ESGと財務制約が資本コストに与える影響：機関投資家保有を調整変数として
The Effect of ESG and Financial Constraints on Cost of Equity: Institutional Ownership as a Moderating Variable (原題)
Desak Putu Arde Suari, G. A. Yuniarta, Lucy Sri Musmini
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の非一次消費財企業63社・2022〜2024年のパネルデータを用い、ESG開示と財務制約が資本コスト（株主資本コスト）に与える影響を検証。ESG開示は資本コストを有意に低下させ、財務制約は上昇させる一方、機関投資家保有の調整効果は確認されなかった。投資家は所有構造よりも持続可能性開示と財務健全性を重視することを示唆する。
English
Using balanced panel data from 63 non-primary consumer firms listed in Indonesia (2022–2024), this study tests how ESG disclosure and financial constraints affect the cost of equity, with institutional ownership as a moderator. ESG disclosure significantly lowers the cost of equity, while financial constraints raise it; institutional ownership shows no significant moderating effect. Investors appear to weigh sustainability disclosure and financial condition more than ownership structure.
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基準の導入や有報でのサステナビリティ開示義務化が進む日本では、ESG開示が資本コスト低減に寄与するという実証結果は、開示拡充の投資家対応上の合理性を裏付ける。新興国での知見はあるが、日本企業のIR・資本政策立案の参考になる。
In the global GX context
Amid ISSB/CSRD-driven global disclosure harmonization, this emerging-market evidence that ESG disclosure lowers the cost of equity reinforces the financial rationale for mandatory sustainability reporting. It adds non-OECD empirical support to the disclosure–cost-of-capital literature, though the institutional-ownership null result contrasts with some developed-market findings.
👥 読者別の含意
🔬研究者:新興国におけるESG開示と資本コストの関係、および機関投資家保有の調整効果の限界を示す実証的知見。
🏢実務担当者:ESG開示の充実と財務柔軟性の維持が株式調達コスト低減に有効である可能性を示唆。
🏛政策担当者:新興国でのサステナビリティ開示義務化が資本市場にもたらす便益を裏付ける証拠として参考になる。
📄 Abstract（原文）
Environmental, Social, and Governance (ESG) disclosure and financial constraints influence investors’ risk perceptions and the cost of equity, yet the moderating role of institutional ownership remains inconclusive. This study examines the effects of ESG disclosure and financial constraints on the cost of equity, as well as the moderating role of institutional ownership, among non-primary consumer companies listed on the Indonesia Stock Exchange. A quantitative approach was employed using balanced panel data from 63 companies during 2022–2024 (189 firm-year observations). The study employed the CAPM, ESGDI, SA Index, and institutional ownership ratio to measure the variables. The data were analyzed using random-effects panel regression with robust standard errors clustered and the firm level and moderated regression analysis in Stata. The results show that ESG disclosure significantly reduces the cost of equity, whereas financial constraints significantly increase it. However, institutional ownership does not significantly moderate the effects of ESG disclosure or financial constraints on the cost of equity. These findings suggest that investors place greater emphasis on sustainability disclosure and firms’ financial conditions than on ownership structure when evaluating investment risk. The study provides evidence that strengthening ESG disclosure and maintaining financial flexibility are effective strategies for reducing equity financing costs in emerging markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.lifescifi.com/index.php/ebh/article/download/1468/1262first seen 2026-10-09 05:37:30 · last seen 2026-10-10 05:56:25
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。