Sustainability Signals in Emerging Markets: The Effect of ESG Disclosure and Profitability on Stock Returns with Firm Size as a Moderator (Evidence from LQ45 Index, 2020–2024)
新興市場におけるサステナビリティシグナル：ESG開示と収益性が株式リターンに与える影響（企業規模を調整変数として、LQ45指数、2020-2024年の証拠） (AI 翻訳)
Shita Debby Fardeliah, J. Susyanti, M. Bastomi
🤖 gxceed AI 要約
日本語
本研究は、インドネシアLQ45指数構成企業を対象に、ESG開示とROAが株式リターンに与える影響を分析。PLS-SEM分析の結果、ESG開示とROAは共に正の影響を与え、特にROAの影響が支配的であった。企業規模はROAとリターンの関係を強化するが、ESG開示の影響に対する調整効果は見られなかった。
English
This study examines the effect of ESG disclosure and ROA on stock returns in the LQ45 index (2020–2024). Using PLS-SEM, it finds that both ESG disclosure and ROA positively influence stock returns, with ROA being the dominant factor. Firm size moderates the ROA-return relationship but does not moderate the ESG disclosure effect.
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
本論文は日本市場とは直接関係しないが、新興国におけるESG開示の資本市場への影響を示しており、日本企業の海外投資判断の参考になる可能性がある。
In the global GX context
This paper provides empirical evidence from an emerging market (Indonesia) on the link between ESG disclosure and financial performance, contributing to the global debate on whether ESG integration is value-relevant for investors.
👥 読者別の含意
🔬研究者:Contributes to the literature on ESG disclosure and stock returns in emerging markets, highlighting the moderating role of firm size.
🏢実務担当者:Suggests that while ESG disclosure positively impacts stock returns, profitability remains the key driver; firms should communicate both effectively.
🏛政策担当者:Indicates that mandatory ESG disclosure may not have uniform effects across firm sizes, informing policy design in emerging capital markets.
📄 Abstract（原文）
This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure and Return on Assets (ROA) on stock returns, with firm size as a moderating variable, in companies listed in the LQ45 index during the 2020–2024 period. The research adopts a quantitative approach using secondary data obtained from annual reports and sustainability reports. The sample consists of 24 firms selected through purposive sampling. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that ESG disclosure and ROA have a positive and significant effect on stock returns. ROA emerges as the most dominant factor, highlighting that profitability remains a primary signal for investors in the Indonesian capital market. Firm size also has a positive effect on stock returns. In terms of moderation, firm size does not moderate the relationship between ESG disclosure and stock returns, but it strengthens the effect of ROA on stock returns. These findings suggest that profitability signals from larger firms are perceived as more credible by investors, while the impact of ESG disclosure is consistent regardless of firm size. This study contributes to the sustainable finance literature and provides practical implications for investors, corporate management, and capital market regulators.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.33395/owner.v10i2.3110first seen 2026-05-05 23:20:37
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