ESG, Women on Board, and Firm Performance: Evidence from Indonesia
ESG、女性取締役、企業業績：インドネシアの証拠 (AI 翻訳)
Leon Tristan Indira, Maria Natalia
🤖 gxceed AI 要約
日本語
本研究は、インドネシアの非金融企業40社を対象に、ESG実践と女性取締役の有無が企業業績に与える影響を分析。回帰分析の結果、ESGスコアはROAに有意な正の影響を与えるが、女性取締役の影響は確認されなかった。サンプルサイズや単一業績指標の限界が指摘される。
English
This study examines the impact of ESG practices and women on board (WOB) on firm performance for 40 Indonesian non-financial firms (2021-2024). Using regression, it finds ESG positively affects ROA, but WOB has no significant direct or moderating effect. Limitations include small sample and single performance metric.
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
インドネシアは日本と異なる規制環境だが、ESGと企業業績の正の関係は、日本の上場企業にも示唆を与える。ただし、女性取締役の効果が見られない点は、日本のダイバーシティ推進議論に一石を投じる可能性がある。
In the global GX context
This Indonesia-specific study contributes to the global debate on ESG–performance links and gender diversity on boards. While ESG positively correlates with performance in an emerging market, the null result for WOB challenges assumptions about board diversity's direct financial impact.
👥 読者別の含意
🔬研究者:Provides evidence from an emerging market (Indonesia) on ESG–performance relationship; can be compared with developed market studies.
🏢実務担当者:Confirms that ESG improvement may enhance financial performance, but board gender diversity alone may not guarantee better outcomes.
🏛政策担当者:Suggests that mandatory ESG disclosure may have positive effects on firm performance, but board gender quotas may need complementary measures.
📄 Abstract（原文）
This study examines the impact of Environmental, Social, and Governance (ESG) practices and the presence of women on corporate boards (Women on Board/WOB) on firm performance in Indonesia. Using a panel dataset of 40 non-financial companies listed on the Indonesia Stock Exchange from 2021 to 2024, this research employs multiple linear regression and moderation analysis to test three hypotheses. Return on Assets (ROA) is used as a proxy for firm performance. The results show that ESG has a significant and positive effect on firm performance, supporting the legitimacy and stakeholder theories. This finding suggests that companies with higher ESG scores tend to achieve better financial outcomes. However, the presence of women on the board does not significantly influence firm performance, either directly or as a moderating variable. The interaction between ESG and WOB also yields no statistically significant result, indicating that gender diversity on boards does not strengthen the ESG–performance relationship in the Indonesian context. These findings highlight the importance of sustainable business practices while pointing to the limited structural role of gender diversity in governance outcomes. The study is limited by its sample size, the use of a single financial performance metric (ROA), and the absence of longitudinal dynamic models. Future research is encouraged to adopt broader performance measures, extend the observation period, and implement advanced panel data techniques to capture long-term ESG effects.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.48042/jurakunman.v18i2.388first seen 2026-07-18 08:05:40
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