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コーポレートガバナンスの仕組みは食品飲料企業のサステナビリティ報告に影響を与えるか？

Do the Corporate Governance Framework Mechanism Affect Sustainability Reporting in Food Beverage Companies? (原題)

Apriwandi Apriwandi, Sherly Sanjaya

Journal of Accounting Finance Taxation and Auditing (JAFTA)📚 査読済 / ジャーナル2026-11-03#ESG対象セクター: food_and_beverage
DOI: 10.28932/jafta.v8i2.17755
原典: https://doi.org/10.28932/jafta.v8i2.17755

🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場の食品飲料企業を対象に、2021〜2024年のデータでコーポレートガバナンス機構（取締役会規模、女性・独立・外国人取締役の存在）がサステナビリティ報告に与える影響をパネルデータ回帰で検証した。結果として、いずれのガバナンス変数もサステナビリティ報告の水準に有意な影響を与えなかった。F&Bセクターではガバナンス機能が開示の質的向上にまだ結びついていないことを示唆する。

English

Using panel data regression on Indonesian-listed food and beverage firms (2021–2024), this study tests whether board size, female directors, independent directors, and foreign directors affect sustainability reporting levels. None of the governance variables show a significant effect, suggesting that governance mechanisms in this sector do not yet drive stronger sustainability disclosure.

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基準や有価証券報告書でのサステナビリティ開示が進む中、取締役会の属性（女性・独立・外国人取締役）が開示を促進するかという問いは、日本企業のガバナンス改革と開示品質の関係を考える上で示唆に富む。ただし新興国単一市場の結果であり、日本の制度的文脈への直接適用には注意が必要。

In the global GX context

As global disclosure frameworks (ISSB, CSRD) push mandatory sustainability reporting, this paper adds emerging-market evidence that board composition alone may not drive disclosure quality—relevant to debates on whether governance mandates (e.g., board diversity quotas) translate into better ESG transparency. It complements studies in developed markets where mixed results have been found.

👥 読者別の含意

🔬研究者:Provides empirical evidence from Indonesia that traditional governance variables may not explain sustainability reporting variance, inviting comparative research across institutional contexts.

🏢実務担当者:Suggests that simply adding female or independent directors may not automatically improve sustainability disclosure; firms may need dedicated ESG expertise and incentives.

🏛政策担当者:Highlights that governance reforms alone may be insufficient to boost sustainability reporting; complementary regulatory pressure and capacity-building may be needed.

📄 Abstract（原文）

This study aims to examine the influence of corporate governance mechanisms on sustainability reporting within food and beverage (F&B) companies listed on the Indonesia Stock Exchange for the 2021–2024 period. The research is motivated by increasing stakeholder demands for transparency regarding environmental, social, and governance (ESG) disclosures, as well as the significance of sustainability reporting as a form of legitimacy for a company’s internal responsibilities—reflected in its business strategy and long-term sustainability. The study utilizes secondary data obtained from companies' financial and sustainability reports. Panel data regression analysis is employed to test the impact of the independent variables—specifically corporate governance mechanisms, comprising board size, the presence of female directors, independent directors, and foreign directors—on sustainability reporting. The findings indicate that corporate governance mechanisms do not influence the level of sustainability reporting. None of the governance variables were found to have a significant effect on promoting sustainability reporting within these companies. Consequently, the implementation of corporate governance roles, particularly within the F&B sector, has yet to effectively enhance sustainability reporting. Keywords: sustainability reporting; female, independent and foreign directors; ESC.

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