ESGパフォーマンスと企業パフォーマンス：インドネシア企業におけるグリーン技術イノベーション開示の媒介的役割
ESG performance and firm performance: The mediating role of green technology innovation disclosure in Indonesian Firms (原題)
Ajeng Tita Nawangsari, Bima Rafly Fachrezzi
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のエネルギー・産業企業82社（2021-2024年、328観測）を対象に、ESGパフォーマンスと企業財務業績の関係、およびグリーン技術イノベーション開示（GTID）の媒介効果を固定効果パネル回帰とGSEMで検証。ESGとROAの正の関連は10%水準で統計的に有意とは言えず、ROEでは非有意。ESGとGTID、GTIDとROAの関連も非有意で、GTIDの媒介効果は支持されなかった。開示ベースのグリーン技術指標と実質的な技術革新の区別の重要性を示唆。
English
Using a balanced panel of 82 energy and industrial firms listed on the Indonesia Stock Exchange (2021-2024, 328 observations), this study tests the ESG-firm performance link and whether Green Technology Innovation Disclosure (GTID) mediates it, via fixed-effects panel regression and GSEM with 5,000 bootstraps. ESG's positive association with ROA is not statistically significant at 10%, is sensitive to specification (insignificant for ROE), and GTID shows no significant mediation. Findings caution against conflating disclosure-based green technology measures with substantive innovation.
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
日本企業のSSBJ・有報開示においても、ESG開示と実質的なグリーン技術投資の乖離は重要な論点。新興国市場での実証結果は、日本企業の開示戦略や投資家対応を相対化する材料となる。
In the global GX context
As ISSB/SSBJ disclosure frameworks expand globally, this study's finding that disclosure-based green technology measures do not translate into financial performance offers a cautionary data point for emerging-market ESG disclosure scholarship and for interpreting ESG-financial links across jurisdictions.
👥 読者別の含意
🔬研究者:新興国市場におけるESGと財務業績の媒介メカニズム研究に、頑健性の限界を示す実証的知見を提供。
🏢実務担当者:ESG開示と実質的なグリーン技術投資を区別し、開示の実効性を評価する視点を提供。
🏛政策担当者:ESG開示制度の設計において、開示指標が実質的な技術革新や財務成果に結びつくかの検証必要性を示唆。
📄 Abstract（原文）
Abstract The increasing necessities of sustainable development has driven attention towards the relationship between Environmental, Social, and Governance (ESG) and firm financial performance, specifically for environmentally sensitive sectors. The available empirical results are still limited, and very few studies particularly examine whether Green Technology Innovation Disclosure (GTID) can act as a mediator between ESG and firm performance in emerging markets. This research attempts to examine the relationship between ESG and firm performance while testing the mediating role of GTID on energy and industrial companies listed on Indonesia Stock Exchange (IDX). Using a balanced panel data set of 82 companies over 4 years (2021-2024) with total 328 observations, by employing fixed-effects panel regression and the Generalized Structural Equation Modeling (GSEM) with 5,000 bootstrap replications estimate the indirect effect. The result indicated Insufficient evidence of a positive association between ESG and return on assets (ROA) that statistically significant at 10 percent. However, this relationship is sensitive to alternative specifications, as the ESG coefficient becomes statistically insignificant when return on equity (ROE) is used and is statistically significant only around the median of the conditional ROA distribution. More importantly, ESG performance is not significantly associated with GTID, GTID is not significantly associated with ROA, and the bootstrapped indirect effect is statistically insignificant. Thus, the findings do not support GTID as a mediating mechanism between ESG performance and firm performance. The study highlights the importance of distinguishing disclosure-based green technology measures from the substantive implementation and economic intensity of actual green technological innovation when evaluating their financial implications.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.26905/afr.v9i2.17410first seen 2026-10-14 05:10:54
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