グリーンファイナンスは重要か？持続可能性開示と財務パフォーマンス
Does Green Finance Matter? Sustainability Disclosure and Financial Performance (原題)
Dita Rari Dwi Rinining Tyastuty, Y. Azis, Toni Heryana
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のESG Star Award受賞企業を対象に、持続可能性開示が財務パフォーマンス（ROA・ROE）に与える影響と、グリーンファイナンス調達の調整効果を検証する定量研究。ESG基準に基づく開示指数とグリーンボンド・グリーンローンへのアクセスを用い、調整回帰で分析する。開示の正の影響とグリーンファイナンスの強化・弱化効果の実証を目指す。
English
A quantitative study of ESG Star Award firms listed on the Indonesia Stock Exchange (2020-2024) examining how sustainability disclosure affects financial performance (ROA/ROE) and whether green finance funding moderates this relationship. Disclosure is measured via an ESG-based index; green finance via access to green bonds/loans. Moderation regression tests the interaction effects.
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
新興国における開示と資金調達の連動を扱う点は、SSBJ基準導入後に統合報告書と資本コストの関係を検証する日本企業・投資家にとって参照価値がある。ただしインドネシア固有の制度文脈が強く、日本への直接適用には注意が必要。
In the global GX context
Adds emerging-market evidence to the global disclosure-performance literature, complementing TCFD/ISSB-focused studies from developed markets. Relevant for understanding how green finance instruments moderate the disclosure-financial performance link in markets with nascent ESG infrastructure.
👥 読者別の含意
🔬研究者:開示と財務パフォーマンスの関係におけるグリーンファイナンスの調整効果を、新興国データで検証する実証例として参考になる。
🏢実務担当者:ESG開示の充実とグリーンファイナンス調達が財務指標にどう影響しうるか、新興国拠点を持つ企業の資金調達戦略の参考になる。
🏛政策担当者:グリーンファイナンス市場育成と開示制度設計の相互作用を検討する際の、インドネシアの事例として参照可能。
📄 Abstract（原文）
The increasing awareness of environmental and social issues has encouraged companies to be more transparent in disclosing their sustainability information. At the same time, green finance has emerged as a crucial instrument that not only supports environmentally friendly projects but also has the potential to impact the financial performance of companies. This study aims to analyze the impact of sustainability disclosure on the economic performance of companies, as well as to examine the role of green finance funding as a moderating variable on the financial performance of companies. The method used in this research is a quantitative approach, utilizing secondary data from the annual reports of companies listed on the Indonesia Stock Exchange (IDX) that have received the ESG Star Award during the period 2020-2024. The sample selection was carried out using the purposive sampling method. Sustainability disclosure is measured using a sustainability disclosure index based on ESG standards, while financial performance is measured with the Return on Assets (ROA) and Return on Equity (ROE) indicators. The moderation variable of green finance funding is measured based on the company's access to green financing instruments (for example, green bonds or green loans). Data analysis was conducted using moderation regression, including interaction tests to examine the moderation effects. The results of this study are expected to provide empirical evidence regarding the positive impact of sustainability disclosure on financial performance, as well as to identify whether green finance can strengthen or weaken that relationship. These findings are expected to benefit investors, company management, regulators, and other stakeholders in decision-making related to sustainable investments and the development of the green finance market in Indonesia. In addition, this research is also expected to contribute to the literature on sustainable finance and environmental accounting.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.17509/jaset.v17i2.95780first seen 2026-10-16 05:33:39 · last seen 2026-11-06 05:25:30
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