Sustainability Performance and Financial Performance Relationship: The Moderating Effect of CEO Tenure
サステナビリティパフォーマンスと財務パフォーマンスの関係：CEO在任期間の調整効果 (AI 翻訳)
Anita Anita, Khelly Khelly
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場企業を対象に、CEOの在任期間がサステナビリティパフォーマンスと財務パフォーマンスの関係に与える調整効果を調査した。サステナビリティパフォーマンスはGRI基準に沿った開示指標で測定され、財務パフォーマンスはROAとROEで評価された。分析の結果、サステナビリティパフォーマンスは財務パフォーマンスに有意な正の影響を与えるが、CEO在任期間の調整効果は確認されなかった。この結果は、インドネシアの文脈においてサステナビリティへの取り組みが財務的価値を持つことを示唆している。
English
This study examines whether CEO tenure moderates the relationship between sustainability performance and financial performance for Indonesian listed firms. Sustainability performance is measured by GRI-aligned disclosure, financial performance by ROA and ROE. Results show a significant positive effect of sustainability on financial performance, but CEO tenure does not moderate this relationship, indicating consistent benefits of sustainability across different CEO tenures.
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
この研究はインドネシア市場を対象としており、日本のGX文脈では直接的な適用は限定的ですが、サステナビリティ開示と財務パフォーマンスの関連性を示す点で、日本の企業開示（有報等）における非財務情報の価値評価に示唆を与えます。ただし、CEO在任期間の調整効果が有意でなかったことは、日本企業の長期経営戦略との比較において興味深い視点を提供します。
In the global GX context
While focused on Indonesia, this paper reinforces the global evidence linking sustainability disclosure (GRI) to financial performance, supporting the business case for ESG. The non-significant moderation by CEO tenure suggests that sustainability benefits are robust across leadership stages, relevant for global discussions on integrating sustainability into corporate strategy.
👥 読者別の含意
🔬研究者:Provides evidence on the sustainability-financial performance link in an emerging market context, with a novel moderator (CEO tenure).
🏢実務担当者:Shows that improving sustainability disclosure can enhance financial performance, but CEO tenure alone does not change this effect.
🏛政策担当者:Supports policies promoting sustainability disclosure, as it is associated with better financial outcomes, regardless of CEO experience.
📄 Abstract（原文）
This study investigates whether CEO tenure moderates the relationship between sustainability performance and financial performance among companies listed on the Indonesian Stock Exchange. Sustainability performance is measured using disclosure indicators aligned with the Global Reporting Initiative Standards, while financial performance is proxied by return on assets and return on equity. Using panel regression analysis with firm level observations, the results show that sustainability performance has a significant positive effect on financial performance in both measurements. This indicates that firms with stronger sustainability performance tend to achieve higher profitability and better returns for shareholders, potentially due to improved transparency, stakeholder trust, and reputational benefits. However, CEO tenure does not moderate the relationship between sustainability performance and financial performance when financial performance is measured using return on assets and return on equity. This suggests that the positive association between sustainability performance and financial outcomes is relatively consistent across firms led by CEOs with shorter or longer tenures. The findings contribute to the ongoing debate on the financial relevance of sustainability initiatives and highlight that sustainability performance can be value relevant in the Indonesian context. Practically, the results imply that companies may enhance financial outcomes by strengthening sustainability performance, while changes in CEO tenure alone may not alter the sustainability performance to financial performance linkage.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.47709/jumansi.v8i1.7838first seen 2026-05-15 18:49:50
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。