The Effect of ESG Score on Profit Informality: Analysis of Future Earnings Response Coefficient on the MSCI Indonesia Index
ESGスコアが利益情報性に与える影響：MSCIインドネシア指数における将来利益反応係数の分析 (AI 翻訳)
Marudut Rizky Martin Purba, Winda Ryzka Aulia Rahmaningrum, Resi Ariyasa Qadri
🤖 gxceed AI 要約
日本語
本研究は、MSCIインドネシア指数構成企業を対象に、ESGスコアが将来利益反応係数（FERC）で測定される利益情報性に与える影響を分析。定量分析ではESGスコアの有意な効果は確認できなかったが、定性分析ではESGが投資家の株価形成に情報価値を持つことが示された。ESG開示の質向上が市場の信頼性向上に重要と結論づけている。
English
This study examines the effect of ESG scores on profit informativeness (measured by Future Earnings Response Coefficient) for MSCI Indonesia Index firms. Quantitative results show no significant effect, but qualitative findings indicate ESG informational value for investors in stock price formation. The study concludes that improving ESG disclosure quality enhances market credibility.
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
インドネシア新興市場におけるESG開示の情報価値を検証。日本市場でもESGスコアと株価情報性の関係は議論されており、特にSSBJ開示基準の実務適用において示唆を与える可能性がある。
In the global GX context
This paper provides emerging-market evidence on the limited direct effect of ESG scores on earnings informativeness, contrasting with qualitative investor perceptions. It contributes to global debates on the materiality of ESG disclosures for equity valuation.
👥 読者別の含意
🔬研究者:Highlights the need for mixed-method approaches in studying ESG market impact, especially in emerging markets.
🏢実務担当者:Suggests that improving ESG disclosure quality may enhance investor trust even if quantitative impact is unclear.
🏛政策担当者:Underlines the importance of ESG disclosure standards to support market efficiency in developing economies.
📄 Abstract（原文）
The purpose of this study is to predict and explain the influence of ESG score on profit information proxied using the Future Earnings Response Coefficient (FERC) approach in companies that are members of the MSCI Indonesia Index using a mix method approach. Quantitative data were obtained from annual reports, sustainability reports, and stock price data during the observation period, which were analyzed using FERC-based panel data regression models. Furthermore, a qualitative approach is used to interpret empirical results through the analysis of investor behavior, market characteristics, and the quality of ESG disclosures. The results of the study show that ESG scores did not have a significant effect on profit informability which is reflected in the market response to future profits, and is supported by qualitative findings that show that ESG has informational value for investors in the formation of stock prices. In practical terms, these results confirm the importance of increasing ESG score disclosure as a strategy to increase credibility and market perception.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.36555/jasa.v10i1.3025first seen 2026-05-15 18:33:30 · last seen 2026-06-15 05:27:28
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