炭素排出は借入コストを増加させるか？インドネシアの国有企業からの証拠
Do carbon emissions increase borrowing costs? Evidence from Indonesian SOEs (原題)
Richa Angelia Selbi, Doddy Setiawan
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所に上場する国有企業（SOE）を対象に、CO2排出量が借入コスト（負債コスト）に与える影響を2015〜2024年のパネルデータで分析。固定効果回帰の結果、CO2排出量は借入コストに正で有意な影響を与え、債権者が環境リスクを価格に反映していることを示す。リスクベース価格設定やシグナリング理論を支持する実証結果。
English
This study analyzes the effect of CO2 emissions on the cost of debt for Indonesian state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange from 2015 to 2024. Using fixed-effects panel regressions, it finds that higher CO2 emissions significantly increase borrowing costs, indicating that creditors price environmental risk even for state-owned firms. The findings support risk-based pricing and signaling perspectives, contributing to sustainable finance literature in an underexplored context.
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開示が始まり、気候関連リスクの金融への影響が注目される。本研究成果は、途上国SOEでも排出量が借入条件に反映されることを示し、日本の投資家や企業に対し、排出削減と開示の経済的合理性を裏付ける示唆を与える。
In the global GX context
Globally, this paper adds evidence from an emerging market that carbon emissions are priced by creditors, reinforcing the business case for climate risk management and disclosure under frameworks like TCFD and ISSB. It extends the literature on carbon risk and cost of debt beyond developed markets, informing transition finance discussions.
👥 読者別の含意
🔬研究者:Provides empirical evidence on carbon risk pricing in Indonesian SOEs, useful for comparative studies on emerging markets.
🏢実務担当者:Highlights that carbon management and disclosure can lower borrowing costs, supporting sustainability strategy.
🏛政策担当者:Suggests that environmental disclosure requirements can influence financing conditions for state-owned enterprises.
📄 Abstract（原文）
Climate-related risks have become increasingly relevant in corporate financing decisions. Yet, empirical evidence on how carbon emissions affect borrowing costs in state-owned enterprises (SOEs), particularly in developing countries, remains limited. In this study, borrowing costs are proxied by the cost of debt. This study analyzes the effect of carbon dioxide (CO₂) emissions on the cost of debt of Indonesian SOEs listed on the Indonesia Stock Exchange during the 2015–2024 period. Using a quantitative approach, the study employs firm-level data from LSEG Refinitiv and estimates fixed-effects panel-data regressions with clustered standard errors at the firm level. Robustness tests are conducted through winsorization and lagged independent variables. The results show that CO₂ emissions have a positive and significant effect on the cost of debt, indicating that creditors consider environmental risk when setting borrowing costs, even for state-owned firms. This relationship remains consistent in the winsorized specification, although the lagged emission variable is not statistically significant. The findings support the risk-based pricing, signaling, and legitimacy perspectives by showing that carbon emissions function as a relevant financial risk signal in debt markets. This study contributes to the sustainable finance literature by providing evidence from Indonesian SOEs, a context that remains underexplored in prior studies. In practice, the results imply that SOEs need to strengthen carbon-emission management, environmental governance, and transparency in disclosure to maintain more efficient access to debt financing.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://online-journal.unja.ac.id/JES/article/download/52756/24159first seen 2026-09-08 05:26:45 · last seen 2026-09-21 05:16:36
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