The Influence of ESG Disclosure, Corporate Governance, and Financial Performance on Dividend Policy in Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) During 2018–2022
ESG開示、コーポレートガバナンス、財務業績が配当政策に与える影響：2018～2022年のインドネシア証券取引所上場製造企業の分析 (AI 翻訳)
Riris Desy R Tondang, Linda Kusumaning Wedari
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所に上場する製造業45社を対象に、ESG開示、コーポレートガバナンス（取締役会規模）、財務業績（ROA、ROE）が配当政策（配当性向）に与える影響を分析した。固定効果モデルを用いたパネルデータ回帰の結果、ESG開示、取締役会規模、ROA、ROEはいずれも配当性向に有意な正の影響を与えることが示された。この結果は、ステークホルダー理論、エージェンシー理論、シグナリング理論を支持し、ESG情報開示が投資家の信頼向上と配当政策の決定に重要な役割を果たすことを示唆している。
English
This study examines the impact of ESG disclosure, corporate governance (board size), and financial performance (ROA, ROE) on dividend policy (dividend payout ratio) for 45 manufacturing firms listed on the Indonesia Stock Exchange from 2018 to 2022. Using panel data regression with fixed effects, the results show that ESG disclosure, board size, ROA, and ROE each have a statistically significant positive effect on the dividend payout ratio. These findings support stakeholder, agency, and signaling theories, highlighting the role of non-financial disclosures in enhancing stakeholder trust and shaping dividend decisions.
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であるが、ESG開示と配当政策の関連性は日本企業の株主還元戦略にも示唆を与える。特にSSBJ基準や有報でのESG情報開示が進む中、非財務情報が配当政策に与える影響を実証した点は、日本企業のIR・投資家対応において参考となる。
In the global GX context
While focused on Indonesia, this paper provides empirical evidence linking ESG disclosure to dividend policy, relevant to global discussions on sustainable finance and corporate governance. It supports the idea that ESG performance can influence shareholder returns, which is pertinent for international investors and regulators considering ESG integration in financial decision-making.
👥 読者別の含意
🔬研究者:Provides empirical evidence from an emerging market on the ESG-dividend link, contributing to sustainable finance literature.
🏢実務担当者:Suggests that improving ESG disclosure and governance can positively impact dividend policy, useful for corporate strategy and investor relations.
🏛政策担当者:Highlights the role of ESG disclosure in shaping corporate financial policies, relevant for regulators promoting sustainable finance.
📄 Abstract（原文）
This study investigates the impact of Environmental, Social, and Governance (ESG) disclosure, corporate governance (board size), and financial performance (ROA and ROE) on dividend policy among manufacturing firms listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. Using a quantitative approach with panel data regression and purposive sampling, 45 companies from the Basic Materials and Consumer Non-Cyclicals sectors were analyzed, resulting in 225 observations. The Fixed Effects Model (FEM) was employed based on the results of Chow and Hausman tests. The findings reveal that ESG disclosure, board size, ROA, and ROE each have a statistically significant positive effect on the Dividend Payout Ratio (DPR). This implies that companies with higher ESG performance, better governance structures, and strong profitability are more likely to distribute dividends. The study supports stakeholder theory, agency theory, and signaling theory, highlighting that non-financial disclosures such as ESG play a vital role in enhancing stakeholder trust and shaping dividend decisions. These results contribute to the growing literature on sustainable finance and offer practical insights for investors, regulators, and corporate decision-makers. The research underscores the importance of integrating ESG and good corporate governance into strategic financial policies, especially in the context of post-pandemic recovery and green economic transition.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.38035/dijefa.v6i4.4802first seen 2026-05-05 19:07:51
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。