サステナビリティ報告とコーポレート・ガバナンスが財務パフォーマンスに与える影響：インドネシア証券取引所上場製造業の証拠
The Effect of Sustainability Reporting and Good Corporate Governance on Financial Performance: Evidence from Manufacturing Companies Listed on Indonesia Stock Exchange (原題)
Johannes Kristian Siregar, Astari Dianty, Antonius Bimo Rentor Luntungan
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の製造業120社・年を対象に、サステナビリティ報告とコーポレート・ガバナンスがROAに与える影響を回帰分析で検証。サステナビリティ報告は財務パフォーマンスに有意な正の効果を持つ一方、ガバナンスは有意でなかった。ステークホルダー理論を支持する結果で、開示の経済的価値を示唆する。
English
Using 120 firm-year observations of Indonesian listed manufacturers (2022–2025), this study regresses ROA on sustainability reporting and good corporate governance. Sustainability reporting shows a significant positive effect (coef 0.077, p<0.001), while governance is positive but insignificant. Results support stakeholder theory on the value of sustainability disclosure, though explanatory power is modest (adj. R²=0.115).
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
新興国におけるサステナビリティ開示の財務効果を示す実証で、SSBJ・有報サステナビリティ開示の費用対効果を議論する日本企業・投資家にとって比較材料となる。
In the global GX context
Adds emerging-market evidence to the global debate on whether sustainability disclosure pays off financially, relevant to ISSB/CSRD adoption where disclosure costs are contested. Complements disclosure-value literature with Indonesian manufacturing data.
👥 読者別の含意
🔬研究者:開示と財務成果の関係を新興国データで検証する際の比較事例として有用。
🏢実務担当者:サステナビリティ報告が財務指標と正に関連する可能性を示す参考材料。
🏛政策担当者:開示義務化の経済的便益を議論する際の新興国エビデンス。
📄 Abstract（原文）
This study aims to examine the effect of Sustainability Reporting and Good Corporate Governance on the financial performance of manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2025 period. Financial performance is measured using Return on Assets (ROA), while Sustainability Reporting and Good Corporate Governance serve as the independent variables. This study adopts a quantitative approach and employs multiple linear regression analysis based on 120 firm-year observations. The results indicate that Sustainability Reporting has a positive and statistically significant effect on financial performance, with a regression coefficient of 0.076521 and a p-value of 0.000158. In contrast, Good Corporate Governance has a positive coefficient of 0.024576 but does not have a statistically significant effect on financial performance, with a p-value of 0.304. Simultaneously, both independent variables have a statistically significant effect on financial performance, with an F-statistic of 8.714 and a p-value of 0.000297. The Adjusted R-squared value of 0.115 indicates that the model explains 11.5% of the variation in financial performance. These findings support the Stakeholder Theory perspective on the importance of sustainability disclosure in addressing stakeholders’ information needs. However, the results also suggest that the relationship between corporate governance mechanisms and financial performance may depend on the context and observation period. Future research should consider additional explanatory variables and analytical methods appropriate for the characteristics of panel data.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.37278/eprofit.v8i2.1628first seen 2026-11-15 05:28:58
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。