The Impact of ESG Disclosure on Financial Performance: The Moderating Role of Firm Size in Mining Companies
ESG開示が財務業績に与える影響：鉱業企業における企業規模の調整効果 (AI 翻訳)
Radita Gefi Sulistyawati, Anna Sumaryati, Zaky Machmuddah, Enny Susilowati Mardjono
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所に上場する鉱業企業48社（2022-2024年）のデータを用い、ESG開示が財務業績（純利益率）に与える影響を分析した。調整効果として企業規模を考慮した回帰分析の結果、環境・社会開示は財務業績に有意な正の影響を与えるが、ガバナンス開示は企業規模が大きい場合にのみ効果を持つことが示された。この結果は、鉱業企業において環境・社会面の統合が重要であり、ガバナンス開示は規模に応じた戦略が必要であることを示唆する。
English
This study analyzes the impact of ESG disclosure on financial performance (Net Profit Margin) of 48 mining companies listed on the Indonesia Stock Exchange over 2022-2024, using Moderated Regression Analysis. Results show that environmental and social disclosures have a significant positive effect on financial performance, while governance disclosure's effect is significant only when moderated by firm size. Findings imply that mining firms should integrate environmental and social aspects into operations, and governance formalization should be tailored to organizational scale.
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
インドネシア鉱業に特化した研究だが、日本企業が海外鉱山事業でESG開示を行う際、規模に応じたガバナンス体制の重要性を示唆する点で参考になる。また、日本の鉱業・資源業界でもESG情報開示の効果を検証する際の比較対象として価値がある。
In the global GX context
This paper contributes to the global ESG disclosure literature by providing empirical evidence from an emerging market (Indonesia) in the mining sector. The finding that governance disclosure's impact on financial performance depends on firm size offers a nuanced insight for international investors and standard-setters, suggesting that one-size-fits-all governance mandates may not be effective across all firm sizes.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the moderating role of firm size in the ESG disclosure–financial performance link in the mining sector, useful for comparative studies in other emerging markets.
🏢実務担当者:Mining companies can prioritize environmental and social disclosures for immediate financial benefits, while tailoring governance disclosure efforts to their size.
🏛政策担当者:Regulators in emerging economies should consider firm size when designing governance disclosure requirements to avoid disproportionate burdens on smaller firms.
📄 Abstract（原文）
The rise in Environmental, Social, and Governance (ESG) practices and reporting has not consistently aligned with improved financial outcomes in the mining sector, as evidenced by the profitability decline of several major Indonesian issuers in recent periods. This study analyzes the influence of ESG disclosure on the financial performance of mining companies listed on the Indonesia Stock Exchange. The relationship between the independent variables (environmental, social, and governance disclosure) and the dependent variable (Net Profit Margin) is examined, considering the moderating role of firm size. The final research sample comprises 75 observations from 48 companies over the 2022–2024 period. Data analysis was conducted using Moderated Regression Analysis (MRA) assisted by EViews 13 software. The results reveal that environmental and social disclosures have a significant positive effect on financial performance, whereas governance disclosure only exerts a significant influence when moderated by firm size. These findings imply the necessity for a contextual strategic approach, where integrating environmental and social aspects into core operations is crucial, while governance formalization should be proportionally tailored to organizational scale and complexity.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.47191/jefms/v9-i7-04first seen 2026-07-18 06:01:14
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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。