ESGピラースコアと企業財務業績：成長機会と企業年齢の統制変数としての役割
ESG Pillar Score and Corporate Financial Performance: The Roles of Growth Opportunity and Firm Age as Control Variables (原題)
Annisa Pujijayanti, Dwi Urip Wardoyo
🤖 gxceed AI 要約
日本語
本研究は、インドネシアのKompas 100指数構成企業13社を対象に、ESGピラースコアとROAの関連を検証した。パネル回帰の結果、ESG各ピラーはROAに有意な影響を与えず、企業年齢のみが有意な正の関連を示した。OJK規制下でのESG情報の財務的重要性に慎重な解釈を促す。
English
This study examines the association between ESG pillar scores and ROA for 13 Indonesian Kompas 100 firms under OJK sustainability reporting rules. Panel regression shows no significant ESG pillar effects, while firm age is positively associated with ROA, suggesting caution in interpreting ESG scores as short-term profitability signals.
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OJK規制下でのESG開示が財務業績に与える影響を検証した点で、日本企業のSSBJ対応や有報でのESG情報開示の実務に示唆を与える。ただし、日本市場とは制度が異なるため、直接適用には注意が必要。
In the global GX context
This study contributes to the global debate on ESG materiality by providing evidence from an emerging market with mandatory sustainability reporting. It highlights the importance of firm characteristics over ESG scores, relevant for investors and regulators under ISSB-aligned frameworks.
👥 読者別の含意
🔬研究者:ESGスコアと財務業績の関連を新興市場で検証した実証結果を参照できる。
🏢実務担当者:ESGスコアを短期的な収益性の指標として過信せず、企業の成熟度を考慮する示唆を得られる。
🏛政策担当者:新興市場におけるESG開示義務の効果を評価する際の参考になる。
📄 Abstract（原文）
Purpose – This study examines whether ESG pillar scores are associated with corporate financial performance, measured by return on assets, among a purposively selected subsample of 13 Kompas 100 Index companies with complete LSEG Refinitiv ESG coverage during 2020-2024, responding to unsettled evidence on ESG financial materiality in the Indonesian large-cap market following mandatory sustainability reporting under OJK Regulation No. 51/POJK.03/2017.Methods – A quantitative panel design was applied to 13 purposively selected companies, producing 65 firm year observations. ESG pillar scores were obtained from LSEG Refinitiv, while ROA, growth opportunity, and firm age were collected from IDX-published reports. The Random Effect Model was selected following the Chow, Hausman, and Lagrange Multiplier Tests, supported by multicollinearity, heteroscedasticity, and autocorrelation diagnostics.Findings – The panel regression model is statistically significant (F-prob. = 0.033; Adjusted R² = 0.112), although this overall significance reflects the contribution of all variables including Firm Age rather than ESG pillars alone. None of the Environmental, Social, or Governance pillars exert a significant effect on ROA at the 5% level, although Governance shows a marginally significant negative association (β = -0.000350; p = 0.056). Firm Age shows a significant positive association (β = 0.001685; p = 0.036), whereas Growth Opportunity is insignificant.Research Implications – Managers and investors should interpret individual ESG pillar scores cautiously rather than as reliable short term profitability signals, and consider firm maturity a more consistent indicator of asset returns.Originality – This study offers pillar level ESG evidence from Kompas 100 firms in a post POJK setting, showing that once an appropriate estimator is applied, firm age rather than any individual ESG pillar shows the strongest association with ROA as a predictor within the model.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.66053/ijota.v4i3.875first seen 2026-09-08 04:42:51
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