The effect of ESG on financial performance of energy sector companies in Indonesia and Malaysia during 2020–2023
2020～2023年におけるインドネシアおよびマレーシアのエネルギーセクター企業のESGが財務パフォーマンスに与える影響 (AI 翻訳)
Nawangsari, Ajeng Tita, Fachrezzi , Bima Rafly, Masruroh, Auliyatul
🤖 gxceed AI 要約
日本語
本研究は、インドネシアとマレーシアの上場エネルギー企業を対象に、ESG開示が財務パフォーマンス（株価純資産倍率）に与える影響を2020～2023年のデータで分析。全体としては有意な影響が見られなかったが、ガバナンス要素は正の有意な効果を示した。
English
This study examines the effect of ESG disclosure on financial performance (PBV) for energy companies in Indonesia and Malaysia from 2020-2023. Using multiple regression, it finds no overall significant impact, but governance component positively affects PBV. Results suggest improving governance in ESG reporting can enhance firm value.
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
日本企業にとって、東南アジアのエネルギーセクターにおけるESGと財務パフォーマンスの関係は参考になる。特にガバナンスの重要性は、日本の開示実務（有報、統合報告書）でも注目される点。
In the global GX context
This paper adds evidence from Southeast Asian emerging markets to the global debate on ESG-financial performance link. The focus on energy sector aligns with global transition finance discussions. The finding that governance matters most echoes ISSB emphasis on governance disclosure.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG-financial performance in emerging market energy firms, contributing to the limited literature in Southeast Asia.
🏢実務担当者:Highlights that governance disclosure specifically can positively affect market valuation, suggesting priority areas for corporate reporting.
🏛政策担当者:Regulators can use these findings to advocate for stronger governance standards in ESG reporting to attract investment.
📄 Abstract（原文）
The study seeks to examine how Environmental, Social, and Governance (ESG) disclosure influences financial performance within energy companies in Indonesia and Malaysia from 2020 to 2023. The study utilizes data sourced from annual and sustainability reports of energy firms listed on the Indonesia Stock Exchange and Bursa Malaysia. Multiple linear regression was applied as the analytical technique, with Price to Book Value (PBV) used as the indicator of financial performance. The findings reveal that overall ESG disclosure does not exert a significant impact on financial performance. Nevertheless, when assessed individually, the governance component shows a statistically significant positive effect on PBV. These outcomes offer valuable insights for regulators and companies to strengthen governance practices in ESG reporting to enhance investor appeal and support long-term firm value.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.20885/jca.vol8.iss1.art3first seen 2026-05-14 22:21:00
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