のESGパフォーマンス：企業の可視性と女性取締役比率の検討
External Assurance and Subsequent ESG Performance: Examining Firm Visibility and Female Director Representation (原題)
Anita Anita, Mavrict Josephino, Handoko Karjantoro
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場89社の2019〜2023年パネルデータを用い、外部保証が保証年度および翌年度のESGパフォーマンス（Refinitivスコア）と正に関連することを示した研究。企業の可視性や女性取締役比率の調整効果は確認されなかった。保証は報告の信頼性向上にとどまらず、ESGデータ体制や内部統制、モニタリングの改善を通じてパフォーマンス向上に寄与しうると論じる。
English
Using an unbalanced panel of 89 Indonesian listed firms (2019–2023), this study finds external assurance positively associated with ESG performance (Refinitiv scores) in both the assurance year and the following year. Firm visibility and female director representation do not significantly moderate this relationship. The authors argue assurance can drive ESG data systems, internal controls, and monitoring improvements beyond mere reporting credibility.
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
SSBJ基準の適用開始と保証の段階的義務化を議論する日本にとって、保証導入が翌期のESGパフォーマンス改善につながるという新興国エビデンスは、保証範囲・品質・体制整備の政策的議論に直接示唆を与える。
In the global GX context
As ISSB/CSRD regimes move toward mandatory assurance, this paper adds emerging-market evidence that assurance may improve subsequent ESG performance, informing debates on assurance scope, provider competence, and regulatory emphasis on quality rather than mere adoption.
👥 読者別の含意
🔬研究者:保証とESGパフォーマンスの時間的関係を実証した点は、保証の因果効果を扱う研究設計の参照になる。
🏢実務担当者:保証取得を学習・改善の仕組みとして位置づけ、データ体制や内部統制の整備に活かす視点を提供する。
🏛政策担当者:保証の品質・範囲・提供者能力・経営のフォローアップを規制で重視すべきという示唆を与える。
📄 Abstract（原文）
Purpose - This study examines whether external assurance is associated with corporate environmental, social, and governance (ESG) performance in the assurance year and the subsequent year. It also investigates whether firm visibility and female director representation strengthen the relationship between external assurance in the preceding year and subsequent ESG performance. Research Method - The study employs an unbalanced panel of 89 companies listed on the Indonesia Stock Exchange from 2019 to 2023. The dataset comprises 318 firm-year observations, while the subsequent-period analysis uses 229 observations because assurance information must be available for the immediately preceding year. ESG performance is measured using the Refinitiv ESG Score. Assurance, governance, ownership, and financial data are manually collected from annual and sustainability reports. The hypotheses are tested using ordinary least squares regressions with industry and year fixed effects and heteroskedasticity-robust standard errors. Findings - External assurance is positively and significantly associated with ESG performance in both the assurance year and the following year. Firms obtaining assurance in the preceding year tend to report higher subsequent ESG scores, supporting the proposed temporal relationship. However, firm visibility and female director representation do not significantly moderate this association. Implication - The findings suggest that external assurance may contribute beyond reporting credibility by supporting improvements in ESG data systems, internal controls, monitoring, and organizational practices. Companies should therefore treat assurance as a mechanism for learning and performance improvement. Regulators and boards should place greater emphasis on assurance quality, engagement scope, provider competence, and management follow-up in emerging capital markets including Indonesia.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.uib.ac.id/index.php/gfa/article/download/12509/5275first seen 2026-11-13 06:06:24 · last seen 2026-11-14 06:07:01
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