成長機会とESG開示が利益反応係数（ERC）に与える影響
PENGARUH GROWTH OPPORTUNITY DAN ESG DISCLOSURE TERHADAP EARNING RESPONSE COEFFICIENT (原題)
Aisyah Larasati, Anwar Hariyono
🤖 gxceed AI 要約
日本語
インドネシアのポスト・パンデミック期製造業70社・350観測を対象に、成長機会とESG開示が利益反応係数（ERC）に与える影響を検証。成長機会はERCに有意な負の影響を与える一方、ESG開示・企業規模・レバレッジは有意な影響を示さなかった。調整済みR²は1.1%と低く、説明力は限定的である。
English
Using 350 firm-year observations from 70 post-pandemic Indonesian manufacturing firms, this study tests whether growth opportunity and ESG disclosure affect the earnings response coefficient (ERC). Growth opportunity shows a significant negative effect on ERC, while ESG disclosure, firm size, and leverage are insignificant. Adjusted R² is only 1.1%, indicating limited explanatory power.
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
新興国製造業におけるESG開示の市場評価への影響を検証した点は、SSBJ基準や有報でのサステナビリティ開示が株価・資本コストに与える影響を議論する日本企業・投資家にとって比較材料となる。ただしERCへのESG開示の有意な効果が確認されなかった点は、開示の質・投資家認知の成熟度が問われる示唆を含む。
In the global GX context
Adds emerging-market evidence to the global debate on whether ESG disclosure is priced by capital markets, relevant to ISSB/CSRD implementation discussions where disclosure quality and investor maturity shape market response. The null result on ESG disclosure underscores that disclosure alone may not move valuation without credible, decision-useful content.
👥 読者別の含意
🔬研究者:Provides a post-pandemic emerging-market test of ESG disclosure's effect on ERC, useful for benchmarking disclosure-value studies and methodological caveats on low explanatory power.
🏢実務担当者:Suggests that ESG disclosure alone may not yet shift earnings-based market reactions in emerging manufacturing contexts, reinforcing the need for material, high-quality disclosure.
🏛政策担当者:Highlights that mandating ESG disclosure may not immediately translate into market pricing effects, informing expectations around ISSB-aligned adoption in emerging economies.
📄 Abstract（原文）
Earning Response Coefficient (ERC) reflects market responses to earnings information that vary across companies. This study examines the effects of Growth Opportunity and ESG Disclosure on ERC, with firm size and leverage as control variables, in post-pandemic manufacturing firms. Using a quantitative approach, 350 observations from 70 companies were analysed using multiple linear regression. The results show that Growth Opportunity has a significant negative effect on ERC, while ESG Disclosure, firm size, and leverage have no significant effect. Simultaneously, the variables do not significantly affect ERC. The adjusted R² of 1.1% indicates low explanatory power.
🔗 Provenance — このレコードを発見したソース
- openalex https://ejournal.poltektedc.ac.id/index/article/view/1734first seen 2026-11-02 04:54:17 · last seen 2026-11-06 05:00:56
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