The Effect of ESG Disclosure on Financial Performance: Moderating Role of Firm Size and Leverage
ESG開示が財務業績に与える効果：企業規模とレバレッジの調整役 (AI 翻訳)
Rinny Meidiyustiani, I. Lestari
🤖 gxceed AI 要約
日本語
インドネシア証券取引所の消費者非循環企業を対象に、ESG開示が財務業績に正の影響を与えることをPLS-SEMで実証。企業規模はESG開示に正、財務業績に負の影響を与えるが、調整効果は確認されなかった。
English
This study examines the effect of ESG disclosure on financial performance of consumer non-cyclicals firms in Indonesia. Using PLS-SEM, it finds that ESG disclosure positively affects financial performance, while firm size positively affects ESG disclosure but negatively affects financial performance. The moderating role of firm size is not supported.
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
インドネシア市場のデータだが、ESG開示と財務業績の直接的な関係は日本企業にも示唆がある。特に、企業規模が調整効果を持たない点は、日本の中小企業のESG戦略において参考になる。
In the global GX context
This paper provides evidence from an emerging market (Indonesia) on the direct link between ESG disclosure and financial performance. It contributes to global ESG literature by showing that firm size does not moderate this relationship, which is relevant for firms in similar institutional contexts.
👥 読者別の含意
🔬研究者:Useful for researchers studying ESG disclosure–financial performance nexus in emerging markets.
🏢実務担当者:Corporate sustainability teams can note that ESG disclosure may improve financial performance regardless of firm size.
🏛政策担当者:Regulators in emerging markets may consider promoting ESG disclosure to enhance market transparency.
📄 Abstract（原文）
Environmental, social, and governance (ESG) disclosure has become an important mechanism for companies to communicate sustainability commitments and reduce information asymmetry in capital markets. This study examines the effect of ESG disclosure on the financial performance of consumer non-cyclicals companies listed on the Indonesia Stock Exchange, with firm size and leverage initially proposed as moderating variables. Using a quantitative explanatory design, this study employed secondary data obtained from annual reports, sustainability reports, financial statements, and Refinitiv LSEG data over a five-year observation period. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS. Financial performance was initially measured using PBV, ROA, and ROE, while firm size was measured by the natural logarithm of total assets and leverage by the debt ratio. The measurement model results showed that ROA and debt did not meet the outer loading criteria and were therefore removed from the final model. The findings reveal that ESG disclosure has a positive and significant effect on financial performance. Firm size also has a positive and significant effect on ESG disclosure but a negative and significant effect on financial performance. However, firm size does not moderate the relationship between ESG disclosure and financial performance. These findings support stakeholder theory and signaling theory by showing that ESG disclosure can function as a value-relevant signal for investors. The study contributes to ESG literature in emerging markets by demonstrating that ESG disclosure directly supports financial performance, although its effect is not contingent on firm size.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.feb-unm.com/index.php/JE3S/article/download/331/231first seen 2026-07-04 05:23:02
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