The Effect of Environmental, Social, and Governance (ESG) Disclosure and Intellectual Capital on the Financial Performance of Energy Sector Companies Listed on the Indonesian Stock Exchange (IDX) for the 2022–2024 Period
環境・社会・ガバナンス（ESG）開示と知的資本が2022～2024年のインドネシア証券取引所（IDX）上場エネルギーセクター企業の財務業績に与える影響 (AI 翻訳)
Nadiyah Kharisma Ataya, Henryanto Wijaya
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場のエネルギー企業22社（2022～2024年）を対象に、ESG開示（GRI基準）と知的資本（VAIC）がROAに与える影響を検証。ESG開示はROAに負で有意でない影響、知的資本は正で有意な影響を示した。ESG開示はコンプライアンスコストとして扱われる一方、知的資本管理が収益性向上に重要であることを示唆。
English
This study examines the impact of ESG disclosure (GRI-based) and intellectual capital (VAIC) on ROA for 22 Indonesian energy sector firms (2022-2024). Results show ESG disclosure has a negative insignificant effect, while intellectual capital has a positive significant effect. Findings suggest ESG disclosure is treated as a compliance cost, whereas intellectual capital management is key to profitability in the energy sector.
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
本論文はインドネシアのエネルギー企業を対象としており、日本のSSBJとは直接関係しないが、ESG開示がコンプライアンスコストと見なされる傾向は日本のエネルギー企業にも共通する課題。知的資本の重要性は、日本企業の無形資産活用にも示唆を与える。
In the global GX context
This paper provides emerging-market evidence on the ESG-financial performance nexus using GRI disclosure. Globally, it highlights the tension between compliance costs and value creation from disclosure, relevant for ISSB and CSRD implementation. The finding that intellectual capital drives profitability reinforces the need to integrate intangible assets into sustainability reporting.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure and financial performance in an emerging-market energy sector, contributing to the mixed literature.
🏢実務担当者:Shows that ESG disclosure alone does not boost profitability; firms should also invest in intellectual capital management to improve financial performance.
🏛政策担当者:Suggests that ESG disclosure mandates should be designed to avoid being perceived solely as a compliance cost, possibly by linking to value creation.
📄 Abstract（原文）
This study aims to obtain empirical evidence on the effect of ESG disclosure and Intellectual Capital on the financial performance of energy sector companies listed on the IDX for 2022–2024. A quantitative causal design was applied to 22 companies selected through purposive sampling, yielding 66 firm-year observations. Financial performance was measured using Return on Assets (ROA), ESG disclosure using the Global Reporting Initiative (GRI) index, and Intellectual Capital using the Value-Added Intellectual Coefficient (VAIC), analyzed through panel data regression with the Fixed Effect Model. Results show ESG disclosure has a negative, insignificant effect on ROA, while Intellectual Capital has a positive and significant effect. The findings indicate ESG disclosure is still treated as a compliance cost, whereas efficient intellectual capital management is a key driver of profitability in the energy sector. The global business paradigm has shifted from a purely profit-oriented focus toward integrating sustainability and intangible value-creation factors into corporate performance assessment. ESG disclosure and Intellectual Capital (IC) have become increasingly relevant non-financial indicators, particularly for energy sector companies that face high environmental and social risk exposure, yet prior studies on their relationship with financial performance remain inconsistent, and evidence specific to the energy sector on the Indonesia Stock Exchange (IDX) in recent periods is still limited.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://jiss.publikasiindonesia.id/index.php/jiss/article/download/2427/2900first seen 2026-07-13 06:44:50
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