サステナビリティ報告書の開示と企業の社会的責任が財務業績に与える影響：エネルギー部門企業における経営者所有の調整的役割

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides empirical evidence from an emerging market on the ESG-financial performance nexus, useful for comparative studies.

🏢実務担当者:Highlights that sustainability disclosure alone may not boost short-term financials, suggesting strategic integration is needed.

🏛政策担当者:Informs on the limited short-term financial impact of mandatory sustainability reporting, relevant for policy design.

Research Objectives: This study aims to empirically examine the effects of Sustainability Report Disclosure and Corporate Social Responsibility (CSR) on the financial performance of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. It also investigates whether managerial ownership moderates the relationships between Sustainability Report Disclosure, CSR, and financial performance. Design Methodology / Approach Research: This study employs a quantitative research approach using secondary data obtained from annual reports and Sustainability Reports of energy sector companies listed on the IDX. The sample was selected using purposive sampling, resulting in 48 companies/observations. Financial performance was measured using Return on Assets (ROA), while the hypotheses were tested using PROCESS Macro version 4.2 for SPSS 26 to assess direct and moderating effects. Research Results: The results indicate that Sustainability Report Disclosure does not have a significant effect on financial performance, with a significance value of 0.144. Similarly, Corporate Social Responsibility does not significantly affect financial performance, with a significance value of 0.291. Managerial Ownership has a significant direct effect on financial performance in the Sustainability Report model (p = 0.013). However, managerial ownership does not significantly moderate the relationship between Sustainability Report Disclosure and financial performance (p = 0.196) or between CSR and financial performance (p = 0.095). Implication of Research Results: These findings indicate that sustainability disclosure and CSR activities in the Indonesian energy sector may generate benefits that are predominantly long-term and non-financial, making their effects on short-term financial performance less immediately observable. The findings also suggest that managerial ownership alone is insufficient to strengthen the financial benefits of sustainability and CSR practices. Companies should therefore integrate sustainability and CSR initiatives more strategically with their core business objectives to enhance their potential contribution to financial performance.

• openalex https://doi.org/10.67983/journaldialectica.v1i2.109first seen 2026-09-05 05:16:56