国内・外国機関投資家所有はESG開示と債務コストの関係をどう形成するか：インドネシア・シャリーア株価指数からの証拠
Do domestic and foreign institutional ownership shape the link between ESG disclosure and cost of debt? Evidence from the Indonesia Sharia Stock Index (原題)
Muhammad Arfan, Muhammad Putra Aprullah, Yossi Diantimala, Irsyadillah Irsyadillah
🤖 gxceed AI 要約
日本語
インドネシア・シャリーア株価指数（ISSI）の非金融企業717社・年（2018–2023年）を対象に、ESG開示と債務コストの関係が機関投資家の出身国でどう変わるかを検証。ESG開示は債務コストを低下させ、外国機関投資家所有は負の関連を示す一方、国内所有は有意でなかった。外国所有はESG開示のリスクシグナルとしての増分価値を代替する可能性を示す。
English
Using 717 firm-year observations of non-financial firms on Indonesia's Sharia Stock Index (2018–2023), this study tests whether the ESG disclosure–cost of debt link varies by institutional ownership origin. Higher ESG disclosure is associated with lower debt costs; foreign institutional ownership is negatively related to borrowing costs while domestic ownership is insignificant. Foreign ownership appears to substitute for ESG disclosure as a creditor risk signal in an emerging Islamic capital market.
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
日本ではSSBJ基準・有報でのサステナ開示義務化が進み、ESG情報が資本コストや負債調達に与える影響への関心が高い。本稿は新興国イスラム資本市場の証拠だが、機関投資家の属性（国内/外国）がESG開示の価値を左右するという論点は、日本企業の外国人投資家比率の高さを踏まえ示唆に富む。
In the global GX context
Amid ISSB/CSRD-driven global disclosure harmonization, this paper adds emerging-market and Islamic-finance evidence on how ESG disclosure feeds into cost of debt. Its finding that foreign institutional ownership substitutes for ESG disclosure as a risk signal speaks to debates on investor composition and the marginal pricing value of disclosure in transition finance.
👥 読者別の含意
🔬研究者:ESG開示と資本コストの関係における機関投資家属性の調整効果を、新興国イスラム市場で示した実証研究として参照できる。
🏢実務担当者:外国人機関投資家比率の高い企業では、ESG開示の負債コスト低減効果が相対的に小さくなる可能性を資金調達戦略で考慮すべき。
🏛政策担当者:ESG開示義務化の効果が投資家構成に依存しうる点は、開示制度設計や投資家誘致政策の検討材料となる。
📄 Abstract（原文）
This study examines whether the association between environmental, social, and governance (ESG) disclosure and firms’ cost of debt varies according to the origin of institutional ownership. The analysis focuses on non-financial firms in the Indonesia Sharia Stock Index (ISSI) over 2018–2023. This study analyzes a purposively selected unbalanced panel of 717 firm-year observations using moderated regression analysis in EViews 13. The findings show that greater ESG disclosure is associated with lower debt financing costs, indicating that creditors incorporate sustainability-related information into their assessment of firm risk. Domestic institutional ownership has no significant direct association with the cost of debt, while foreign institutional ownership is negatively associated with borrowing costs. The interaction between ESG disclosure and domestic institutional ownership is statistically insignificant, providing no evidence that domestic institutions alter the ESG–debt cost relationship. In contrast, the positive and significant interaction involving foreign institutional ownership indicates that foreign ownership changes the strength of the negative association between ESG disclosure and the cost of debt. These findings imply a substitution mechanism, in which the monitoring and informational advantages of foreign institutional investors may diminish the incremental value of ESG disclosure as a risk signal for creditors in an emerging Islamic capital market..
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/23311975.2026.2736216first seen 2026-10-02 04:56:26
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