Sustainability and Financial Performance: Influence of Social and Environmental Disclosure in Indonesia
持続可能性と財務パフォーマンス：インドネシアにおける社会・環境情報開示の影響 (AI 翻訳)
Lin Oktris, Afzal Izzaz Zahari, Suharmadi Suharmadi, N. Nengzih, Bachtiar Arief Nugroho
🤖 gxceed AI 要約
日本語
本研究は、インドネシア上場企業101社の2020～2022年のパネルデータを用いて、環境・社会開示の質が財務パフォーマンスに与える影響を分析。環境開示の質はROAを有意に向上させるが、社会開示の効果は見られなかった。平均開示水準は低く、象徴的報告や投資タイムラグが原因と考察される。
English
Using panel data from 101 Indonesian firms (2020-2022), this study examines how environmental and social disclosure quality affects financial performance. Environmental disclosure significantly enhances ROA, while social disclosure shows no effect. Average disclosure quality is low, suggesting symbolic reporting and investment lags.
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PSAK 51/2017規制の文脈で、環境開示の経済的便益を示す。日本企業のインドネシア進出時にも参考になる。
In the global GX context
Provides evidence from an emerging market on the financial materiality of environmental disclosure, relevant for the ongoing global push for mandatory climate disclosure under ISSB standards. Highlights challenges in disclosure quality and enforcement.
👥 読者別の含意
🔬研究者:Contributes evidence on disclosure-financial performance link in an emerging market context, using panel data.
🏢実務担当者:Demonstrates that improving environmental disclosure can directly impact financial metrics, but social disclosure may require additional efforts.
🏛政策担当者:Supports the case for mandatory environmental disclosure regulation, while cautioning that enforcement and quality are critical.
📄 Abstract（原文）
This study examined whether the quality of environmental and social disclosures influences the financial performance of listed Indonesian companies. Using panel data from 101 firms for 2020–2022 (303 observations), we assess disclosure quality based on Global Reporting Initiative (GRI) Standards across eight dimensions. Fixed‐effects panel regression demonstrates that environmental disclosure quality significantly enhances Return on Assets ( β = 0.495, p < 0.001), remaining robust across alternative estimators, standard error corrections, and temporal periods. Social disclosure shows no significant effect ( β = −0.187, p = 0.317). We attribute this difference to symbolic reporting practices, investment time lags, stakeholder prioritization of environmental issues, and measurement challenges. Average disclosure quality remains low (19.7% environmental; 13.8% social). The results support legitimacy theory for environmental disclosure but reveal stakeholder theory limitations in Indonesia's emerging market context, where institutional infrastructure is still developing. The findings inform the implementation of Peraturan Otoritas Jasa Keuangan 51/2017 and the phase‐out of the mandatory disclosure policy.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70558first seen 2026-05-05 23:24:51
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