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Correlation of Sustainability Report Disclosure Towards Financial Firm Performance in Indonesia, Malaysia & Singapore Palm Oil Sector from 2020 to 2024

2020年から2024年におけるインドネシア、マレーシア、シンガポールのパーム油セクターのサステナビリティ報告書開示と財務業績の相関 (AI 翻訳)

Adimas Jagad Jippanola, Taufik Faturohman

Journal Research of Social Science Economics and Management📚 査読済 / ジャーナル2026-07-24#ESGOrigin: Global経営インパクト: 調達リスク対象セクター: agriculture
DOI: 10.59141/jrssem.v5i12.1646
原典: https://doi.org/10.59141/jrssem.v5i12.1646

🤖 gxceed AI 要約

日本語

本研究は、インドネシア、マレーシア、シンガポールの上場パーム油企業26社（2020〜2024年、130の企業年観測）を対象に、ESGスコアで測定したサステナビリティ開示が財務業績に与える影響をパネルデータ分析で検証した。ランダム効果モデルの結果、ESGスコアは純利益率と売上成長に有意な正の影響を与え、ESG統合が戦略的投資として財務的利益をもたらすことを示した。企業規模は有意な影響を与えず、資産規模よりもESGの成熟度が重要であることを示唆する。

English

This study examines the impact of sustainability disclosure (ESG Score) on financial performance for 26 listed palm oil companies in Indonesia, Malaysia, and Singapore from 2020 to 2024, using panel data analysis. The Random Effects model shows ESG Score has a positive and significant effect on Net Profit Margin and Revenue Growth, indicating that ESG integration is a strategic investment that enhances profitability and revenue expansion. Firm size does not significantly influence performance, suggesting ESG maturity matters more than asset scale.

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、東南アジアのパーム油産業はサプライチェーン上重要な位置を占める。本研究成果は、ESG開示が財務業績に寄与するというエビデンスを提供し、SSBJ開示やサプライチェーン管理におけるESG統合の重要性を支持する。日本企業が海外子会社や取引先のESG評価を行う際の参考になる。

In the global GX context

This paper contributes to the global discourse on ESG disclosure and financial performance, particularly in the agricultural commodity sector. It provides empirical evidence from Southeast Asia, a region often underrepresented in ESG research, and supports the business case for sustainability reporting. The findings are relevant for investors and companies assessing ESG integration in emerging markets, aligning with ISSB and CSRD disclosure trends.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG-financial performance link in the palm oil sector, useful for comparative studies.

🏢実務担当者:Highlights that ESG integration can improve profitability and revenue growth, supporting business case for sustainability initiatives.

🏛政策担当者:Suggests that encouraging ESG disclosure may have positive economic outcomes, informing policy on sustainability reporting.

📄 Abstract（原文）

This research examines the impact of sustainability performance on the financial performance of 26 publicly listed palm oil companies in Indonesia, Malaysia, and Singapore during 2020–2024, using 130 firm-year observations. The research addresses the increasing pressure on the palm oil sector to balance economic growth with environmental and social responsibility. Sustainability disclosure is measured through the ESG Score to evaluate whether strong ESG practices contribute to financial performance or merely represent compliance costs. The study applies a panel data approach, with the Random Effects (RE) Model selected as the most appropriate estimation technique based on the Hausman and Breusch–Pagan Lagrange Multiplier tests. The results indicate that sustainability disclosure has a positive and significant effect on financial performance. The ESG Score shows coefficients of 0.282 for Net Profit Margin (NPM) and 0.329 for Revenue Growth, both significant at the 1% level (p = 0.000), supporting H1 and H2. Meanwhile, firm size does not significantly influence either financial performance indicator, suggesting that sustainability maturity and strategic ESG integration are more important than asset scale. The findings demonstrate that integrating ESG principles into business strategies provides financial benefits by improving profitability and supporting revenue expansion. Furthermore, younger firms appear to be more responsive in achieving revenue growth, while older firms show slight advantages in maintaining profit margins. This research highlights ESG integration as a strategic investment that can create sustainable competitive advantages in the highly scrutinized palm oil industry.

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