Does Carbon Emission Disclosure and Environmental Performance Affect the Cost of Debt with Profitability as an Intervening Variable? Evidence from Coal Sub sector Companies Listed on the Indonesia Stock Exchange (2024–2025)
炭素排出開示と環境パフォーマンスは収益性を媒介変数として負債コストに影響を与えるか：インドネシア証券取引所に上場する石炭サブセクター企業の証拠（2024-2025） (AI 翻訳)
Dede Yusuf Maulana, Aditya Bayu Kusuma, Istikomah Istikomah, Dharnita Chandra, Mardiman Mardiman
🤖 gxceed AI 要約
日本語
本研究は、インドネシアの石炭サブセクター企業を対象に、炭素排出開示と環境パフォーマンスが負債コストに与える影響を、収益性を媒介変数として分析した。結果、炭素開示は収益性に有意な影響を与えるが、環境パフォーマンスは影響を与えず、両者とも負債コストに直接的な影響はなかった。また、収益性の媒介効果も確認されなかった。これは、持続可能性開示が石炭セクターの債務 financing において限定的な説明力しか持たないことを示唆する。
English
This study analyzes the effect of carbon emission disclosure and environmental performance on the cost of debt for Indonesian coal companies, with profitability as a mediating variable. Findings show carbon disclosure significantly affects profitability, but environmental performance does not. Neither variable directly affects the cost of debt, and profitability does not mediate these relationships. This suggests that sustainability disclosures have limited power in explaining debt financing costs in the coal subsector.
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、インドネシアという新興市場における炭素開示と負債コストの関係を実証した点で、日本企業、特に排出集約型業種においても示唆を与える。SSBJやTCFD開示が進む中、開示が実際に資本コストに影響するか否かを検証する際の参考となるが、本結果は開示だけでは限界があることを示している。
In the global GX context
This paper adds to the global literature on the financial materiality of carbon disclosure, particularly for emission-intensive industries. The null findings on the direct effect of disclosure on cost of debt highlight the gap between disclosure and credit risk assessment, suggesting that creditors may not yet fully integrate such information. This is relevant for ISSB and TCFD implementation as stakeholders evaluate the real-world impact of climate disclosures.
👥 読者別の含意
🔬研究者:Provides an empirical test of carbon disclosure and cost of debt in an emerging market context, useful for meta-analyses or comparative studies.
🏢実務担当者:Limited direct insight; companies may note that disclosure alone does not guarantee lower debt costs.
🏛政策担当者:Suggests that disclosure standards need to be complemented with stronger enforcement and integration into credit risk frameworks.
📄 Abstract（原文）
Purpose: This study aims to analyze the effect of carbon emission disclosure and environmental performance on the cost of debt in coal subsector companies listed on the Indonesia Stock Exchange during the 2024–2025 period, with profitability as an intervening variable. This study also seeks to explain whether sustainability disclosure and environmental performance can influence corporate debt financing costs through credit risk perceptions reflected in profitability and cost of debt. Research Design and Methodology: This research uses a quantitative causal-associative approach with panel data. The population consists of coal subsector companies listed on the Indonesia Stock Exchange. The sample was selected using purposive sampling based on several criteria. The index value was calculated by dividing the number of disclosed items by the total disclosure items. Environmental performance was measured using PROPER ratings converted into numerical scores. Profitability was proxied by Return on Assets, calculated by dividing net income by total assets. The cost of debt was measured by dividing interest expense by average interest-bearing debt. Data analysis used panel data regression and mediation testing. Findings and Discussion: The results show that carbon emission disclosure has a significant effect on profitability, while environmental performance does not significantly affect profitability. Carbon emission disclosure, environmental performance, and profitability do not have a significant direct effect on the cost of debt, either partially or simultaneously. The mediation test also shows that profitability does not significantly mediate the relationship between carbon emission disclosure and cost of debt, nor the relationship between environmental performance and cost of debt. These findings indicate that sustainability-related variables in this study have limited explanatory power in determining debt financing costs among coal subsector companies. Implications: The findings imply that carbon emission disclosure can influence internal financial performance, but it has not yet become a decisive factor in creditors’ assessment of debt risk in the coal subsector. Companies should improve the quality, consistency, and credibility of environmental disclosure to strengthen stakeholder trust. Creditors and investors also need to consider broader environmental, financial, and governance indicators in assessing credit risk. Future research should include longer observation periods, additional control variables, and broader ESG indicators to better explain the determinants of cost of debt in emission-intensive industries.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.70184/1587kg59first seen 2026-07-18 08:30:37
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