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ESG開示と鉱物商品価格の変動性がインドネシア証券取引所の鉱業セクター企業の株価リターンに与える影響（2019–2023年）

The Impact of Environmental, Social, and Governance (ESG) Disclosure and Mining Commodity Price Volatility on Stock Returns for Mining Sector Companies on the Indonesia Stock Exchange (2019–2023) (原題)

Nadila Dwi Ananda, Acep Komara, Mada Purwanto Wahyu Nugroho

International Journal of Business Economics and Social Development📚 査読済 / ジャーナル2026-10-18#ESG経営インパクト: 資金調達対象セクター: mining
DOI: 10.46336/ijbesd.v7i4.1279
原典: https://doi.org/10.46336/ijbesd.v7i4.1279
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🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場の鉱業企業26社（130企業年）を対象に、ESG開示（Refinitivスコア）と石炭・金・ニッケル等の商品価格変動性が株価リターンに与える影響を2019〜2023年にわたり重回帰分析で検証。シグナリング理論に基づき、資源集約型産業におけるESG開示の非財務シグナルとしての役割と、商品市場の変動がもたらす外部不確実性の相互作用を分析する。新興国市場における持続可能性シグナルの実効性と限界を示唆する。

English

Using multiple linear regression on 26 Indonesian mining firms (130 firm-year observations, 2019–2023), this study tests whether ESG disclosure (Refinitiv scores) and commodity price volatility (coal, gold, nickel) affect stock returns. Grounded in signaling theory, it examines ESG disclosure as a non-financial signal reducing information asymmetry in resource-intensive industries, while commodity volatility adds external uncertainty. Findings offer insights for investors and managers on the effectiveness and limits of sustainability signals in emerging markets.

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

インドネシアの鉱業セクターにおけるESG開示の株価への実効性を検証した研究であり、日本企業が新興国サプライチェーン（ニッケル、石炭等）の調達リスクやESG評価の地域差を理解する上で示唆を与える。SSBJ開示や投資家対応の文脈では、新興国市場におけるESGシグナルの限界を踏まえたデューデリジェンスの重要性を示す。

In the global GX context

This paper contributes emerging-market evidence to global disclosure scholarship on whether ESG ratings actually price into returns, complementing TCFD/ISSB-aligned research that is predominantly developed-market focused. It highlights the 'symbolic disclosure' problem in resource-intensive sectors, relevant to investors applying ESG screens to Indonesian mining and to global supply-chain due diligence on critical minerals.

👥 読者別の含意

🔬研究者:Provides empirical evidence from Indonesia on the ESG–return nexus under commodity volatility, useful for comparative emerging-market disclosure studies.

🏢実務担当者:Suggests that ESG disclosure alone may not reliably move valuations in volatile mining markets, so supply-chain and investment due diligence should weigh disclosure quality and commodity exposure together.

🏛政策担当者:Indicates that symbolic ESG disclosure persists despite regulatory pressure, supporting the case for mandatory, verifiable sustainability reporting standards in emerging markets.

📄 Abstract（原文）

This study examines the impact of Environmental, Social, and Governance (ESG) Disclosure and commodity price volatility on the stock returns of mining companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Based on signaling theory, In resource-intensive industries, ESG disclosure serves as a non-financial signal that lessens information asymmetry and directs investment choices. Indonesian mining companies face pressure from regulators and investors for comprehensive sustainability reporting, yet much of the disclosure remains symbolic amid fluctuations in global commodity markets such as coal, gold, and nickel. Previous studies have shown mixed results regarding the impact of ESG, while commodity volatility adds external uncertainty to stock performance. This study addresses these gaps by investigating: (1) whether ESG disclosures significantly affect stock returns, and (2) the role of commodity price volatility in this relationship. Using a quantitative method via multiple linear regression on 26 companies (130 firm-year observations), ESG is measured using Refinitiv scores and volatility using monthly price standard deviations. These findings aim to provide insights for investors and managers regarding sustainability signals in emerging markets.

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