The Impact of Environmental, Social, And Governance (ESG) Disclosure on the Financial Performance of Companies Listed in the ESG Index on the Indonesia Stock Exchange
インドネシア証券取引所のESG指数に上場する企業の環境・社会・ガバナンス（ESG）開示が財務パフォーマンスに与える影響 (AI 翻訳)
Putri Zahra Kirana, I. Awwaliyah, Ana Mufidah
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所のIDXESG指数構成企業を対象に、ESG開示（環境、社会、ガバナンス）が財務業績（ROA、ROE）に与える影響を2019～2023年のデータで分析。環境開示はROAに有意な影響を与えるがROEには影響せず、社会・ガバナンス開示はどちらにも影響しないことを示した。
English
This study analyzes the effect of ESG disclosure (Environmental, Social, Governance) on financial performance (ROA, ROE) for companies listed in the IDXESG index on the Indonesia Stock Exchange from 2019 to 2023. Results show that Environmental Disclosure has a significant effect on ROA but not on ROE, while Social and Governance Disclosures have no effect on either.
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POJK規制に基づくESG報告義務の効果を検証。日本ではSSBJ基準や有報でのESG情報開示が進む中、新興市場での開示と財務パフォーマンスの関連性を示す点で参考になるが、直接的な政策連動は限定的。
In the global GX context
This paper provides empirical evidence from an emerging market (Indonesia) on the financial relevance of ESG disclosure, relevant to global discussions on mandatory sustainability reporting (e.g., ISSB, CSRD). It highlights that environmental disclosure matters more for asset efficiency, which may inform policymakers and investors in similar economies.
👥 読者別の含意
🔬研究者:Useful empirical evidence on ESG disclosure–performance link in an emerging market, showing environmental pillar is more impactful than social or governance.
🏢実務担当者:Indonesian companies and investors can note that environmental disclosure is associated with better asset utilization, though overall ESG effects on profitability are limited.
🏛政策担当者:Indonesian regulators can evaluate the effectiveness of mandatory ESG reporting; other emerging market regulators may find insights for structuring disclosure requirements.
📄 Abstract（原文）
The sustainable finance program in Indonesia began to be implemented through Financial Services Authority Regulation (POJK) Number 51/POJK.03/2017, which requires financial institutions, issuers, and public companies to prepare sustainability reports based on Environmental, Social, and Governance (ESG) principles. This study aims to analyze the effect of ESG pillars on the financial performance of companies listed in the IDXESG index on the Indonesia Stock Exchange during the 2019–2023 period. The independent variables in this study include Environmental Disclosure, Social Disclosure, and Governance Disclosure, while the dependent variable is financial performance, proxied by Return on Assets (ROA) and Return on Equity (ROE). The research population consists of companies included in the IDXESG index on the Indonesia Stock Exchange, with the sample selected using a purposive sampling technique. Data analysis was conducted using multiple linear regression with the assistance of IBM SPSS version 27 software. The results show that Environmental Disclosure has an effect on ROA, but does not affect ROE. Meanwhile, Social Disclosure and Governance Disclosure have no effect on either ROA or ROE. These findings indicate that environmental aspects are more relevant to the efficiency of a company's assets compared to social and governance aspects in IDXESG index companies in Indonesia.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.47191/jefms/v9-i4-14first seen 2026-05-15 18:09:12
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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。