取締役会規模、取締役会任期、独立社外取締役及び監査委員会がLQ45のESGスコアに与える影響
Pengaruh Board Size, Board Tenure, Independent Commissioners dan Audit Committee terhadap ESG Score LQ45 (原題)
Nur Tashkira Sahrir, Wiwin Aminah
🤖 gxceed AI 要約
日本語
インドネシア証券取引所LQ45構成企業71社を対象に、取締役会規模・任期・独立社外取締役・監査委員会がESGスコアに与える影響を2020〜2024年のパネルデータで検証。固定効果モデルの結果、4要因は同時に有意だが、部分的には取締役会任期のみが正に有意。調整済みR²は0.88で、統治機関の数より累積的な経験がESGスコア向上に重要と示唆。
English
Using panel data on 71 LQ45 firms (Indonesia, 2020-2024), this study tests how board size, tenure, independent commissioners, and audit committee affect ESG scores. A fixed-effects model shows the four factors are jointly significant, but only board tenure is individually positive and significant (adjusted R²=0.88). Accumulated board experience matters more than the number of governance organs.
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進み、コーポレートガバナンスとESG評価の連動が投資家の関心事。本稿は新興国での実証だが、取締役会の属性がESGスコアに与える影響という論点は、日本企業のガバナンス体制見直しや統合報告書の記載充実に示唆を与える。
In the global GX context
As ISSB/SSBJ disclosure frameworks expand, the link between board attributes and ESG ratings is a global governance concern. This Indonesian evidence adds to the literature on how board tenure—rather than mere structural compliance—drives ESG performance, relevant for emerging-market disclosure quality debates.
👥 読者別の含意
🔬研究者:ESGスコアの決定要因としての取締役会属性の実証研究に関心がある研究者に、新興国データを提供。
🏢実務担当者:取締役会の経験蓄積がESG評価向上に寄与する可能性を示し、ガバナンス設計の参考になる。
🏛政策担当者:独立社外取締役や監査委員会の設置義務がESGスコアに直結しない可能性を示し、制度設計の再考材料。
📄 Abstract（原文）
This study examines the effect of board size, board tenure, independent commissioners, and audit committee on ESG Score among LQ45 companies listed on the Indonesia Stock Exchange during 2020-2024. The research is motivated by the increasing relevance of Environmental, Social, and Governance (ESG) information in capital-market decision making and the wide variation of ESG Score among highly liquid and large-capitalization firms. The population consists of 71 LQ45 constituent companies observed during the study period. Using purposive sampling, 24 companies met the criteria of consistently publishing annual reports and having complete ESG Score data from Refinitiv/LSEG, producing 120 firm-year observations. This study applies a quantitative causal-associative approach using secondary data obtained from annual reports, sustainability reports, and Refinitiv/LSEG. Data were analyzed using panel data regression with EViews 12 after model selection and classical assumption testing. The Chow and Hausman tests indicate that the Fixed Effect Model is the most appropriate model. The results show that board size, board tenure, independent commissioners, and audit committee simultaneously have a significant effect on ESG Score. Partially, board tenure has a positive and significant effect on ESG Score, while board size, independent commissioners, and audit committee have no significant effect. The adjusted R-squared value of 0.882250 indicates that 88.23% of ESG Score variation is explained by the model. The findings imply that accumulated board experience is more relevant than the mere number of governance organs in strengthening corporate ESG score.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.33395/owner.v10i4.3805first seen 2026-10-03 05:01:30
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