グリーン知的資本、ESG開示、財務パフォーマンス：企業規模の調整効果
Green Intellectual Capital, ESG Disclosure, and Financial Performance: Moderating Role of Firm Size (原題)
Aisya Sheilla Farina Nadia, Eka Bertuah
🤖 gxceed AI 要約
日本語
インドネシア証券取引所の基礎素材セクター48社・2021〜2024年のパネルデータ192件を用い、グリーン知的資本（GIC）とESG開示がROEに与える影響を検証。GICはROEに正の有意な効果を持つ一方、ESG開示は有意な効果を示さず、企業規模はGICとROEの関係を負に調整することが判明した。持続可能性志向の無形資源が、開示単独よりも財務成果に重要であることを示唆する。
English
Using panel data from 48 basic materials firms on the Indonesia Stock Exchange (2021-2024, 192 observations), this study examines how Green Intellectual Capital (GIC) and ESG Disclosure affect ROE, with firm size as moderator. GIC positively and significantly impacts ROE, while ESG Disclosure shows no significant effect; firm size negatively moderates the GIC-ROE link. Findings suggest sustainability-oriented intangible resources matter more for financial performance than disclosure alone.
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
日本企業のSSBJ・有報でのESG開示義務化が進む中、開示そのものよりグリーン投資・知的資本の蓄積が財務成果に直結する可能性を示す。新興国市場の実証は、日本企業の開示戦略や投資家対応を考える上で比較材料となる。
In the global GX context
As global disclosure frameworks (ISSB, CSRD) expand, this study from Indonesia offers emerging-market evidence that ESG disclosure alone may not drive financial performance, while green intangible capital does. It adds to the debate on whether disclosure mandates translate into tangible outcomes, relevant for TCFD/ISSB implementation in developing economies.
👥 読者別の含意
🔬研究者:新興国におけるESG開示と財務パフォーマンスの関係、および知的資本ベース理論の実証的適用に関心のある研究者に有用。
🏢実務担当者:ESG開示の充実だけでなく、グリーン知的資本への投資が財務リターンに寄与しうることを示唆。
🏛政策担当者:開示義務化の効果を検討する際、開示と実質的グリーン投資のバランスを考慮する必要性を示す。
📄 Abstract（原文）
This study is motivated by the increasing demand for sustainable business practices that encourage companies to optimize Green Intellectual Capital (GIC) and enhance Environmental, Social, and Governance (ESG) Disclosure to improve financial performance. However, prior studies have reported inconsistent findings regarding the effects of GIC and ESG Disclosure on financial performance, particularly in environmentally sensitive industries. This research aims to analyze the effect of Green Intellectual Capital and ESG Disclosure on financial performance proxied by Return on Equity (ROE), and to examine the role of Firm Size as a moderating variable. The study employs a quantitative approach using panel data regression on 48 basic materials sector companies listed on the Indonesia Stock Exchange during 2021-2024 period, resulting in 192 firm-year observations. The Random Effects Model was used for analysis. The findings indicate that Green Intellectual Capital has a positive and significant effect on ROE, while ESG Disclosure has no significant effect on financial performance. Furthermore, Firm Size negatively and significantly moderates the relationship between Green Intellectual Capital and ROE, whereas its moderating effect on ESG Disclosure is not significant. These findings indicate that sustainability-oriented intangible resources play a more important role in improving financial performance than sustainability disclosure alone. The study contributes to the literature by providing empirical evidence for the application of Intellectual Capital-Based View and Stakeholder Theory in explaning corporate financial performance.
🔗 Provenance — このレコードを発見したソース
- openalex https://journal.unismuh.ac.id/index.php/index/article/view/22696first seen 2026-10-05 05:27:16
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