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ESGパフォーマンスは財務的破綻を軽減するか？企業価値の媒介効果

DOES ESG PERFORMANCE REDUCE FINANCIAL DISTRESS? THE MEDIATING ROLE OF FIRM VALUE (原題)

(著者不明)

JAT : Journal Of Accounting and Tax📚 査読済 / ジャーナル2026-04-30#ESGOrigin: Global経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.36563/jxnr4038
原典: https://doi.org/10.36563/jxnr4038
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🤖 gxceed AI 要約

日本語

インドネシアLQ45指数の非金融16社（2021–2025年）を対象に、ESGパフォーマンスが財務的破綻に与える影響を企業価値の媒介効果を含めて検証した。Refinitiv EikonのESGスコア、Ohlson O-Score、Tobin's Qを用いたパネル回帰とSobel検定の結果、ESGは財務的破綻にも企業価値にも有意な影響を与えず、媒介効果も確認されなかった。企業規模は破綻リスクを低下させ、レバレッジは高める。新興国ではESG実践が市場評価や財務レジリエンスに未だ結びついていないことを示す。

English

Using 16 non-financial LQ45 firms (2021–2025), this study tests whether ESG performance reduces financial distress via firm value. Panel regression and Sobel tests show ESG scores (Refinitiv) have no significant effect on distress (Ohlson O-Score) or firm value (Tobin's Q), and no mediation exists. Firm size lowers distress while leverage raises it, suggesting ESG practices in emerging markets are not yet translating into valuation or resilience gains.

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・有報でのサステナ開示が進み、ESGと財務パフォーマンスの因果関係への関心が高い。本稿は新興国での限定的効果を示し、日本企業のESG投資対効果を議論する際の比較材料となる。

In the global GX context

Amid ISSB/CSRD-driven disclosure expansion, this paper offers a cautionary emerging-market counterpoint: ESG scores alone may not signal financial resilience. It adds to the debate on whether disclosure translates into valuation, relevant to global investors pricing ESG risk in non-OECD markets.

👥 読者別の含意

🔬研究者:ESGと財務安定性の因果関係を新興国データで検証した実証例として、媒介分析の設計と限界を参考にできる。

🏢実務担当者:ESGスコア向上だけでは財務レジリエンスや市場評価に直結しない可能性を示し、開示の実質性を問う材料になる。

🏛政策担当者:新興国でのESG実効性を高めるには、開示義務だけでなく企業規模・資本構成も踏まえた政策設計が必要との示唆。

📄 Abstract（原文）

This study examines the effect of ESG performance on financial distress with firm value as a mediating variable among non-financial companies included in the LQ45 Index during the 2021–2025 period. The study employs a quantitative research approach using panel data regression analysis. The sample consists of 16 non-financial companies selected through purposive sampling, resulting in 80 balanced panel observations. ESG performance is measured using ESG scores obtained from Refinitiv Eikon, financial distress is measured using the Ohlson O-Score model, and firm value is proxied by Tobin’s Q. The analysis includes the Common Effect Model (CEM) and mediation analysis using the Sobel test. The findings indicate that ESG performance does not significantly affect financial distress or firm value. In addition, firm value is unable to significantly influence financial distress and does not mediate the relationship between ESG performance and financial distress. Meanwhile, firm size negatively affects financial distress, whereas leverage positively affects financial distress. These findings suggest that ESG implementation among LQ45 companies has not yet been fully translated into stronger market valuation and improved financial resilience. This study contributes to the sustainable finance literature by providing empirical evidence regarding the limited role of ESG performance in reducing financial distress in emerging market contexts. The findings also provide practical implications for managers, investors, and policymakers in strengthening the effectiveness of sustainability practices and long-term corporate financial stability.

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