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インドネシアエネルギー部門におけるESG開示と負債コスト：2021-2024年の証拠

ESG Disclosure and Cost of Debt in Indonesia's Energy Sector: Evidence from 2021-2024 (原題)

Tarisa Aulia, Evi Yuniarti, Damayanti

Jurnal Relevansi Ekonomi Manajemen dan Bisnis📚 査読済 / ジャーナル2026-08-24#ESG経営インパクト: 資金調達対象セクター: energy
DOI: 10.61401/relevansi.v10i4.652
原典: https://doi.org/10.61401/relevansi.v10i4.652
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🤖 gxceed AI 要約

日本語

本研究は、インドネシア証券取引所上場のエネルギー企業17社（2021-2024年、68企業年）を対象に、ESG開示が負債コストに与える影響を検証した。GRI 2021指標に基づく内容分析でESG開示を測定し、回帰分析の結果、社会開示のみが負債コストと有意に負の関連を示した（B=-0.138, p=0.048）。環境・ガバナンス開示は有意でなかった。因果解釈には限界があるものの、新興国エネルギー部門におけるESG次元別の影響を示す証拠を提供する。

English

This study examines the association between ESG disclosure and cost of debt for 17 Indonesian energy firms (2021-2024, 68 firm-years). Using GRI 2021-based content analysis and regression, only social disclosure shows a significant negative relationship with cost of debt (B=-0.138, p=0.048); environmental and governance disclosures are insignificant. Despite causal limitations, it provides evidence on ESG pillar-specific effects in an emerging market energy sector.

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開示が始まり、ESG情報と資本コストの関連への関心が高い。本研究成果は、新興国事例ではあるが、ESGの各側面が資本コストに与える影響が異なることを示唆し、日本企業の開示戦略や投資家対応に示唆を与える。

In the global GX context

Globally, this adds to the literature on ESG disclosure and cost of capital, particularly in emerging markets. It highlights that social disclosure may be more valued by creditors than environmental or governance aspects, informing disclosure priorities under ISSB and other frameworks.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG pillar-specific effects on cost of debt in an emerging market, useful for comparative studies.

🏢実務担当者:Suggests that enhancing social disclosure might lower borrowing costs, informing sustainability reporting strategies.

🏛政策担当者:Indicates that social disclosure may influence credit conditions, relevant for designing disclosure regulations.

📄 Abstract（原文）

This study examines whether Environmental, Social, and Governance (ESG) disclosure is associated with the cost of debt of Indonesian energy sector companies while controlling for leverage and firm size. Secondary data were collected from the annual, financial, and sustainability reports of 17 energy companies listed on the Indonesia Stock Exchange (IDX) during 2021-2024, producing 68 firm-year observations. Environmental, social, and governance disclosure was measured through content analysis of GRI 2021 indicators, while the cost of debt was proxied by interest expense divided by total liabilities. The source study estimated multiple linear regression in SPSS 31 after applying a square-root transformation to the cost of debt. Environmental disclosure is insignificant (B=0.037, p=0.571), social disclosure is negative and significant (B=-0.138, p=0.048), and governance disclosure is insignificant (B=0.012, p=0.631). The reported OLS model is jointly significant, F(5,62)=4.058, p=0.003, with R²=0.247 and adjusted R²=0.186. A separate Cochrane-Orcutt lag diagnostic increases Durbin-Watson from 1.194 to 1.820, but the source thesis does not report the corrected coefficients for that specification. Social disclosure is the ESG dimension most consistently associated with lower borrowing costs in the reported model. The short sector-specific panel, disclosure-based measures, accounting cost-of-debt proxy, and incomplete corrected-regression output constrain the causal interpretation. This study adds Indonesian energy sector evidence by separating ESG pillars and distinguishing source-reported Ordinary Least Squares (OLS) results from autocorrelation correction.

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