The Relationship Between Financial Leverage and ESG Disclosure on Greenwashing
財務レバレッジとESG開示がグリーンウォッシングに与える影響 (AI 翻訳)
M. Noor, M. Sari
🤖 gxceed AI 要約
日本語
本研究では、インドネシア証券取引所上場のエネルギーセクター企業を対象に、財務レバレッジとESG開示がグリーンウォッシングに与える影響を分析した。結果、財務レバレッジの高い企業はグリーンウォッシングを避ける傾向がある一方、ESG開示はむしろグリーンウォッシングを促進することを発見。これは企業が持続可能性報告を象徴的な手段として利用していることを示唆し、規制当局や企業に対して重要な示唆を提供する。
English
This study examines how financial leverage and ESG disclosure influence greenwashing in Indonesian energy sector companies. Results show that high leverage reduces greenwashing due to creditor pressure, while ESG disclosure actually encourages greenwashing, suggesting symbolic use of sustainability reporting. The findings provide insights for agency and legitimacy theories.
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
日本ではSSBJ基準の導入が進む中、本稿はESG開示が形骸化・象徴的に利用されるリスクを実証的に示しており、日本の開示制度設計や実務において重要な警鐘となる。
In the global GX context
This paper adds empirical evidence to the global debate on greenwashing, particularly highlighting the paradoxical effect of ESG disclosure. It supports the need for stronger assurance and enforcement in sustainability reporting, relevant to ISSB and CSRD frameworks.
👥 読者別の含意
🔬研究者:Highlights the need for further research on the motivational drivers of greenwashing and the role of financial constraints.
🏢実務担当者:Cautions that increasing ESG disclosure without proper verification may inadvertently increase greenwashing; companies should align disclosure with actual actions.
🏛政策担当者:Suggests that regulators should consider the unintended consequences of mandatory ESG disclosure and focus on enforcement.
📄 Abstract（原文）
Greenwashing has become a critical issue, as companies may project an environmentally responsible image through reports without reflecting it in real practices. This study examines how financial (leverage) and nonfinancial ( ESG disclosure) pressures influence such behavior. This study uses data obtained from the financial and sustainability reports of energy sector companies listed on the Indonesia Stock Exchange for the period 2021- 2023, then processed with linear regression analysis using SPSS version 27. The results showed that companies with high financial leverage tend to avoid greenwashing. This means that financial discipline and compliance can arise from creditor pressure. In contrast, ESG disclosure encourages greenwashing practices, which suggests that companies tend to use sustainability reporting as a symbolic means to maintain their legitimacy and image in front of the public. These findings provide new insights for agency and legitimacy theories, as well as important input for regulators and companies, so that the concept of sustainability is not just for image and formality.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.30813/bmj.v22i1.8927first seen 2026-05-05 23:18:07
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。