公的株主構成と環境コストが低炭素経済開示に与える影響：グリーンイニシアチブの媒介効果
The Effect of Public Shareholding and Environmental Costs on Low Carbon Economy Disclosure: The Mediating Role of Green Initiatives (原題)
Dewi Kirowati, I Made Suparta
🤖 gxceed AI 要約
日本語
インドネシア上場の環境敏感企業を対象に、公的株主構成と環境コストが低炭素経済開示（LCED）に与える影響をPLS-SEMで分析。公的株主比率はLCEDと有意に負の関係を示し、環境コストの直接効果は非有意だった。グリーンイニシアチブは株主構成からLCEDへの経路を媒介するが、環境コスト経路は媒介しない。内部環境プログラムが市場圧力を開示へ橋渡しする役割を担うことを示す。
English
Using PLS-SEM on Indonesian listed environmentally sensitive firms (PROPER, 2021-2024), this study examines how public shareholding and environmental costs affect Low Carbon Economy Disclosure (LCED), with green initiatives as mediator. Public equity participation shows a significant negative direct effect on LCED, while environmental costs show no significant direct effect. Green initiatives mediate the shareholding-to-LCED path but not the environmental-cost path, highlighting internal programs as the operational bridge from market pressure to disclosure.
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
新興国における開示ドライバーの実証研究として、SSBJ・有報での非財務開示を進める日本企業にとって、株主構成や環境投資が開示品質に与える影響を考える参照点となる。特に「グリーン施策が開示を媒介する」という知見は、統合報告書での施策と開示の連動設計に示唆を与える。
In the global GX context
This adds emerging-market empirical evidence to global disclosure scholarship (TCFD/ISSB), showing that internal green initiatives—not environmental spending alone—mediate the link between ownership structure and low-carbon disclosure quality. It complements CSRD/ISSB debates by testing disclosure drivers in a mandatory-rating (PROPER) context outside the EU/US.
👥 読者別の含意
🔬研究者:開示品質の規定要因として株主構成と内部グリーン施策の媒介関係を検証する実証枠組みを提供する。
🏢実務担当者:環境コスト計上だけでなく、実効性あるグリーン施策の実施が開示品質向上に直結することを示唆する。
🏛政策担当者:規制遵守型から自主的サステナビリティ施策への誘導が開示品質を高める可能性を示す。
📄 Abstract（原文）
This paper examines how public equity allocation and environmental expenditure influence corporate Low Carbon Economy Disclosure (LCED), emphasizing the intervening role of green initiatives. Drawing upon Stakeholder and Legitimacy theories, we analyze environmentally sensitive Indonesian listed firms—spanning manufacturing, mining, energy, plantation, and utility sectors—participating in the PROPER program from 2021 through 2024. Using Partial Least Squares Structural Equation Modeling (PLS-SEM) on a purposively selected panel dataset, we evaluate both direct structural paths and indirect mediation mechanisms. The statistical output demonstrates that direct public equity participation exhibits a significant negative association with LCED, whereas environmental costs display a non-significant direct effect. Crucially, mediation analysis reveals that green initiatives successfully bridge public shareholding to heightened low-carbon disclosure quality yet fail to mediate the path from environmental expenditure to LCED. Methodological robustness tests, including out-of-sample predictive evaluations () and discriminant validity checks (HTMT), confirm the empirical stability of the structural relationships. These results indicate that internal environmental programs serve as a pivotal operational bridge translating market ownership pressures into transparent corporate reporting. Consequently, corporate leaders must shift from passive regulatory compliance toward active, sustainability-driven programs to advance Net Zero Emission goals and elevate ESG reporting standards.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.58905/apollo.v5i1.760first seen 2026-09-22 04:37:40
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