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The impact of ESG scores on financial performance: Evidence from property and real estate firms listed on the Indonesia Stock Exchange (2020–2024)

ESGスコアが財務パフォーマンスに与える影響：インドネシア証券取引所上場の不動産企業からのエビデンス（2020-2024年） (AI 翻訳)

Amalia R, Rahmadani Nur Permanawati

DOAJ (DOAJ: Directory of Open Access Journals)📚 査読済 / ジャーナル2026-07-01#ESGOrigin: Global経営インパクト: 資金調達対象セクター: real_estate
DOI: 10.35508/jom.v19i2.28547
原典: https://doaj.org/article/d54b2ade8ee040da9e3283944c3c185f

🤖 gxceed AI 要約

日本語

本研究は、インドネシア証券取引所に上場する不動産企業を対象に、ESGスコアが財務パフォーマンス（ROA）に与える影響を分析。パネルデータ回帰分析の結果、ESG総合スコア及び環境・社会・ガバナンス各側面がROAに正の影響を与え、特に社会側面が最も強い効果を示した。ステークホルダー理論を支持する結果であり、ESG実践が収益性向上に寄与することを実証。

English

This study examines the effect of ESG scores on the financial performance (ROA) of property and real estate firms listed on the Indonesia Stock Exchange from 2020 to 2024. Using panel data regression, it finds that the overall ESG score and each pillar (environmental, social, governance) have a positive and significant impact on ROA, with the social dimension having the strongest influence. The findings support stakeholder theory and provide empirical evidence from an emerging market.

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

インドネシアの不動産セクターに特化した分析であるが、日本企業にとってもESGスコア向上が収益性に結びつく可能性を示唆しており、特にアセットマネジメントや不動産開発におけるESG統合の重要性を再認識させる。

In the global GX context

This study adds emerging-market evidence to the global ESG–financial performance literature, reinforcing the business case for ESG integration in property and real estate sectors. It aligns with global trends where investors increasingly link ESG performance to financial returns.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG–financial performance from an emerging market, contributing to stakeholder theory and ESG literature.

🏢実務担当者:Shows that improving ESG scores can enhance financial performance, supporting corporate sustainability strategies.

🏛政策担当者:Highlights the role of ESG practices in boosting corporate profitability, which may inform policy on sustainable finance.

📄 Abstract（原文）

This study examines the effect of Environmental, Social, and Governance (ESG) performance on the financial performance of property and real estate companies listed on the Indonesia Stock Exchange during 2020–2024. A quantitative approach was employed using panel data regression analysis to assess the influence of the ESG Overall Score, Environmental Score (ESGE), Social Score (ESGS), and Governance Score (ESGG) on Return on Assets (ROA), with firm size and leverage included as control variables. The results indicate that the ESG Overall Score has a positive and significant effect on ROA, suggesting that firms with stronger ESG performance achieve higher profitability. Furthermore, the environmental, social, and governance dimensions each exhibit positive and significant relationships with financial performance, with the social dimension exerting the strongest influence. These findings support stakeholder theory, demonstrating that effective ESG practices enhance operational sustainability, strengthen stakeholder trust, and improve long-term competitiveness. This study extends the ESG literature by providing empirical evidence from Indonesia’s property and real estate sector and highlights the strategic importance of comprehensive ESG implementation in improving corporate financial performance. Keywords: ESG Score; ROA;Financial Performance; Property and Real Estate Sector ;Indonesia

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