← 論文一覧に戻る

ESG採用と財務パフォーマンス：新興国上場企業の比較分析

ESG Adoption and Financial Performance: A Comparative Analysis of Listed Companies in Emerging Markets (原題)

Soegiharto

Business and Entrepreneurial Review📚 査読済 / ジャーナル2026-01-13#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.25105/ber.v25i2.24678
原典: https://e-journal.trisakti.ac.id/index.php/ber/article/download/24678/14064
📄 PDF

🤖 gxceed AI 要約

日本語

インドネシア上場企業85社（ESG評価あり）と非採用170社をマッチングし、2021〜2023年のパネル回帰で分析。ESG採用はROEを2.76pt、ROAを1.54pt押し上げ、ESGリスクが低い企業ほど収益性が高い。企業規模と財務レバレッジが効果を調整し、大規模・低負債企業がより大きな便益を得る。ESG採用率が約11%と低い新興国で、先行採用者の収益プレミアムを示す。

English

Using a matched sample of 85 Indonesian ESG-assessed listed firms versus 170 non-adopters (2021-2023), panel regressions show ESG adoption raises ROE by 2.76pp and ROA by 1.54pp. Lower ESG risk scores correlate with stronger performance, and benefits are larger for bigger, less leveraged firms. With only ~11% adoption, early movers capture a performance premium.

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・有報でのサステナ開示義務化が進み、ESG評価と財務リターンの関係は投資家説明の根拠として重要。新興国での採用率の低さと先行者優位は、日本企業のESG格付け対応・開示高度化の投資対効果を語る際の参照材料になる。

In the global GX context

Adds emerging-market evidence to the global debate on whether ESG ratings and disclosure translate into financial performance—relevant to ISSB/CSRD-driven disclosure and transition finance narratives, where the business case is often assumed rather than shown. The matched design and risk-score gradient offer a template for testing disclosure-value links in other markets.

👥 読者別の含意

🔬研究者:ESG採用と財務成果の因果に近い実証設計（マッチング＋固定効果）の参照例として有用。

🏢実務担当者:ESG評価取得・リスク低減が資本効率に結びつく可能性を示す、社内説得用の根拠になり得る。

🏛政策担当者:新興国でのESG開示促進策の便益を測る際の基礎データと手法を提供する。

📄 Abstract（原文）

This study investigates the relationship between Environmental, Social, and Governance (ESG) practices and financial performance among publicly traded companies in an emerging market context. Using a comprehensive dataset of the complete universe of 85 Indonesian listed companies with formal ESG assessments from 2021-2023, we examine how ESG adoption influences financial metrics while controlling for firm-specific characteristics. Our analysis employs a matched sample design comparing these 85 ESG- adopting firms with 170 carefully selected non-ESG counterparts to isolate the impact of sustainability practices. Results from panel data regression with fixed effects reveal that ESG adoption significantly enhances return on equity (ROE) by 2.76 percentage points and return on assets (ROA) by 1.54 percentage points. Among ESG firms, lower ESG risk scores correlate with superior performance, with negligible low- risk firms (combined) outperforming severe-risk firms by 6.03 percentage points in ROE. The relationship is moderated by firm size and financial leverage, with larger, less leveraged firms capturing greater ESG benefits. These findings support the business case for sustainability in emerging markets where ESG adoption remains limited (approximately 11% of listed companies), suggesting early adopters capture significant performance premiums

🔗 Provenance — このレコードを発見したソース

🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。

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。