税務比率、利益率、資本構成、および国有企業所有がグリーンウォッシュに与える影響：ESG報告書保証を調整変数として
Pengaruh Tax Ratio, Profit Margin, Capital Structure, dan Kepemilikan BUMN terhadap Greenwashing dengan ESG Report Assurance sebagai Variabel Moderasi (原題)
Putri Sukmawati, Deni Darmawati
🤖 gxceed AI 要約
日本語
インドネシア証券取引所の基礎素材セクター55社・220社年データを用い、税務比率・利益率・資本構成・国有企業所有がグリーンウォッシュに与える影響を検証。利益率はグリーンウォッシュを有意に抑制し、ESG報告書保証はこの負の関係をさらに強める。税務比率と資本構成は有意な影響を示さず、保証の効果は企業の内部特性に依存することが示唆された。
English
Using 220 firm-year observations from 55 Indonesian basic-materials firms (2022–2025), this study examines how tax ratio, profit margin, capital structure, and SOE ownership affect greenwashing, with ESG report assurance as a moderator. Profit margin significantly reduces greenwashing, and assurance strengthens this negative relationship; tax ratio and capital structure show no significant effect. Assurance effectiveness thus depends on firms' internal characteristics, particularly profitability.
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基準・有報でのサステナビリティ開示義務化が進み、第三者保証の実効性が論点となる。本稿は保証が利益率の高い企業でのみグリーンウォッシュ抑制に効くことを示し、日本企業の保証導入設計や投資家の開示信頼性評価に示唆を与える。
In the global GX context
As ISSB/SSBJ and CSRD push mandatory assurance of sustainability reports, this paper offers rare empirical evidence that assurance credibility gains are conditional on firm profitability. It contributes to global disclosure scholarship on whether third-party assurance genuinely curbs greenwashing or merely signals compliance.
👥 読者別の含意
🔬研究者:保証の調整効果が企業特性に条件づけられる点は、開示規制の実効性研究に新たな実証枠組みを提供する。
🏢実務担当者:利益率の低い企業では保証取得だけでは信頼獲得に不十分であり、内部統制・データ整備と併せた開示体制構築が求められる。
🏛政策担当者:第三者保証の義務化を検討する際、保証の効果が一律でないことを踏まえた制度設計と、保証範囲・基準の明確化が重要となる。
📄 Abstract（原文）
This study aims to examine the effect of the tax ratio, profit margin, capital structure, and state-owned enterprise (SOE) ownership status on greenwashing practices, as well as the moderating role of ESG report assurance. A quantitative approach was employed using secondary data obtained from the annual reports, sustainability reports, and financial statements of Basic Materials sector companies listed on the Indonesia Stock Exchange during the 2022–2025 period. The sample consisted of 55 companies with 220 firm-year observations selected through purposive sampling. Data were analyzed using panel data regression with the Random Effect Model (REM) and White period cross-section cluster standard errors to produce robust estimates against heteroskedasticity and autocorrelation. The findings reveal that profit margin has a negative and significant effect on greenwashing, indicating that more profitable companies are less likely to engage in misleading environmental reporting. SOE ownership status also shows a negative effect on greenwashing at the 10% significance level, whereas the tax ratio and capital structure have no significant influence. Furthermore, ESG report assurance strengthens the negative relationship between profit margin and greenwashing at the 10% significance level but does not moderate the relationships between the tax ratio, capital structure, or SOE ownership status and greenwashing. These findings suggest that the effectiveness of ESG report assurance in enhancing the credibility of sustainability reporting depends largely on firms’ internal characteristics, particularly profitability. The study provides practical implications for companies, investors, regulators, and other stakeholders in improving sustainability reporting transparency and reducing greenwashing practices.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://jurnal.itbsemarang.ac.id/index.php/JREA/article/download/4420/4236first seen 2026-09-22 05:17:16
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