Pengaruh Pengungkapan ESG terhadap Return Saham Pada Perusahaan yang Terdaftar di IDX ESG Leader Periode 2022-2024
ESG開示が株式リターンに与える影響：IDX ESGリーダー上場企業2022-2024年の分析 (AI 翻訳)
Michael Alano Castorius, Muhammad Dimar Alam
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所（IDX）のESGリーダー指数に採用された20社を対象に、ESG開示が株式リターンに与える影響を分析。シグナリング理論に基づき、環境・社会・ガバナンス開示の各要素を検証した結果、社会開示はリターンに正の影響を与えず、環境・ガバナンス開示は影響なしという結果が得られた。
English
This study examines the impact of ESG disclosure on stock returns for 20 Indonesian companies listed on the IDX ESG Leaders index (2022-2024). Using signaling theory and multiple regression, it finds that social disclosure does not positively affect returns, while environmental and governance disclosures have no effect.
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
インドネシアのESGリーダー企業を対象とした実証研究であり、日本のESG開示と株価の関係を考察する上で参考になる。ただしサンプル数が限られており、一般化には注意が必要。
In the global GX context
This paper provides empirical evidence from an emerging market (Indonesia) on ESG disclosure and stock returns, relevant for global debates on ESG materiality. However, small sample size and short period limit generalizability.
👥 読者別の含意
🔬研究者:Useful for cross-country comparisons of ESG disclosure effects, especially in Southeast Asia.
🏢実務担当者:Limited direct applicability; Indonesian companies may use findings to refine ESG communication.
🏛政策担当者:Could inform Indonesian regulators on ESG disclosure standards, but not directly relevant to Japanese policy.
📄 Abstract（原文）
The objective of this research is to identify the influence of ESG disclosure on the stock returns of companies listed on the IDX ESG Leaders with the proxies of environmental, social, and governance disclosures according to the signaling theory. In this case, secondary data was used, harvested from the sustainability and annual reports of the companies during the 2022-2024 period, obtained from both IDX and the companies’ websites. Using purposive sampling, 20 companies were selected, resulting in 60 data points. The analysis was performed through multiple linear regression in EViews 12. This study finds that social disclosure does not positively influence stock returns, while environmental and governance disclosure have No. eff4ect on the stock returns. These findings can be used by company managers in their effort of disclosing their ESG practices for higher stakeholder trust, as reflected by the company’s stock return.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.30640/inisiatif.v5i2.6148first seen 2026-05-14 23:50:27
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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。