The Effect of ESG Risk Rating on Corporate Profitability: The Role of Firm Size and Leverage as Moderating Variables
ESGリスク格付けが企業収益性に与える影響：企業規模とレバレッジの調整効果 (AI 翻訳)
Syurmita Syurmita, Syahfitri Suryaningsi Welkom, Khansa Chikita Rayesha
🤖 gxceed AI 要約
日本語
本研究は、インドネシア上場企業76社を対象に、ESGリスク格付けが収益性（純利益率）に与える影響を分析。ESGリスクは収益性に負の影響を与えるが、企業規模が大きいとその負の影響は緩和され、レバレッジが高いと悪化することを実証。ESGリスク開示とガバナンスの重要性を示唆。
English
This study examines the effect of Sustainalytics ESG Risk Ratings on profitability (Net Profit Margin) for 76 Indonesian listed firms. ESG risk negatively impacts profitability, but firm size moderates this effect positively, while leverage amplifies it negatively. Highlights the need for ESG disclosure and governance, especially for highly leveraged firms.
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分析だが、日本企業にとってもESGリスクと財務パフォーマンスの関係は重要。特にSSBJ対応や有報でのESGリスク開示を進める上で、負債比率の高い企業への示唆がある。
In the global GX context
While focused on Indonesia, this study contributes to the global evidence on ESG risk and financial performance. It underscores how firm size and leverage moderate the ESG-profitability link, relevant for practitioners in emerging markets and for global frameworks like ISSB that integrate risk disclosure.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG risk-profitability moderation effects in a developing market, useful for comparative studies.
🏢実務担当者:Corporate sustainability teams can use findings to prioritize ESG risk management, especially for highly leveraged firms.
🏛政策担当者:Regulators may consider the impact of leverage on firms' ability to manage ESG risks when designing disclosure mandates.
📄 Abstract（原文）
Background: Sustainalytics ESG Risk Rating has been identified as a determinant of corporate financial performance. However, its effect on profitability—particularly for developing markets like Indonesia—remains underexplored. This study examines how ESG risk relates to profitability and whether firm size or leverage moderates their relationship. Objective: This study seeks to determine the influence of ESG risk on profitability, with firm size and leverage as moderating variables. Methods: A quantitative study employing Moderated Regression Analysis (MRA) was conducted using 76 firms listed on the Indonesia Stock Exchange (IDX) in 2024. The proxy for profitability was Net Profit Margin (NPM), and ESG Risk Ratings were obtained from Sustainalytics. Results: ESG Risk Ratings negatively affect profitability (B = −2.418; p = 0.005), whereby higher sustainability risk impairs net profit margins. This negative effect is moderated by firm size (B = 0.094; p = 0.001), as larger firms are better equipped to manage ESG risks. Conversely, higher leverage strengthens the negative effect of ESG risk on profitability (B = −0.839; p = 0.001), as highly leveraged firms are less capable of addressing sustainability pressures. Conclusion: The results underscore the need for both ESG risk disclosure and governance. Larger firms cope with ESG risk more effectively than highly leveraged firms. Further research is warranted with a longer observation period and additional measures of profitability.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://bustechno.polteksci.ac.id/index.php/jbt/article/download/613/275first seen 2026-07-18 07:44:32
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