The Effect of ESG Score and Foreign Ownership on Financial Reporting Delay, with Financial Distress Measured Using the Merton Model as a Mediating Variable: A Study of Manufacturing Companies on the IDX from 2020 to 2024
ESGスコアと外国人所有が財務報告遅延に与える影響―メルトンモデルで測定した財務危機を媒介変数として―：2020年から2024年までのインドネシア証券取引所上場製造企業の研究 (AI 翻訳)
Steven Liong Winoto, Oktavia, Soegeng Wahyoedi
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場の製造企業（2020-2024年）を対象に、ESGスコアと外国人所有が財務報告遅延に与える影響を、財務危機を媒介変数として検討した。TSLSを用いたパネルデータ回帰の結果、全ての仮説は棄却され、ESGスコアは財務危機や報告遅延に有意な影響を与えず、財務危機の媒介効果も認められなかった。インドネシアではESGが企業財務に十分影響していないことが示唆される。
English
This study examines the effect of ESG score and foreign ownership on financial reporting delay with financial distress as a mediator for Indonesian manufacturing firms (2020-2024). Using panel data regression with TSLS, all hypotheses were rejected: ESG has no significant effect on financial distress or reporting delay, foreign ownership no effect on distress, and distress does not mediate. Implications: ESG not yet strong in Indonesia. Novelty: Merton Model for distress and TSLS for endogeneity.
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
インドネシアの製造企業を対象とした研究であり、日本企業への直接の示唆は限定的。しかし、ESGスコアが財務報告遅延に影響しないという結果は、日本におけるESG情報の重要性がまだ十分に認識されていない可能性を示唆する。SSBJの導入が進む中、日本企業でもESGと財務パフォーマンスの関連性を再考する契機となる。
In the global GX context
This study on Indonesian manufacturing firms finds no significant effect of ESG scores on financial distress or reporting delay. While not directly applicable to global markets, it highlights the need for stronger ESG integration in emerging economies. For global audiences, it underscores that ESG factors may not have uniform financial impacts across countries.
👥 読者別の含意
🔬研究者:Null results on ESG-financial reporting delay link, useful for meta-analyses and cross-country comparisons.
🏢実務担当者:Limited direct applicability, but suggests ESG may not be a priority for reporting timeliness in Indonesia.
🏛政策担当者:Indicates that ESG mandates alone may not improve financial transparency in emerging markets.
📄 Abstract（原文）
This study aims to examine the effect of ESG score and foreign ownership on financial reporting delay with financial distress as a mediation variable in manufacturing companies listed on the Indonesia Stock Exchange for the 2020–2024 period. The population comprises all manufacturing companies listed on the IDX. Purposive sampling method resulted in 23 companies with 115 annual observations. Data analysis employed panel data regression using the Two-Stage Least Squares (TSLS) method to address endogeneity issues. Model selection was conducted through the Chow Test, Hausman Test, and Lagrange Multiplier Test. The results indicate that Equation 1 uses the Common Effect Model (CEM), while Equations 2 and 3 use the Fixed Effect Model (FEM). The findings reveal that ESG score has no significant effect on financial distress (p = 0.293 > 0.05) nor on financial reporting delay (p = 0.747 > 0.05). Foreign ownership has no significant effect on financial distress (p = 0.280 > 0.05). Financial distress has no significant effect on financial reporting delay (p = 0.348 > 0.05). Furthermore, financial distress does not mediate the effect of ESG score nor foreign ownership on financial reporting delay. Consequently, all five hypotheses are rejected. The implication is that ESG has not yet become a sufficiently strong factor in influencing corporate financial health in Indonesia. The novelty of this study lies in the use of the Merton Model to measure financial distress and the TSLS method to address endogeneity in the mediation model within the context of Indonesian manufacturing companies.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.52644/5q5d6n52first seen 2026-06-19 04:49:27
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