CORPORATE INVESTMENT EFFICIENCY: THE ROLE OF ESG DISCLOSURE, FINANCIAL REPORTING QUALITY, AND DEBT MATURITY
企業の投資効率：ESG開示、財務報告品質、債務満期の役割 (AI 翻訳)
Anisa, Stevanny
🤖 gxceed AI 要約
日本語
本研究は、2019～2023年にインドネシア証券取引所に上場する非金融企業63社を対象に、ESG開示、財務報告品質、債務満期が投資効率に与える影響を分析。個別ではESG開示と財務報告品質は有意でなかったが、債務満期は有意な影響を示した。同時分析では3変数すべてが投資効率に有意な影響を与えることを発見。
English
This study analyzes the effects of ESG disclosure, financial reporting quality, and debt maturity on investment efficiency for 63 non-financial Indonesian firms from 2019 to 2023. Individually, only debt maturity significantly affects investment efficiency, but collectively all three variables have a significant impact.
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
日本でもSSBJに基づくESG開示が進むが、本稿は開示と投資効率の関係が単独では有意でないことを示し、実務への示唆を与える。
In the global GX context
The finding that ESG disclosure alone does not significantly affect investment efficiency contributes to the debate on the effectiveness of disclosure mandates globally, and highlights the role of debt maturity, relevant for transition finance discussions.
👥 読者別の含意
🔬研究者:For researchers examining the link between ESG disclosure and firm-level outcomes, this paper provides evidence from an emerging market suggesting that disclosure alone may not improve efficiency.
🏢実務担当者:Corporate sustainability teams should note that ESG disclosure alone may not directly impact investment efficiency; other factors like debt structure matter.
🏛政策担当者:Regulators can consider that mandatory ESG disclosure might need complementary measures to enhance investment efficiency.
📄 Abstract（原文）
This study aims to analyze the effects of Environmental, Social, and Governance (ESG) disclosure, financial reporting quality, and debt maturity on the efficiency of investment in non-financial companies traded on the Indonesia Stock Exchange (IDX) from 2019 to 2023. Using a quantitative approach with purposive sampling, the study analyzed 63 companies with a total of 315 annual observations. Data were collected from the official IDX portal, the Investment Gallery of Universitas Pamulang (UNPAM), and the companies’ official websites. Panel data regression methods using Eviews 12 were utilized to assess both the separate and collective influences of the variables. The results indicate that ESG disclosure and financial reporting quality don’t have a significant partial effect on investment efficiency. In contrast, debt maturity has a significant individual effect. However, when tested simultaneously, ESG disclosure, financial reporting quality, and debt maturity collectively have a significant impact on investment efficiency.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.30656/jak.v13i2.11282first seen 2026-07-23 06:34:10
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