信用リスク、収益性、ESGパフォーマンスが債券格付けに与える影響と企業規模の調整効果：インドネシア証券取引所上場銀行サブセクターの2019年～2024年の事例研究
The Effect of Credit Risk, Profitability, and ESG Performance on Bond Ratings, with Company Size as a Moderating Variable: A Case Study of the Banking Subsector Listed on the Indonesia Stock Exchange for the Period 2019–2024 (原題)
(著者不明)
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場銀行14社の2019年～2024年のパネルデータを用い、信用リスク、収益性、ESGパフォーマンスが債券格付けに与える影響と、企業規模の調整効果を検証した。固定効果モデルと調整回帰分析の結果、信用リスクは有意でない一方、収益性は負、ESGパフォーマンスは正の有意な影響を与えることが示された。企業規模は収益性の影響を強め、ESGの影響を弱める調整効果を持つ。
English
This study examines the effects of credit risk, profitability, and ESG performance on bond ratings, with company size as a moderator, using panel data from 14 Indonesian banks (2019-2024). Fixed effects and moderated regression analysis show that credit risk is insignificant, profitability has a negative effect, and ESG performance has a positive effect on bond ratings. Company size strengthens profitability's effect but weakens ESG's effect.
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開示や統合報告書の普及に伴い、ESG情報と信用リスク評価の連携が注目される。本研究成果は、銀行の債券格付けにおけるESG要因の重要性を示し、日本の金融機関や投資家がESG情報を信用評価に組み込む際の示唆を提供する。
In the global GX context
Globally, this study contributes to the growing literature on ESG and credit risk, particularly in emerging markets. It provides empirical evidence that ESG performance positively influences bond ratings, supporting the integration of sustainability factors into credit assessment frameworks like those under ISSB and other disclosure standards.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG's role in bond ratings in an emerging market banking context, useful for comparative studies.
🏢実務担当者:Highlights the importance of ESG performance for creditworthiness, informing corporate sustainability and investor relations strategies.
🏛政策担当者:Suggests that regulators should consider ESG factors in financial stability assessments and encourage ESG disclosure.
📄 Abstract（原文）
Bond ratings are important indicators of corporate creditworthiness because they reflect investors’ perceptions of a company’s ability to fulfill debt obligations. In the banking sector, conventional financial indicators such as credit risk and profitability are not always sufficient to explain changes in bond ratings, while non-financial factors such as Environmental, Social, and Governance (ESG) performance have gained increasing attention in credit assessment. This study aims to examine the effects of credit risk, profitability, and ESG performance on bond ratings and to analyze the moderating role of company size in the relationship between these variables in banking subsector companies listed on the Indonesia Stock Exchange during 2019–2024. The study employed a quantitative causal research design using secondary panel data from 14 banking companies with 84 observations. Data analysis was conducted using panel data regression with the Fixed Effect Model and Moderated Regression Analysis (MRA). The results indicate that credit risk does not significantly affect bond ratings, while profitability has a significant negative effect and ESG performance has a significant positive effect on bond ratings. Company size does not have a direct significant effect and does not moderate the relationship between credit risk and bond ratings. However, company size strengthens the effect of profitability and weakens the effect of ESG performance on bond ratings. The findings highlight that bond rating assessments should consider both financial and sustainability-related factors, with ESG performance becoming an important determinant of credit quality in the banking sector.
🔗 Provenance — このレコードを発見したソース
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