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Analisis Pengaruh Perspektif Manajemen Laba Terhadap Earnings Response Coefficient (ERC) dengan Moderasi Skor Pengungkapan ESG

利益管理の視点が利益応答係数（ERC）に与える影響の分析：ESG開示スコアによる調整効果 (AI 翻訳)

Jauza Nada Alfiyah, Khomsiyah Khomsiyah

JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi)📚 査読済 / ジャーナル2026-06-01#ESG
DOI: 10.35870/jemsi.v12i3.6343
原典: https://doi.org/10.35870/jemsi.v12i3.6343

🤖 gxceed AI 要約

日本語

この研究は、インドネシアの非金融上場企業を対象に、利益管理が市場反応に与える影響と、ESG開示スコアの調整効果を検証した。結果、利益管理は直接的に市場反応に影響しないが、ESG開示スコアは有意な影響を持ち、持続可能な投資時代におけるESG開示の重要性を示した。

English

This study examines the effect of earnings management on market reactions to earnings announcements, moderated by ESG disclosure scores, using 195 Indonesian non-financial firms from 2022-2024. The results show that earnings management does not directly affect market reactions, but ESG disclosure scores have a significant positive impact, supporting the role of ESG as a signal in sustainable investment.

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

インドネシア市場における研究だが、日本企業のESG開示と投資家反応に関しても示唆がある。特に、SSBJや有報でのESG情報開示の質が市場評価に影響する可能性を示唆。

In the global GX context

Although focused on Indonesia, this study contributes to global understanding of how ESG disclosure moderates market reactions to earnings management. It supports the growing evidence that ESG performance is valued by markets, relevant for IFRS S1 / S2 and global disclosure frameworks.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the moderating role of ESG disclosure in earnings management-market reaction relationship in an emerging market.

🏢実務担当者:Suggests that improving ESG disclosure can enhance investor confidence and mitigate negative market reactions.

🏛政策担当者:Highlights the value of mandatory ESG disclosure for market transparency in emerging economies.

📄 Abstract（原文）

This study was conducted to examine the effect of earnings management on market responses to earnings announcements, as well as to test the influence of ESG (Environmental, Social, and Governance) disclosure scores as corporate reputation insurance, which is assumed to affect market responses to managed earnings. The main focus is to determine whether a firm's commitment to sustainability can mitigate the potential negative impact of managed earnings on the Earnings Response Coefficient (ERC). This study utilizes 195 observation samples from non-financial public companies in Indonesia listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 observation period, employing the OLS (Ordinary Least Square) method with robust standard errors. The results indicate that earnings management during this period does not directly affect market reactions to the company's announced earnings; however, the company's ESG disclosure score has a significant impact on market reactions. Thus, it is concluded that ESG disclosure by companies serves as a positive signal that is highly valued by the market in the current era of sustainable investment.

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