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環境パフォーマンスの解読：インドネシア鉱業企業におけるESG開示とレバレッジの影響

Decoding Environmental Performance: The Impact of ESG Disclosure and Leverage on Indonesian Mining Firms (原題)

Dalton Honggo Wijaya, Umiaty Hamzani, Elok Heniwati

Jurnal Akuntansi Aktual📚 査読済 / ジャーナル2026-07-31#ESG経営インパクト: 資金調達対象セクター: mining
DOI: 10.17977/um004v13i22026p130
原典: https://doi.org/10.17977/um004v13i22026p130

🤖 gxceed AI 要約

日本語

本研究は、インドネシア証券取引所上場の鉱業企業を対象に、ESG開示と負債比率（DAR）が環境パフォーマンス（PROPER格付け）に与える影響を分析した。2022-2024年の17社・51観測値を用いた回帰分析の結果、ESG開示は環境パフォーマンスを向上させる一方、負債比率の上昇はそれを弱めることが示された。正当性理論、ステークホルダー理論、トレードオフ理論を統合した点が独自性である。

English

This study examines the impact of ESG disclosure and debt-to-asset ratio (DAR) on environmental performance (PROPER ratings) of Indonesian mining firms listed on the IDX from 2022-2024. Using regression analysis on 51 firm-year observations, it finds that ESG disclosure strengthens environmental performance while higher leverage weakens it. The study uniquely integrates legitimacy, stakeholder, and trade-off theories in the mining sector.

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開示が始まり、ESG情報と実環境パフォーマンスの関連性が注目される。本研究成果は、開示が実際の環境改善に結びつく条件を示唆し、日本の投資家対応や統合報告書の質向上に示唆を与える。ただし、インドネシア固有の制度（PROPER）に基づくため、直接適用には注意が必要。

In the global GX context

This paper contributes to the global discourse on ESG disclosure effectiveness by using an independently verified environmental performance metric (PROPER) rather than self-reported data. It highlights the moderating role of financial leverage, which is relevant for emerging markets and aligns with ISSB's focus on decision-useful information. The findings suggest that disclosure alone may not suffice if firms are highly leveraged.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the link between ESG disclosure and verified environmental performance in an emerging market context.

🏢実務担当者:Highlights that high leverage can undermine the environmental benefits of ESG disclosure, informing capital structure decisions.

🏛政策担当者:Suggests that regulators should consider financial leverage when designing ESG disclosure mandates to ensure environmental outcomes.

📄 Abstract（原文）

Purpose: This study examines the effect of ESG Disclosure and Debt to Asset Ratio (DAR) on Environmental Performance based on PROPER ratings of mining companies listed on the Indonesia Stock Exchange (IDX) for the period 2022-2024. Method: Using a quantitative method with purposive sampling, 17 companies were selected from a population of 42 that disclosed sustainability reports based on GRI standards during the study period, yielding 51 observations. Multiple linear regression was applied following classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation). Findings: ESG Disclosure strengthens Environmental Performance, while a higher Debt to Asset Ratio weakens it; both effects are statistically significant. Jointly, the two variables explain a meaningful share of the variation in PROPER ratings among the sampled firms, with ESG Disclosure emerging as the stronger of the two predictors. Originality/Value: This study is among the first to position PROPER as a dependent variable in the Indonesian mining sector while simultaneously integrating Legitimacy Theory, Stakeholder Theory, and Trade-off Theory. The findings show that ESG disclosure operates more directly on independently verified environmental performance than on financial performance as reported in prior manufacturing-sector research. This leverage acts as a countervailing force that can narrow the environmental benefit of enhanced disclosure, a dynamic not previously documented for PROPER-rated firms.

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