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ESG開示・政治的コネクション・財務リスク：インドネシア国有企業における会計情報システムの調整効果

ESG Disclosure, Political Connections, and Financial Risk: The Moderating Role of Accounting Information Systems in Indonesian SOEs (原題)

Muhammad Maulana Fikri, Islahuddin Islahuddin, Fifi Yusmita

Inkubis Jurnal Ekonomi dan Bisnis📚 査読済 / ジャーナル2026-10-29#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.59261/inkubis.v8i4.510
原典: https://doi.org/10.59261/inkubis.v8i4.510

🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場の国有企業34社・170社年を対象に、ESG開示と政治的コネクションが財務リスク（Altman Zスコア）に与える影響をPLS-SEMで分析。ESG開示は財務リスクに有意な効果を示さず、政治的コネクションは正かつ有意に関連した。会計情報システム（ERP導入）の調整効果も確認されず、国有企業のガバナンス強化の必要性を示唆する。

English

Using 170 firm-year observations from 34 Indonesian SOEs (2020–2024), this study tests ESG disclosure and political connections on financial risk (Altman Z-score) via PLS-SEM. ESG disclosure showed no significant effect, while political connections were positively and significantly associated with financial risk. AIS (ERP) moderation was insignificant, pointing to governance reform needs in SOEs.

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

新興国SOEにおけるESG開示の財務効果が限定的であることを示す証拠として、日本でも進む国有・公共系企業や政策保有株のガバナンス議論、SSBJ開示の実効性を考える上で参照価値がある。

In the global GX context

Adds emerging-market SOE evidence to the global debate on whether ESG disclosure reduces financial risk, relevant to ISSB/CSRD implementation in state-owned and politically connected entities where disclosure quality and governance interact.

👥 読者別の含意

🔬研究者:ESG開示と財務リスクの関係が新興国SOEでは非有意となり得ることを示す実証データとして活用できる。

🏢実務担当者:政治的コネクションが財務リスク評価に影響し得るため、SOE取引先のガバナンス精査に示唆を与える。

🏛政策担当者:SOEのESG開示義務化だけでは財務健全性に直結せず、会計・ガバナンス制度の整備が併せて必要という示唆。

📄 Abstract（原文）

Background: Financial risk remains a critical governance concern for Indonesian state-owned enterprises (SOEs), particularly regarding sustainability disclosure, political connections, and accounting information systems (AIS). Objective: This study examines the effects of Environmental, Social, and Governance (ESG) disclosure and political connections on financial risk and evaluates the moderating role of AIS. Methods: A quantitative explanatory approach was applied to 34 SOEs listed on the Indonesia Stock Exchange during 2020–2024, comprising 170 firm-year observations. Secondary data were obtained from annual reports, sustainability reports, and financial statements. Financial risk was assessed using the Altman Z-score proxy, ESG disclosure through GRI indicators, political connections through board affiliation proportions, and AIS through ERP implementation. Data were analyzed using PLS-SEM with SmartPLS. Results: ESG disclosure had no significant effect on financial risk (β = 0.099; p = 0.234), whereas political connections showed a positive and significant association (β = 0.521; p < 0.001). AIS did not significantly moderate the ESG disclosure–financial risk relationship (β = 0.071; p = 0.280) or the political connections–financial risk relationship (β = −0.097; p = 0.296). Including moderation terms increased R² marginally from 0.260 to 0.275. Conclusion: Political connections are significantly associated with financial risk, whereas ESG disclosure and AIS moderation show no significant effects. These findings highlight the importance of strengthening SOE governance alongside accounting information system development.

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