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統合報告の品質はESGパフォーマンスの価値を高めるか？インドネシア上場企業からの証拠

Does Integrated Reporting Quality Enhance the Value of ESG Performance? Evidence From Indonesia Listed Firms (原題)

Yandi Suprapto, Dina Grestiara Yohana Siringoringo, Isnaini Nuzula Agustin

International Journal of Management Science and Information Technology📚 査読済 / ジャーナル2026-10-27#開示インフラ経営インパクト: 資金調達対象セクター: finance
DOI: 10.35870/ijmsit.v6i2.8824
原典: https://doi.org/10.35870/ijmsit.v6i2.8824

🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場49社・242観測値を用い、ESGパフォーマンスがROEとTobin's Qに正の影響を与えることを確認した実証研究。統合報告品質（IRQ）をモデレーターとして導入するとESGの直接効果は負に転じ、ESG×IRQの交互作用が正かつ有意となる。ESGの財務価値は統合報告の質によって左右されることを示し、企業と規制当局に開示品質の向上を促す。

English

Panel regression on 49 Indonesian listed firms (242 observations, 2020–2024) finds ESG performance positively affects ROE and Tobin's Q. Introducing Integrated Reporting Quality as a moderator flips the direct ESG effect negative while the ESG×IRQ interaction stays positive and significant. IRQ is thus a critical moderator of the ESG–firm performance link, urging firms and IDX regulators to prioritize disclosure quality alongside ESG scores.

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

新興国における統合報告とESG評価の連動を扱う点は、SSBJ基準や有報でのESG開示が進む日本企業にとって、開示品質が企業価値評価に与える影響を考える上での参照材料となる。特にESGスコアと財務パフォーマンスの関係が開示の質に依存するという示唆は、日本企業の統合報告書作成方針に示唆を与える。

In the global GX context

This adds emerging-market evidence to the global debate on whether ESG ratings translate into firm value, showing the link is conditional on integrated reporting quality. It speaks to ISSB/ISSB-aligned disclosure scholarship by quantifying disclosure quality as a moderator, relevant as CSRD and ISSB adoption raise reporting-quality expectations worldwide.

👥 読者別の含意

🔬研究者:ESGパフォーマンスと財務成果の関係が開示品質に条件付けられることを示す、新興国パネルデータの実証例として参照できる。

🏢実務担当者:ESGスコア向上だけでなく統合報告書の質的充実が企業価値評価に効く可能性を示唆し、開示実務の優先順位づけに使える。

🏛政策担当者:IDX等の規制当局がESG開示の質的基準を整備する根拠として、開示品質がESGの財務効果を左右する点を参考にできる。

📄 Abstract（原文）

This study analyzes the impact of Environmental, Social, and Governance (ESG) performance on firm performance and examines the moderating role of Integrated Reporting Quality (IRQ) among companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Despite growing pressure for transparent ESG disclosure, ESG implementation in Indonesia still suffers from inconsistent information quality, and research on IRQ's role in strengthening the ESG–firm performance link remains limited. Using a quantitative approach, panel data regression was applied to 242 observations from 49 companies selected via purposive sampling. ESG performance was measured using the Refinitiv Thomson Reuters score, IRQ using a binary scoring system based on the Integrated Reporting Framework, and firm performance was proxied by Return on Equity (ROE) and Tobin's Q, with firm size, leverage, and industry as control variables. Results show ESG performance positively and significantly affects both ROE and Tobin's Q in the baseline model; once IRQ is introduced, the direct ESG effect becomes negative, while the ESG×IRQ interaction remains positive and significant. These findings confirm IRQ as a critical moderator of the ESG–firm performance relationship, suggesting that companies and regulators on the IDX should prioritize integrated reporting quality alongside ESG performance. However, these findings should be interpreted as associations rather than causal effects, given the limited sample of 49 firms with available ESG score and the short five-year observation period.

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