ESG開示と財務パフォーマンス：財務的余裕は影響するか？デュポン分析アプローチ
ESG Disclosure and Financial Performance: Does Financial Slack Matter? A DuPont Analysis Approach (原題)
Varra Nur Ramadhani, Nujmatul Laily, Rizky Firmansyah, Ika Putri Larasati
🤖 gxceed AI 要約
日本語
インドネシアIDX ESG Leaders指数の非金融60社・240社年データ（2021〜2024年）を用い、ESG開示が財務パフォーマンスに与える影響と財務的余裕（Financial Slack）の調整効果をデュポン分析で検証。ESG開示単独ではROEやNPM・TAT・EMに有意な影響を与えないが、財務的余裕が高い企業ではESG開示がNPMを正に高める。RBV視点から、ESG開示という無形資源は財務的余裕という有形資源と補完的に作用すると結論づける。
English
Using 240 firm-year observations from 60 non-financial firms in Indonesia's IDX ESG Leaders index (2021–2024), this study examines ESG disclosure's effect on financial performance and the moderating role of financial slack via DuPont analysis. ESG disclosure alone shows no significant effect on ROE or its components (NPM, TAT, EM), but financial slack strengthens the positive effect of ESG disclosure on NPM. The authors frame this through RBV: ESG disclosure as an intangible resource needs financial slack as a tangible complement to create sustainable competitive advantage.
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む中、ESG開示が財務価値に直結する条件（財務的余裕）を示す実証は、開示の「投資対効果」を説明する材料となる。新興国市場の証拠だが、開示と財務パフォーマンスの非線形関係は日本企業のIR戦略にも示唆を与える。
In the global GX context
Amid ISSB/CSRD-driven global disclosure mandates, this paper adds emerging-market evidence that ESG disclosure's financial payoff is contingent on financial slack—challenging the assumption that disclosure alone drives value. It complements TCFD/ISSB scholarship by quantifying when disclosure translates into financial performance, useful for transition-finance and investor-signaling debates.
👥 読者別の含意
🔬研究者:ESG開示と財務パフォーマンスの関係に財務的余裕という調整変数を導入し、デュポン分解で経路を精査した実証設計が参考になる。
🏢実務担当者:ESG開示の財務効果は財務余力に依存するため、開示強化と財務健全性の両立を経営計画に組み込む示唆を得られる。
🏛政策担当者:開示義務化が企業価値に直結しない可能性を示し、開示制度設計において企業の財務的余裕や支援策を考慮する根拠となる。
📄 Abstract（原文）
This study aims to analyze the effect of ESG Disclosure on financial performance, with Financial Slack serving as a moderating variable. The study employs an explanatory quantitative approach using 240 firm-year observations from 60 non-financial companies listed in the IDX ESG Leaders index in Indonesia over the period 2021–2024. Data analysis is conducted using panel data regression with a Moderated Regression Analysis (MRA) approach, processed through EViews software. The results indicate that ESG Disclosure does not have a significant effect on corporate financial performance, either when measured by Return on Equity (ROE) or by individual components of the DuPont analysis, namely Net Profit Margin (NPM), Total Asset Turnover (TAT), and Equity Multiplier (EM). Furthermore, Financial Slack is found to strengthen the positive effect of ESG Disclosure on Net Profit Margin (NPM). Overall, these findings reinforce the Resource-Based View (RBV) perspective, which posits that ESG Disclosure as an intangible resource requires the support of adequate Financial Slack as a tangible resource to create complementary capabilities and achieve sustainable competitive advantage. The findings provide practical insights for management to improve the quality of ESG disclosure and maintain sufficient levels of Financial Slack so that sustainability investments can generate long-term financial value. In addition, the results suggest that sustainability commitment supported by financial flexibility serves as an important signal for investors and regulators in assessing corporate performance and competitiveness
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal2.um.ac.id/index.php/jabe/article/download/65341/15674first seen 2026-10-16 05:53:43 · last seen 2026-11-06 05:48:24
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