コーポレート・ガバナンス、収益性、ESG開示の質：インドネシアの消費者非循環企業からの証拠
Corporate Governance, Profitability, and ESG Disclosure Quality: Evidence from Indonesian Consumer Non-Cyclical Companies (原題)
Refadiansyah Rahmatullah, Moh Yudi Mahadianto
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の消費者非循環企業42社を対象に、収益性と独立取締役比率がESG開示の質に与える影響を分析。GRI G4指標を用いたパネルデータ分析の結果、収益性と独立取締役比率はそれぞれESG開示の質に負の影響を与え、独立取締役比率はその負の影響を弱める準調整効果を持つことが示された。モデルの説明力は低く、他の要因の存在が示唆される。
English
This study analyzes the impact of profitability and independent commissioners on ESG disclosure quality in Indonesian consumer non-cyclical companies. Using panel data from 42 firms (2021-2024) and GRI G4 index, it finds negative effects of profitability and independent commissioners, with a quasi-moderating interaction. The low explanatory power suggests other factors are at play.
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
インドネシアの新興市場におけるESG開示の質と企業統治の関係を実証した研究。日本ではSSBJ開示が進む中、新興市場の開示課題を理解する参考になる。日本の投資家が新興国企業を評価する際の視点として有用。
In the global GX context
This paper provides empirical evidence from an emerging market on the relationship between corporate governance and ESG disclosure quality. It contributes to global disclosure scholarship by highlighting the role of governance structures in emerging markets, relevant for investors and regulators under ISSB and other frameworks.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure determinants in an emerging market, useful for comparative studies.
🏢実務担当者:Highlights the importance of governance structures in improving ESG reporting quality, relevant for companies in emerging markets.
🏛政策担当者:Suggests that regulators should enhance the effectiveness of governance structures to improve ESG reporting quality.
📄 Abstract（原文）
This study aims to analyse the effect of profitability on ESG disclosure quality using the share of independent commissioners as a moderating variable in Consumer Non-Cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX). A quantitative explanatory approach was conducted utilising secondary panel data from 42 companies in the period 2021–2024, with a total of 167 observations from annual and sustainability reports. The analysis was performed using EViews 13, with a Moderated Regression Analysis (MRA) and a Random Effect Model (REM). The quality of ESG disclosure was examined using the GRI G4 index (91 items), profitability was measured using the Return on Assets (ROA), and corporate governance was measured using the proportion of independent commissioners. At 10% significance level, profitability has a substantial negative effect on ESG disclosure quality (β = −11,955.52; p = 0.073) and the proportion of independent commissioners also has a significant negative effect (β = −3,265.58; p = 0.068). The interaction variable has a positive quasi-moderating effect (β = 24,836.27; p = 0.051), which implies that corporate governance has a partial weakening effect on the negative influence of profitability on ESG disclosure quality. The low explanatory power of the model (Adj. R2 = 0.73%) indicates that other factors are also at play. Future research could extend the observation period, include more control variables such as business size, leverage and institutional ownership, and adopt more thorough governance proxies. Regulators are advised to enhance the substantive effectiveness of governance structures to achieve better quality ESG reporting in emerging markets.
🔗 Provenance — このレコードを発見したソース
- openalex https://doaj.org/article/dec701a2af614705a397b36bfe0f0e4dfirst seen 2026-08-25 04:37:59
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