The Effect of Environmental, Social, and Governance on Financial Performance with Firm Size as a Moderating Variable in Companies Listed on the Indonesia Stock Exchange for the Period 2020–2024
環境・社会・ガバナンス（ESG）が財務パフォーマンスに与える影響：企業規模を調整変数として2020～2024年のインドネシア証券取引所上場企業を対象に (AI 翻訳)
P. Puspitasari, Eni Wuryani
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場企業71社（2020～2024年）を対象に、ESG開示（Bloomberg ESGスコア）がトービンのQで測った財務パフォーマンスに与える影響を分析。合成ESG、環境、ガバナンス各ピラーは正の有意な効果、社会ピラーは負の効果を示した。企業規模は合成ESGと環境ピラーの効果を強化するが、社会・ガバナンスピラーには影響しない。
English
This study analyzes the effect of ESG disclosure (Bloomberg ESG Scores) on financial performance (Tobin's Q) for 71 Indonesian listed firms from 2020-2024. Composite ESG, Environmental, and Governance pillars have positive significant effects, while Social pillar has a negative effect. Firm size strengthens the effects of composite ESG and Environmental pillar but not the Social or Governance pillars.
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
インドネシア市場におけるESGと企業価値の関係を実証した研究。日本企業がインドネシアに投資する際のESG評価の参考となるほか、SSBJ開示基準の国際比較研究にも資する。
In the global GX context
This paper provides empirical evidence on ESG-financial performance link from an emerging market (Indonesia), relevant for the global baseline of ISSB and for understanding how ESG disclosure affects market valuation in different institutional contexts.
👥 読者別の含意
🔬研究者:Provides evidence from Indonesia on ESG-financial performance with moderating role of firm size, contributing to stakeholder and legitimacy theories.
🏢実務担当者:Listed companies in Indonesia can use ESG disclosure to improve market valuation, especially for environmental and governance aspects.
🏛政策担当者:Indonesian regulators may consider the differential effects of ESG pillars when designing disclosure mandates.
📄 Abstract（原文）
This study examines the effect of Environmental, Social, and Governance (ESG) disclosure on financial performance proxied by Tobin's Q, as well as the moderating role of firm size in that relationship. A quantitative causal-associative design using balanced panel data was employed. The sample consists of 71 companies listed on the Indonesia Stock Exchange (IDX) that consistently held Bloomberg ESG Scores throughout 2020–2024, yielding 355 observations after two-stage iterative outlier removal using the Z-score criterion (±2.5). Panel data regression with the Random Effect Model (REM), corrected for heteroskedasticity through White Period Cross-section Cluster Standard Errors, was applied. Moderated Regression Analysis (MRA) with mean-centering was used to test the moderating hypotheses. Results indicate that composite ESG (β = +0.0074, p = 0.0025), the Environmental pillar (β = +0.0052, p = 0.0006), and the Governance pillar (β = +0.0067, p = 0.0099) each exert a positive and significant effect on Tobin's Q, while the Social pillar shows a negative and significant effect (β = −0.0057, p = 0.0328). Firm size significantly strengthens the positive effect of composite ESG (β = +0.0057, p = 0.0003) and the Environmental pillar (β = +0.0033, p = 0.0000) on Tobin's Q, but does not moderate the effects of the Social (p = 0.6844) or Governance (p = 0.4318) pillars. These findings support Stakeholder Theory (Freeman, 1984) and Legitimacy Theory (Suchman, 1995) in explaining how ESG practices translate into market valuation in the Indonesian capital market context.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journalijmbi.my.id/index.php/ijmbi/article/download/13/37first seen 2026-07-18 08:13:55
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