Environmental, social, and governance disclosure and financial performance: Does board of commissioners size matter?
環境・社会・ガバナンス（ESG）開示と財務パフォーマンス：取締役会の規模は重要か？ (AI 翻訳)
Luh Putu Yeyen Karista Putri, I. W. Suartana
🤖 gxceed AI 要約
日本語
インドネシアの非金融企業を対象に、ESG開示が財務パフォーマンス（ROA）に与える影響を分析。取締役会の規模が調整変数として機能するかを検証した結果、ESG開示はROAに有意な影響を与えず、ガバナンス開示とROAの関係は取締役会規模によってU字型に調整されることが明らかになった。
English
This study examines the effect of ESG disclosure on the financial performance (ROA) of non-financial firms in Indonesia, with board of commissioners size as a moderator. Using panel data from 2020-2024, it finds no significant direct effect, but a non-linear U-shaped moderation effect of board size on the governance disclosure-ROA relationship.
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
日本ではSSBJや有報でのESG情報開示が進むが、本稿はESG開示が短期的な収益性に直結しない可能性を示唆する。投資家対応や取締役会構成の設計において、ガバナンス開示とパフォーマンスの非線形関係を考慮する意義がある。
In the global GX context
This paper contributes to the global debate on the ESG-financial performance link, highlighting that board size can moderate the relationship in a non-linear way. It underscores the importance of governance structure in ESG disclosure effectiveness, relevant for TCFD/ISSB frameworks.
👥 読者別の含意
🔬研究者:Provides evidence of a U-shaped moderation effect of board size on governance disclosure-performance link.
🏢実務担当者:Offers limited direct application, but suggests that board size may influence the impact of governance disclosure on profitability.
🏛政策担当者:Highlights that ESG disclosure alone may not drive performance; governance mechanisms matter.
📄 Abstract（原文）
This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on the financial performance of non-financial companies in Indonesia, with the board of commissioners size serving as a moderating variable. The study is grounded in agency theory, which conceptualizes the board of commissioners as a monitoring mechanism to mitigate conflicts of interest between management and shareholders. The sample was selected using purposive sampling and consisted of 51 non-financial companies listed on the Indonesia Stock Exchange during the 2020–2024 period, resulting in 255 firm-year observations after outlier elimination. The study employed panel data regression using the Random Effect Model (REM). The findings reveal that Environmental, Social, and Governance disclosure does not significantly affect return on assets (ROA), suggesting that ESG implementation among Indonesian non-financial firms remains predominantly compliance-oriented and has yet to generate a direct impact on short-term profitability. Furthermore, the board of commissioners' size is not found to moderate the relationship between Environmental and Social disclosure and ROA. However, board size significantly moderates the relationship between Governance disclosure and ROA through a non-linear U-shaped relationship, with an estimated turning point occurring at approximately five to six board members.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.21744/ijbem.v9n2.2485first seen 2026-07-18 07:39:26
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