Does ESG Disclosure Matter for Financial Performance? The Role of Firm Age
ESG開示は財務業績に影響するか？企業年齢の役割 (AI 翻訳)
Dany Nurahman, Hersugondo Hersugondo
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場企業44社を対象に、ESG開示が財務業績（ROA・ROE）に与える影響を分析。ESG開示はROAに有意な正の効果を持つが、ROEへの効果は限定的。企業年齢がこの関係を調整することを発見。
English
This study examines the effect of ESG disclosure on financial performance (ROA, ROE) for 44 non-financial firms listed on the Indonesia Stock Exchange (2020-2023). ESG disclosure positively affects ROA, while its effect on ROE is marginally significant. Firm age moderates the relationship, supporting signaling and stakeholder theories in an emerging market context.
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
インドネシア新興市場でのESG開示効果を示すが、日本企業の直接的な実務には結びつかない。日本企業がインドネシアで事業展開する際の参考として、現地のESG開示と業績の関連性を理解する材料となる。
In the global GX context
While not directly about climate, this paper adds to the growing body of ESG disclosure research in emerging markets, complementing global studies on the financial materiality of ESG. It highlights the moderating role of firm age, which may inform disclosure strategies in developing economies.
👥 読者別の含意
🔬研究者:Researchers in ESG and emerging markets can use this as a reference for similar studies in other developing countries, especially the moderating effect of firm age.
🏢実務担当者:Sustainability managers in Indonesian subsidiaries of global firms may find insights on how ESG disclosure can improve ROA, though the small sample limits generalization.
📄 Abstract（原文）
Corporate sustainability has become an increasingly important global issue, including in developing countries such as Indonesia, alongside growing investor and stakeholder awareness of Environmental, Social, and Governance (ESG) practices. This study examines the effect of ESG disclosure on the financial performance of non-financial firms listed on the Indonesia Stock Exchange (IDX) during the 2020-2023 period. ESG data are obtained from Bloomberg Terminal, while financial performance is measured using Return On Assets (ROA) and Return On Equity (ROE). Firm size and leverage are included as control variables. Using a quantitative approach with multiple linear regression and purposive sampling, the final sample consists of 44 firms with consistent ESG and financial data throughout the observation period. The results show that ESG disclosure has a positive and statistically significant effect on ROA and ROE in the baseline model. After controlling for firm size and leverage, the positive effect on ROA remains significant, whereas the effect on ROE becomes marginally significant. Further analysis indicates that firm age moderates the relationship between ESG disclosure and financial performance, exhibiting a marginal effect on ROA and a statistically significant effect on ROE. These findings support the relevance of signalling theory, stakeholder theory, agency theory, legitimacy theory, and institutional theory within emerging market contexts. Overall, the study contributes to the ESG literature in Indonesia and provides practical insights for managers and policymakers in promoting more transparent and comprehensive sustainability reporting.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.56497/esj260306first seen 2026-05-14 22:11:46
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