The Effect of ESG Ratings on Bank Leverage Evidence From Non-Financial Sector Companies Listed on Indonesia Stock Exchange (IDX) in 2022-2024
ESG格付けが銀行レバレッジに与える影響：2022～2024年インドネシア証券取引所（IDX）上場の非金融セクター企業からの証拠 (AI 翻訳)
Jevin Meichael Chiang
🤖 gxceed AI 要約
日本語
本研究は、2022～2024年のインドネシア証券取引所（IDX）に上場する非金融セクター企業46社を対象に、ESG格付けと銀行レバレッジの関係をパネルデータ回帰で分析。ブルームバーグESGスコアを用いた結果、ESG格付けは銀行レバレッジに正の影響を与えるものの統計的に有意ではなく、高いESG格付けが必ずしも銀行借入を増加させないことを示した。シグナリング理論は支持されず、ESG格付けの高い企業は外部負債への依存が低い可能性が示唆される。
English
This study examines the effect of ESG ratings on bank leverage among 46 non-financial firms listed on the Indonesia Stock Exchange (IDX) from 2022 to 2024, using Bloomberg ESG scores and panel data regression. The results show a positive but statistically insignificant effect, indicating that higher ESG ratings do not necessarily increase firms' reliance on bank financing. The findings do not support Signaling Theory and are more consistent with the view that stronger ESG firms may rely less on external debt.
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
日本企業がインドネシアに進出する際、現地での資金調達戦略においてESG評価の影響を考慮する必要性を示唆する。インドネシアは銀行融資が主要な資金調達源であり、日本の投資家や事業会社にとって新興国市場のESGと信用リスクの関係を理解する上で参考になる。
In the global GX context
This paper provides emerging-market evidence on the ESG-credit link, contributing to the global debate on whether ESG ratings influence corporate financing behavior. While not focused on disclosure frameworks like TCFD or ISSB, it highlights the role of bank financing in sustainability-oriented firms within a bank-dominated financial system, relevant for transition finance discussions.
👥 読者別の含意
🔬研究者:Adds to the literature on ESG and capital structure in emerging markets, suggesting that ESG-credit link may be weak in bank-dominated systems.
🏢実務担当者:Indonesian firms should not assume higher ESG ratings will automatically improve access to bank loans; other factors may dominate.
📄 Abstract（原文）
This study examines the effect of ESG ratings on bank leverage among non-financial sector companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. ESG ratings are measured using Bloomberg ESG scores, while bank leverage is measured as bank debt divided by total assets. Using panel data from 46 companies (138 firm-year observations), this study applies panel data regression and selects the Random Effects Model (REM) based on model selection tests. The results show that ESG ratings have a positive but statistically insignificant effect on bank leverage. These findings indicate that higher ESG ratings does not necessarily increase firms’ reliance on bank financing. The results do not support Signaling Theory but are more consistent with the view that firms with stronger ESG ratings may rely less on external debt. This study contributes to the sustainable finance literature by providing evidence from an emerging market context where bank financing remains an important source of corporate funding.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.areai.or.id/index.php/MENAWAN/article/download/2439/2123first seen 2026-07-23 06:15:15
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