ESG implementation and its effect on financial performance: Focusing on sustainable financial strategies of green companies in Indonesia
ESGの実施と財務パフォーマンスへの影響：インドネシアのグリーン企業の持続可能な財務戦略に焦点を当てて (AI 翻訳)
Shafitranata, Liza Alvia, Rahmawati Azizah
🤖 gxceed AI 要約
日本語
本研究は、2020年から2024年までのインドネシアのグリーン企業85社を対象に、ESG報告が財務パフォーマンスに与える影響を分析した。ガバナンススコアはROAと正の関連を示し、ESGスコア全体は弱い正の関連が見られたが、環境・社会スコアは有意でなかった。エネルギーセクターは非エネルギーセクターより高い財務パフォーマンスを示した。
English
This study examines the effect of ESG reporting on financial performance of 85 green companies in Indonesia from 2020 to 2024. Governance scores are positively associated with ROA, while environmental and social scores show no significant effect. Energy sector outperforms non-energy sector after controlling for ESG.
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
インドネシア市場に焦点を当てた実証研究だが、日本企業のESG開示戦略においても、ガバナンススコアの重要性を示唆する点で参考になる。エネルギーセクターと非エネルギーセクターの差異は、日本におけるSSBJ対応のセクター別考慮に示唆を与えうる。
In the global GX context
This paper provides empirical evidence from Indonesia on the link between ESG scores and financial performance, highlighting that governance scores matter more than environmental or social scores. Useful for global discussions on ESG materiality and sectoral differences, especially for emerging markets.
👥 読者別の含意
🔬研究者:Useful for researchers studying ESG-financial performance relationships in emerging markets, particularly the role of governance and sectoral differences.
🏢実務担当者:Corporate sustainability teams can note that governance improvements may yield faster financial returns, though environmental and social scores may not directly impact ROA/ROE.
📄 Abstract（原文）
Type of the article: Research ArticleAbstractThis study examines the effect of ESG reporting on the financial performance of green companies listed in Indonesia between 2020 and 2024, totaling 85 companies with 425 observations. Using ESG scores and corporate financial data from Bloomberg, three panel models were estimated: a random-effects model for ROA, a fixed-effects model for ROE, controlling for size, leverage, growth, and cash flow, and a test for sectoral differences between energy and non-energy companies. The results indicate that governance scores are positively associated with ROA (β = 0.011, p = 0.092), whereas ESG scores are weakly positively associated with ROA (β = 0.020, p = 0.080). Environmental and social scores are not statistically significant to ROA or ROE. For ROE, firm size is the main significant predictor (β = 2.126, p = 0.042). The results observe significant differences between the energy and non-energy sectors, with the energy sector reporting higher financial performance after controlling for ESG. Finally, this study indicates that ESG reporting policies that promote good governance can yield faster returns to shareholders.AcknowledgmentThis study was supported by the Ministry of Research, Technology, and Greater Education and Al-Madani School of Economic Sciences.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/23622/EE_2026_01_Shafitranata.pdffirst seen 2026-07-18 07:46:50
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