サステナビリティ・パフォーマンス開示と資本コスト：インドネシアからの証拠
Sustainability Performance Disclosure and Cost of Capital: Evidence from Indonesia (原題)
Etti Ernita Sembiring, Arif Afriady, Arry Irawan, Sulistia Suwondo, Esau Jadee Hartanto, Muhammad Daffa Nadiwinata
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の製造業56社を対象に、2021〜2024年のパネルデータでESG開示とWACCの関係を検証した研究。ESG開示は資本コストに有意な影響を与えず、環境・社会・ガバナンスの各要素も一貫した効果を示さなかった。IFRS S1初期適用期の新興国では、シグナリングや正当性のメカニズムがまだ投資家・債権者の行動に反映されていないことを示唆する。
English
Panel regression on 56 Indonesian listed manufacturers (2021–2024) tests whether ESG disclosure lowers WACC. Results show no significant effect of overall or individual E/S/G disclosure on cost of capital. The authors argue signalling and legitimacy mechanisms are not yet effective in this emerging market during early IFRS S1 adoption, so firms cannot rely on ESG reporting alone to cut funding costs.
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・有報サステナ開示の義務化議論が進み、開示が資本コストに効くかは投資家対応の核心。新興国で「開示しても資本コストが下がらない」という実証は、制度整備と投資家の活用が噛み合う必要性を示す比較材料になる。
In the global GX context
As ISSB/IFRS S1 adoption spreads, this paper offers early-adopter emerging-market evidence that disclosure alone may not move cost of capital. It complements TCFD/CSRD scholarship by showing that disclosure infrastructure must be matched by investor and creditor uptake to translate into financing effects.
👥 読者別の含意
🔬研究者:ESG開示と資本コストの関係が制度初期の新興国で成立しないことを示す実証ベースラインとして参照できる。
🏢実務担当者:ESGレポートだけに依拠せず、財務パフォーマンスとリスク管理の強化を併せて投資家・債権者に訴える必要性を示す。
🏛政策担当者:開示義務化だけでは資本コスト低減に直結せず、投資家側の活用促進策が併せて必要である点を制度設計に反映すべき。
📄 Abstract（原文）
This study aims to examine the effect of sustainability performance disclosure on the cost of capital. A quantitative approach was employed using panel data regression on 56 manufacturing companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Sustainability performance was measured using environmental, social, and governance (ESG) disclosures, while the cost of capital was calculated using the weighted average cost of capital (WACC). Data were analysed using multiple regression to test the relationship. The results show that sustainability performance disclosure has no significant effect on the cost of capital. This indicates that although ESG disclosure is expected to reduce information asymmetry and perceived risk, it has not yet influenced investor and creditor behaviour in the Indonesian market. Each ESG component: environmental, social, and governance, also failed to show a consistent, significant impact. Theoretically, the findings imply that signalling and legitimacy mechanisms through ESG disclosure are not yet fully effective in this context. In practice, firms should not rely solely on ESG reporting to reduce funding costs; they must also strengthen financial performance and risk management. The novelty of this research lies in its empirical focus on an emerging market during the early implementation of IFRS S1, providing fresh insight into the limited financial impact of sustainability disclosures.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.17509/jpak.v14i1.88905first seen 2026-10-21 05:14:26 · last seen 2026-11-06 05:26:07
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