Analysis of Sustainability Report Disclosure and Company Size on Financial Performance in State-Owned Enterprises (BUMN) Listed on the Indonesia Stock Exchange (IDX) for The Years 2020-2024
インドネシア証券取引所に上場する国有企業（BUMN）におけるサステナビリティ報告書開示と企業規模が財務業績に与える影響の分析（2020-2024年） (AI 翻訳)
Dinaroh Dinaroh, Maiyaliza Maiyaliza
🤖 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国有企業15社（2020-2024年、75観測値）を対象に、サステナビリティ報告書（SR）開示と企業規模が財務業績（NPM）に与える影響を分析した。回帰分析の結果、SR開示はNPMに有意な負の影響（p=0.008）を示し、短期的にはコストがかかることを示唆。一方、企業規模は有意な影響を示さなかった。モデルの説明力は低い（調整R²=0.07）が、SR開示の短期的な財務コストに関する実証的証拠を提供。
English
This study analyzes the impact of sustainability report (SR) disclosure and company size on financial performance (NPM) for 15 Indonesian state-owned enterprises (2020-2024, 75 observations). Regression results show SR disclosure has a significant negative effect on NPM (p=0.008), suggesting short-term costs. Company size has no significant effect. With adjusted R²=0.07, the model explains little variance, but provides empirical evidence on the short-term financial costs of SR 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
本論文はインドネシアの国有企業を対象としているが、日本企業にとってもサステナビリティ報告の短期的な財務コストを示唆する点で参考になる。特に、SSBJ開示義務化が進む中、開示が即座に財務業績向上につながらない可能性を示す。
In the global GX context
This paper provides empirical evidence from Indonesia that sustainability disclosure may negatively impact short-term financial performance in state-owned enterprises. For global context, it challenges the assumption that ESG disclosure automatically improves profitability, relevant to ISSB and CSRD debates on cost-benefit of reporting.
👥 読者別の含意
🔬研究者:For GX researchers studying the economic consequences of sustainability disclosure, this paper offers evidence of short-term negative effects, highlighting the need for long-term analysis.
🏢実務担当者:Corporate sustainability teams should be aware that initial disclosure efforts may impose costs before yielding benefits, requiring strategic planning for ROI.
🏛政策担当者:Policymakers designing disclosure mandates should consider potential short-term financial burdens on firms, especially state-owned enterprises with dual mandates.
📄 Abstract（原文）
This study aims to analyze the influence of Sustainability Report (SR) disclosure and Company Size on Financial Performance in State-Owned Enterprises (BUMN) listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. Using a quantitative approach with multiple linear regression analysis, this study examined 15 BUMN companies over five years (75 observations). The findings reveal that SR disclosure has a significant but negative effect on Net Profit Margin (NPM), with a coefficient of -73.421 (p = 0.008), suggesting that sustainability reporting initiatives impose short-term financial costs before generating long-term benefits. Conversely, Company Size does not have a significant effect on financial performance (p = 0.754). While the model demonstrates simultaneous significance (F-test, p = 0.027), the Adjusted R² value of 0.070 indicates that only 7% of variation in financial performance is explained by these two variables, highlighting the need for more comprehensive model specification. This research contributes to the sustainability accounting literature by presenting empirical evidence that challenges the assumption that sustainability disclosure automatically enhances short-term profitability, particularly in the context of state-owned enterprises facing dual mandates of profit generation and public service delivery. Future research should extend the model using panel data methods (Fixed Effects or Random Effects models), incorporate additional variables such as corporate governance indicators and financial structure measures, and examine sector-specific and long-term effects of sustainability disclosure.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.38035/gijtm.v4i2.954first seen 2026-07-18 06:11:40
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