Pengaruh ESG dan Konservatisme Akuntansi terhadap Efisiensi Investasi
ESGと会計保守主義が投資効率に与える影響 (AI 翻訳)
Afril Yani Rompas, Sutandijo Sutandijo
🤖 gxceed AI 要約
日本語
インドネシア証券取引所のESGリーダー企業を対象に、ESG開示と会計保守主義が投資効率に与える影響を分析。ESG単独では有意な効果はないが、会計保守主義は投資効率を有意に向上させる。両者の組み合わせが重要であることを示唆。
English
This study examines the impact of ESG practices and accounting conservatism on investment efficiency using data from ESG Leaders firms on the Indonesia Stock Exchange (2019-2023). Panel regression reveals that while ESG alone does not significantly affect investment efficiency, accounting conservatism does. The findings suggest that conservative financial reporting provides stronger signals for optimal capital allocation than ESG disclosure alone.
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
インドネシア市場のデータに基づく研究で、日本企業の直接的な示唆は限定的だが、新興国でのESG開示と会計政策のバランスを考える上で参考になる。
In the global GX context
This paper contributes to the global debate on the effectiveness of ESG disclosure in improving investment outcomes, particularly in emerging markets. It highlights that accounting conservatism may play a more direct role than ESG ratings, offering insights for policymakers and investors in similar contexts.
👥 読者別の含意
🔬研究者:Provides empirical evidence from an emerging market on the interaction between ESG and accounting conservatism, useful for scholars studying investment efficiency.
🏢実務担当者:Corporate sustainability teams may note that conservative accounting policies can enhance investment efficiency beyond ESG disclosure alone.
🏛政策担当者:Regulators in emerging economies might consider the role of accounting standards alongside ESG frameworks to improve capital allocation.
📄 Abstract（原文）
This study investigates the impact of Environmental, Social, and Governance (ESG) practices and Accounting Conservatism on Investment Efficiency in IDX ESG Leaders companies listed on the Indonesia Stock Exchange during 2019-2023. Investment inefficiency, often reflected in underinvestment or overinvestment, remains a concern in Indonesia as indicated by the high Incremental Capital Output Ratio (ICOR). To address this issue, this research provides empirical evidence on whether ESG disclosure and conservative accounting practices can enhance investment efficiency. Using a purposive sampling technique, 13 companies were selected from 30 ESG Leaders, resulting in 65 firm-year observations. Data were analyzed with panel data regression using EViews 12. The findings reveal that ESG and accounting conservatism jointly influence investment efficiency. However, ESG, measured by Bloomberg ESG scores, shows no significant individual effect. In contrast, accounting conservatism, proxied by accrual-based CONACC, significantly improves investment efficiency. These results suggest that conservative financial reporting provides stronger signals for optimal capital allocation than ESG disclosure alone. The study highlights theoretical implications for agency theory and practical insights for managers and regulators to balance sustainability practices with prudent accounting policies.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.37481/sjr.v8i4.1280first seen 2026-05-05 19:08:22
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