インドネシアにおける炭素リスクと企業の財務レジリエンス
Carbon risk and corporate financial resilience in Indonesia (原題)
Febriana Louw, Vito Apriyanto
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の非金融企業857社・年（2021〜2024年）を対象に、炭素リスク（売上高比排出強度）と財務レジリエンス（Altman Zスコア）の関係をパネル回帰で検証。炭素リスクは財務レジリエンスと有意に負の関連（β=-0.0365, p=0.0492）を示し、移行コスト・資金調達・ガバナンス・ステークホルダー正当性の各メカニズムを統合した概念的枠組みを提示する。強制開示が未整備な新興国では炭素エクスポージャーが財務脆弱性に直結することを示唆。
English
Using panel regression on 857 firm-year observations of Indonesian listed nonfinancial firms (2021–2024), this study finds carbon risk (emission intensity relative to revenue) is significantly negatively associated with financial resilience (Altman Z-score; β=-0.0365, p=0.0492). It integrates Transition Risk, Agency, and Stakeholder/Legitimacy Theory to explain how carbon exposure becomes financial vulnerability where disclosure and carbon pricing are incomplete. The model explains 24% of variation, underscoring the need to embed environmental factors into financial strategy in emerging economies.
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・有報でのサステナビリティ開示が進む一方、Scope3や炭素価格リスクの財務影響評価は発展途上。本稿は開示制度が未成熟な市場での炭素リスクの財務的帰結を定量化し、日本企業が新興国サプライチェーンや投資先の炭素リスクを評価する際の参照枠組みを提供する。
In the global GX context
As ISSB/CSRD disclosure expands globally, this paper provides rare empirical evidence from an emerging market where mandatory carbon disclosure and pricing are absent, showing that carbon exposure already translates into financial vulnerability. It complements developed-market studies and informs transition-finance risk assessment for investors exposed to Southeast Asian portfolios.
👥 読者別の含意
🔬研究者:新興国における炭素リスクと財務パフォーマンスの実証研究として、移行リスク理論と財務レジリエンス指標を接合する枠組みを提供する。
🏢実務担当者:インドネシアなど開示制度が未整備な市場に拠点・投資を持つ企業は、炭素集約度が財務健全性に与える影響をリスク管理に組み込む必要性を示唆。
🏛政策担当者:炭素開示・炭素価格制度の整備が遅れる新興国において、自主的開示や炭素リスク評価の枠組み導入を促す根拠となり得る。
📄 Abstract（原文）
Empirical evidence linking carbon risk to corporate financial resilience largely comes from developed markets, leaving this relationship unexamined in emerging economies with still-developing carbon-regulatory regimes such as Indonesia’s. This study addresses that gap, examining whether and through which mechanisms carbon exposure shapes financial resilience when disclosure and carbon pricing remain incomplete. The contribution is conceptual: explaining how carbon exposure becomes financial vulnerability through transition-cost, financing, governance, and stakeholder-legitimacy mechanisms, rather than treating the Indonesian context as the source of novelty. The argument is tested on nonfinancial firms listed on the Indonesia Stock Exchange from 2021–2024, using panel data regression across 857 firm-year observations; financial resilience is captured via the Altman Z-score, and carbon risk through emission intensity relative to revenue. Findings show a significant negative association between carbon risk and financial resilience (β = -0.0365, p = 0.0492), along with significant associations for profitability (β = -5.5433, p = 0.0000) and leverage (β = -0.3339, p = 0.0000); the model explains 24 percent of the variation (adjusted R² = 0.2372). The study integrates Transition Risk, Agency, and Stakeholder/Legitimacy Theory into a single framework explaining why carbon exposure weakens financial resilience absent mandatory disclosure. These results underscore embedding environmental considerations into corporate financial strategy and risk management as emerging economies develop their sustainability regulations.
🔗 Provenance — このレコードを発見したソース
- openalex https://journals.iarn.or.id/index.php/Accounting/article/view/693first seen 2026-10-04 04:47:45
🔔 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。