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ESG DISCLOSURE AND PROFITABILITY: IS THE RELATIONSHIP TOO GOOD TO BE TRUE FOR ALL FIRMS?

ESG開示と収益性：その関係は全ての企業にとって良すぎるのか？ (AI 翻訳)

M. Miftahuddin, Widad Nabila Azzahra, Kumaralalita Makusara, I. R. D. Pangestuti, Hisyam Kholish Prabaswara, D. Q. Octavio

Jurnal Ekonomi dan Bisnis Airlangga📚 査読済 / ジャーナル2026-05-31#ESG対象セクター: cross_sector
DOI: 10.20473/jeba.v36i12026.70-94
原典: https://e-journal.unair.ac.id/JEBA/article/download/88370/37919
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🤖 gxceed AI 要約

日本語

本稿はASEANの非金融企業264社を対象に、ESG開示スコア（ESGD）と収益性の関係を分析。大企業ではESGDが収益性に有意な正の効果を持つが、小企業では統計的有意性が認められない。小企業にはESG開示のコストが高く、優先度が低いことを示唆する。

English

This study analyzes the effect of ESG Disclosure Score (ESGD) on profitability for 264 non-financial firms in ASEAN from 2019-2023. It finds a significant positive effect for large firms but not for small firms, suggesting that the cost of high-quality ESG disclosure may outweigh benefits for small companies in emerging markets.

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

ASEAN新興市場の文脈で、ESG開示が企業規模によって異なる効果を持つことを示す。日本企業のサプライチェーン上で中小企業のESG対応の課題を考える際の参考になるが、SSBJや日本の開示制度そのものを扱っているわけではない。

In the global GX context

This paper provides empirical evidence from emerging ASEAN markets that the profitability benefits of ESG disclosure are not uniform across firm sizes. It adds to the global debate on the cost-effectiveness of ESG mandates, particularly relevant for jurisdictions like the EU and US considering proportionate disclosure requirements for SMEs.

👥 読者別の含意

🔬研究者:Offers empirical evidence on the heterogeneous effects of ESG disclosure on profitability by firm size in an emerging market context.

🏢実務担当者:Large firms may use ESG disclosure to enhance profitability, but small firms should consider cost-benefit before heavy investment in ESG reporting.

🏛政策担当者:Supports the case for tiered or simplified ESG disclosure requirements for small and medium enterprises.

📄 Abstract（原文）

Introduction: This study aims to investigate the effect of Environmental, Social, and Governance Disclosure Score on firm profitability in ASEAN and explain the effect of ESGD on companies of different sizes. Methods: This quantitative study was conducted from 2019 to 2023 with 264 non-financial companies selected based on purposive sampling and resulting in 1,320 observations. This study uses panel data regression analysis and is supplemented with a robustness test: NPM (Net Profit Margin) as alternative proxy for profitability and sample split based on firm size. Results: Our research shows that ESGD, ENVD, and SOCD have significant positive effect on profitability in all models, including robustness tests. However, our research shows inconsistent relationship with the GOVD. Additional analysis shows that in large companies, ESGD and its dimensions consistently have significant positive effect on profitability. Otherwise, in small companies ESGD and its dimensions do not show statistical significance. Conclusion and suggestion: Our findings emphasize the importance of implementing ESGD for large companies to increase profitability. Meanwhile, for small companies implementing ESGD is not rational due to the high cost of ESG, and they can focus on cheaper initiatives. This is especially true in emerging markets such as Southeast Asia.

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