PROFITABILITY IMPLICATIONS OF ESG CONTROVERSY MANAGEMENT UNDER FINANCIAL OPACITY IN INDONESIA
インドネシアにおける財務的不透明性下でのESG論争管理の収益性への影響 (AI 翻訳)
P. Sastroredjo, T. Suganda, D. Halim
🤖 gxceed AI 要約
日本語
本研究は、インドネシア上場企業を対象に、ESG論争管理能力（Refinitiv ESGCスコア）が収益性に与える影響を分析。固定効果モデルや傾向スコアマッチング等の手法を用い、ESG論争管理の向上は収益性を高めるが、財務的不透明性が高い企業ではその効果が弱まることを示した。透明性向上の重要性を強調。
English
This study examines the impact of ESG controversy management (ESGC score) on profitability for Indonesian listed firms from 2011-2023. Using fixed effects, entropy balancing, and propensity score matching, it finds that effective ESGC improves profitability, but this effect weakens under financial opacity. Results highlight the moderating role of transparency.
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
インドネシアに進出する日本企業にとって、現地子会社のESG論争管理と透明性の関係は、親会社のリスク管理や統合報告での開示に示唆を与える。日本企業のインドネシア事業におけるESGガバナンス強化の参考となる。
In the global GX context
This paper adds to global ESG literature by demonstrating that financial opacity diminishes the financial benefits of ESG controversy management. It underscores the need for transparent disclosure in emerging markets, relevant for investors and multinationals operating in such contexts.
👥 読者別の含意
🔬研究者:The study's multi-method approach and focus on the moderating role of financial opacity offer a robust framework for future ESG-finance research in emerging markets.
🏢実務担当者:Corporate sustainability teams should note that managing ESG controversies improves profitability, but opaque financial reporting can undermine these gains, emphasizing the need for transparent disclosure.
🏛政策担当者:Regulators in emerging markets may consider policies that enhance financial transparency to amplify the positive effects of ESG management on firm performance.
📄 Abstract（原文）
ESG controversies threaten firms’ legitimacy and stakeholder trust; however, evidence on their financial impact and the role of financial opacity remains limited. This study aims at examining whether ESG controversy management enhances financial performance in emerging markets and whether this relationship is conditioned by financial opacity. Using panel data of Indonesian listed firms from 2011 to 2023 and Refinitiv’s ESGC score, where higher values indicate stronger capabilities to address sustainability incidents, the study is grounded in legitimacy theory, stakeholder theory, and the dynamic capability perspective. The multi-method approach includes firm-, year-, and industry-fixed effects, entropy balancing, propensity score matching, and the Heckman two-stage model, while controlling for firm size, leverage, growth opportunities, and audit quality. The results show that effective ESGC management improves profitability, but the effect weakens in financially opaque firms, with implications for ESG oversight and disclosure.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.23969/jrak.v18i1.41171first seen 2026-07-18 07:43:52
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