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ESG透明性、炭素会計、および株式資本コスト：財務諸表の完全性の調整効果

ESG Transparency, Carbon Accounting, And Equity Cost: Financial Statement Integrity Moderation (原題)

Amanda Berneta Batulangi, Fera Damayanti, Juanda Astarani

Jurnal Akuntansi📚 査読済 / ジャーナル2026-08-14#ESG経営インパクト: 資金調達対象セクター: consumer_non_cyclical
DOI: 10.24912/ja.v30i2.3938
原典: https://doi.org/10.24912/ja.v30i2.3938

🤖 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消費者非循環セクター33社（132観測）を対象に、ESG開示と炭素会計が資本コストに与える影響を分析し、財務諸表の完全性の調整効果を検証した。結果、ESG開示と炭素会計は資本コストに有意な影響を与えず、財務諸表の完全性も調整効果を持たなかった。一方、企業規模は資本コストに有意な負の影響を与えた。これはインドネシア資本市場が短期的志向であり、投資家が持続可能性シグナルよりも資産規模を優先することを示唆する。

English

This study analyzes the impact of ESG disclosure and carbon accounting on the cost of equity, with financial statement integrity as a moderator, using panel data from 33 Indonesian consumer non-cyclical companies (132 observations) from 2022-2025. Results show no significant effects of ESG disclosure or carbon accounting, and no moderation by financial statement integrity. Firm size negatively affects cost of equity, suggesting the Indonesian market is short-term oriented, prioritizing asset scale over sustainability signals.

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情報の資本コストへの影響が注目される中、新興市場の実証結果は日本の投資家行動との比較材料となる。日本市場がESG情報をどう評価するか、今後の検証に示唆を与える。

In the global GX context

This study provides empirical evidence from an emerging market on the link between ESG disclosure and cost of equity, contributing to the global discussion on the effectiveness of sustainability reporting. It highlights the role of market maturity and investor orientation, relevant for ISSB and other disclosure frameworks.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG disclosure and cost of equity in an emerging market, useful for comparative studies.

🏢実務担当者:Highlights that ESG disclosure may not lower cost of equity in short-term-oriented markets, informing disclosure strategy.

🏛政策担当者:Suggests that market development and investor education are needed for sustainability signals to be priced.

📄 Abstract（原文）

This study examines the effect of Environmental, Social, and Governance (ESG) disclosure and carbon accounting on the cost of equity, while analyzing the moderating role of financial statement integrity. Driven by increasing waste pollution and carbon emissions within the consumer non-cyclical sector, this study examines the importance of non-financial transparency. Employing a quantitative associative approach, it utilizes a sample of 33 companies (132 observations) listed on the Indonesia Stock Exchange during the 2022 to 2025 period. Data were analyzed using panel data regression with the Fixed Effect Model (FEM) and Moderated Regression Analysis (MRA). The results indicate that neither ESG disclosure nor carbon accounting significantly affects the cost of equity. Besides that, financial statement integrity fails to moderate these relationship. Conversely, firm size exerts a significant negative effect on the cost of equity. These suggest that the Indonesian capital market remains short-term oriented, where investors prioritize asset scale over sustainability signals.

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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。