Kinerja ESG, Independensi Komite Audit, dan Biaya Modal: Bukti Moderasi dari Perusahaan Bursa Efek Indonesia
ESGパフォーマンス、監査委員会の独立性、および資本コスト：インドネシア証券取引所上場企業からのモデレーション証拠 (AI 翻訳)
Hotma Glorya Ika Sari, Lady Karlinah, L. Sugondo, Amelia Ananta
🤖 gxceed AI 要約
日本語
本研究は、新興市場であるインドネシア証券取引所上場95社（2016-2023年、760企業年）のデータを用いて、ESGパフォーマンスが資本コストに与える影響と、監査委員会の独立性の調整効果を分析。パネルデータ回帰の結果、ESGスコアの1ポイント上昇が加重平均資本コスト（WACC）を約13.6ベーシスポイント低下させる有意な負の効果を示した。一方、監査委員会の独立性はESGと資本コストの負の関係を弱めることが判明し、既に強力なガバナンス下ではESGの財務便益が減少することを示唆している。
English
This study examines the effect of ESG performance on cost of capital and the moderation of audit committee independence in an emerging market. Using 95 Indonesian listed firms (2016-2023), panel regression shows a one-point ESG score increase reduces WACC by 13.6 bps. However, audit committee independence weakens this negative relationship, suggesting ESG benefits are less pronounced under strong governance.
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の実証研究であり、日本企業が海外子会社やサプライチェーンでESG戦略を展開する際の参考となる。特に、ガバナンス構造がESGの財務効果に影響を与える点は、日本企業の統治体制におけるESG統合の示唆に富む。
In the global GX context
This paper provides emerging market evidence on the ESG-cost of capital link, relevant for global investors and multinationals operating in Southeast Asia. It highlights the moderating role of governance, contributing to the discourse on how ESG integration interacts with existing governance structures in transition finance contexts.
👥 読者別の含意
🔬研究者:The study extends signaling theory by showing governance moderates ESG's financial impact, offering a nuanced view for future research on ESG and corporate finance in emerging markets.
🏢実務担当者:Corporate sustainability teams can use these insights to align ESG strategies with governance structures, potentially enhancing cost of capital benefits, especially when operating in emerging markets.
🏛政策担当者:Regulators in emerging markets may note that promoting audit committee independence might reduce the direct financial incentive for ESG improvements, suggesting a balanced approach to governance reforms.
📄 Abstract（原文）
This study investigates the effect of Environmental, Social, and Governance (ESG) performance on firms' cost of capital and examines the moderating role of audit committee independence in an emerging market context. The sample consists of 95 companies listed on the Indonesia Stock Exchange (IDX) during the period 2016–2023, resulting in 760 firm-year observations in a balanced panel dataset. Using panel data regression with a moderating approach, the findings indicate that ESG performance has a negative and significant effect on the cost of capital, with a one-point increase in ESG score reducing the weighted average cost of capital (WACC) by approximately 13.6 basis points. Audit committee independence also exhibits a negative effect on the cost of capital. However, the interaction analysis reveals that audit committee independence significantly weakens the negative relationship between ESG performance and the cost of capital, suggesting that the financial benefits of ESG practices are less pronounced when governance oversight is already strong. Theoretically, this study extends signaling theory by demonstrating that the credibility of ESG signals depends on existing governance structures; empirically, it provides evidence from an emerging market where governance and sustainability disclosures are evolving. The findings offer practical insights for managers and investors in aligning ESG strategies with governance mechanisms to enhance financial efficiency.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://owner.polgan.ac.id/index.php/owner/article/download/3021/1711first seen 2026-07-18 08:13:12
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