Determinants of Sustainable Corporate Bond Yields: The Impact of Macroeconomics and the Moderating Role of ESG on Company Fundamental Factors
サステナブル社債利回りの決定要因：マクロ経済の影響と企業基礎要因に対するESGの調整役 (AI 翻訳)
Deny Muharam, P. Sihombing
🤖 gxceed AI 要約
日本語
本研究はインドネシアにおけるサステナブル社債の利回り決定要因を分析。流動性、収益性、負債比率、格付け、インフレ、金利の影響とESGの調整効果を検証。2023-2024年の82観測データを用いた調整回帰分析の結果、格付けと金利が有意な影響を持ち、ESGは収益性と格付けの利回りへの影響を調整することが示された。
English
This study analyzes determinants of sustainable corporate bond yields in Indonesia, examining liquidity, profitability, solvency, bond ratings, inflation, and interest rates, with ESG as a moderator. Using MRA on 82 observations (2023-2024), it finds that bond ratings and interest rates significantly affect yields, and ESG moderates the effects of profitability and ratings.
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
インドネシアの新興市場に焦点を当てた本論文は、日本のGX債市場においてもESG評価と企業ファンダメンタルズの相互作用を考慮する際の参考となる。特に、発行体の信用力とサステナビリティ評価の関係を理解する上で示唆に富む。
In the global GX context
This paper contributes to the global sustainable finance literature by providing empirical evidence on how ESG moderates traditional yield determinants in an emerging market context. It underscores the importance of integrating ESG factors into bond valuation models, relevant for investors and regulators worldwide.
👥 読者別の含意
🔬研究者:Useful for researchers studying sustainable finance in emerging markets, particularly the interaction of ESG with financial fundamentals.
🏢実務担当者:Corporate finance teams can apply insights on how ESG ratings influence bond pricing when structuring sustainable bonds.
🏛政策担当者:Regulators designing sustainable bond frameworks can consider the moderating role of ESG on yield determinants to promote market development.
📄 Abstract（原文）
The development of sustainable corporate bonds in Indonesia has shown significant growth alongside the integration of Environmental, Social, and Governance (ESG) principles into corporate financing practices. However, the yield formation mechanism of these instruments remains influenced by firm-specific fundamentals and macroeconomic conditions that have not been fully examined empirically within the context of an emerging market. This study aims to analyze the effects of liquidity (CR), profitability (ROE), solvency (DER), bond ratings, inflation, and interest rates on the yield of sustainable corporate bonds, while also examining the moderating role of ESG. The research adopts a quantitative causal approach using secondary data for the 2023–2024 period, with 82 observations selected through purposive sampling. The analysis employs Moderated Regression Analysis (MRA) to test both direct effects and ESG interaction effects. The findings indicate that bond ratings and interest rates have a significant impact on yield, while inflation is significant at the 10 percent level. Liquidity and profitability do not exhibit a direct effect on yield. Furthermore, ESG is found to moderate the relationship between profitability and bond ratings on yield, suggesting that sustainability factors can strengthen or alter the influence of certain fundamental variables on bond returns. The study contributes theoretically by integrating traditional financial models with sustainable finance through an ESG moderation framework and offers practical implications for investors, issuers, and regulators in developing more comprehensive and sustainability-based yield valuation models.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.58631/ajemb.v5i2.420first seen 2026-05-15 20:55:26
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