ESGパフォーマンス、企業規模、収益性：インドネシアとシンガポールの上場非金融企業からの証拠
ESG Performance, Firm Size, and Profitability: Evidence from listed non-financial firms in Indonesia and Singapore (原題)
(著者不明)
🤖 gxceed AI 要約
日本語
インドネシアとシンガポールの上場非金融企業48社・2021〜2024年のパネルデータを用い、ESGパフォーマンスとROEの関係、企業規模の調整効果を検証。固定効果モデルではESG・規模・交互作用いずれもROEを予測せず頑健な帰無結果。ただし補足分析ではインドネシア企業の方がESGと収益性の正の関係がやや強い傾向。ASEAN市場でESG財務効果の一般化に慎重さを促す。
English
Using a 2021–2024 panel of 48 listed non-financial firms in Indonesia and Singapore, this study tests whether ESG performance predicts ROE and whether firm size moderates the link. Fixed-effects models yield robust null results for ESG, size, and their interaction, though supplementary analysis hints at a marginally stronger positive ESG–profitability association among Indonesian firms. It cautions against assuming global ESG-financial evidence transfers to ASEAN markets.
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
SSBJ基準の導入や有報でのサステナビリティ開示義務化が進む日本にとって、ESGと財務成果の関係が新興国・ASEANで必ずしも成立しないという知見は、開示規制の企業規模別調整を議論する際の参照材料となる。日本企業のASEAN拠点でのESG対応戦略にも示唆。
In the global GX context
As ISSB/SSBJ adoption spreads, this paper's robust null results in an ASEAN panel challenge the assumption that ESG-financial payoffs observed in developed markets generalize globally. It offers standard-setters evidence on whether firm size should condition disclosure requirements, relevant to ISSB's jurisdictional scaling debates and CSRD's size-based thresholds.
👥 読者別の含意
🔬研究者:ESGと財務パフォーマンスの関係が新興国で成立しない可能性を示す頑健な帰無結果の実証例。
🏢実務担当者:ASEAN拠点でのESG投資判断において、規模や地域による効果差を考慮すべき根拠を提供。
🏛政策担当者:企業規模別の開示要件設計や、ESGスコアの財務的意義を前提とした政策立案への慎重な示唆。
📄 Abstract（原文）
Purpose: This study examines whether Environmental, Social, and Governance (ESG) performance is associated with Return on Equity (ROE), whether firm size moderates the ESG–ROE relationship, and whether this differs between listed non-financial firms in Indonesia and Singapore during 2021–2024, integrating resource-based, agency, stakeholder, legitimacy, and signaling perspectives in a comparative panel framework.Research Methodology: This study uses a quantitative panel-data design with 130 firm-year observations from 48 listed non-financial firms in Indonesia and Singapore over 2021–2024 (from 208 potential observations, excluding 78 incomplete cases). Firm size is the log of total assets in U.S. dollars from Bloomberg. Hypotheses are tested with firm fixed-effects models and clustered standard errors, with Driscoll–Kraay errors, leverage controls, and winsorization as robustness checks.Results: The analysis yields robust null results across specifications; neither ESG performance, firm size, nor their interaction predicts ROE. Supplementary analysis, however, points to a marginally significant, more positive ESG–profitability relationship among Indonesian firms than Singaporean peers.Conclusions: These results caution against assuming favorable global ESG-financial performance evidence transfers to this ASEAN panel, offering standard-setters, investors, and managers evidence on whether firm size is a precondition for ESG performance to pay off.Limitations: The sample is restricted to publicly listed, non-financial firms with disclosed ESG scores, so findings do not extend to private or small unlisted firms.Contributions:The study provides standard-setters, investors, and managers in Indonesia and Singapore evidence on whether firm size conditions ESG performance payoffs, informing how ASEAN regulators tailor disclosure rules across firms of different sizes.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.35912/rambis.v6.n3.p103-120.2026first seen 2026-09-12 05:53:52 · last seen 2026-09-22 05:20:42
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