THE IMPACT OF ESG DISCLOSURE AND LEVERAGE ON COST OF DEBT WITH AUDIT QUALITY AS A MODERATING VARIABLE IN ENERGY SECTOR COMPANIES IN THE 2022-2025 PERIOD
ESG開示とレバレッジが負債コストに与える影響：監査品質の調整効果（2022-2025年のインドネシアエネルギー企業を対象に） (AI 翻訳)
Anugrah Rizky Putra, Yuliati Yuliati
🤖 gxceed AI 要約
日本語
インドネシア証券取引所に上場するエネルギー企業25社を対象に、ESG開示とレバレッジが負債コストに与える影響を分析。ESG開示は負債コストを有意に低下させるが（係数-0.2485）、監査品質が高いとその効果が弱まる（交互作用係数0.2605）。レバレッジの影響は有意でなかった。
English
Using panel data from 25 Indonesian energy companies (2022–2025), this study finds that ESG disclosure significantly reduces the cost of debt, but high audit quality weakens this effect. Leverage shows no significant impact. The findings highlight the role of ESG transparency and audit quality in financing costs.
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企業を対象としているが、ESG開示が負債コストを低減するという結果は、SSBJ/ISSBに対応する日本企業にとっても重要な示唆を含む。監査品質の調整効果は、日本のガバナンス改革への示唆にもなる。
In the global GX context
This study contributes to the global transition finance literature by providing emerging-market evidence (Indonesia) that ESG disclosure lowers the cost of debt, moderated by audit quality. It adds to the understanding of cost-of-capital benefits of ESG in energy sectors.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG–cost of debt relationship with audit quality moderation in an emerging economy context.
🏢実務担当者:Shows that improving ESG disclosure can reduce borrowing costs, but firms should consider audit quality effects on this benefit.
🏛政策担当者:Suggests that promoting ESG disclosure standards and audit quality can influence financing conditions for energy transition.
📄 Abstract（原文）
The energy sector plays a strategic role in driving the national economy, but faces significant pressure to transition to clean energy, which requires significant funding from creditors. This study aims to examine the relationship between ESG disclosure and leverage on the cost of debt and to determine audit quality as a moderating factor by selecting energy companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2025 period. The research approach is quantitative and uses data panel, obtaining data from sustainability reports and annual reports from a total of 25 companies. The analysis tool used is EViews13. The research findings indicate that ESG has a significant negative effect on the cost of debt, with a coefficient of -0.2485 (p=0.0206). Meanwhile, leverage has an insignificant positive effect with a coefficient of 0.2369 (p=0.2444). Audit quality moderates the relationship between ESG and the cost of debt, weakening the negative effect of ESG (interaction coefficient 0.2605; p=0.0115). Meanwhile, audit quality was not shown to moderate the relationship between leverage and cost of debt (coefficient -0.2214; p=0.2840). This study concludes that increased ESG transparency and high audit quality can help energy sector companies achieve more efficient financing costs. However, high audit quality tends to reduce the influence of ESG on lowering the cost of debt.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.33650/profit.v10i1.15721first seen 2026-06-30 05:34:06
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