The Effect of ESG Score on Financial Performance Mediated by SDG Disclosures in Indonesian Listed Companies 2021-2023
ESGスコアがSDG開示を媒介とした財務パフォーマンスに与える影響：2021-2023年のインドネシア上場企業における分析 (AI 翻訳)
null Shela Sasmitha, null Susi Sarumpaet
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場の非金融企業を対象に、ESGスコアと財務パフォーマンス（ROE）の関係におけるSDG開示の媒介効果を検証した。結果、ESGスコアはSDG開示や財務パフォーマンスに有意な影響を与えず、SDG開示も媒介効果を持たないことが示された。企業規模のみがSDG開示と正の関連を示し、サステナビリティ報告が実質的な価値創造ではなく象徴的なコンプライアンスにとどまる「デカップリング」現象が確認された。
English
This study examines the mediating role of SDG disclosure in the ESG-financial performance (ROE) relationship for Indonesian listed firms (2021-2023). Results show ESG score does not significantly affect SDG disclosure or ROE, and SDG disclosure does not mediate the relationship. Firm size is the only positive predictor of SDG disclosure, indicating a decoupling between sustainability reporting and substantive performance.
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
本論文はインドネシア市場に焦点を当てているが、日本企業においてもSDG開示の信頼性と価値創造への寄与が問われており、開示の実質性向上に向けた示唆を提供する。
In the global GX context
This paper contributes to the global debate on the credibility of sustainability reporting by providing evidence of a decoupling between ESG performance and SDG disclosure in an emerging market. It highlights the need for stronger regulatory frameworks to ensure that disclosure translates into financial value.
👥 読者別の含意
🔬研究者:The study provides empirical evidence on the decoupling phenomenon in sustainability reporting, offering a basis for further research on the conditions under which ESG and SDG disclosures create value.
🏢実務担当者:Corporate sustainability teams should recognize that current SDG disclosure practices may not yet signal genuine ESG performance to investors, necessitating more integrated and credible reporting.
🏛政策担当者:Regulators in emerging markets may need to strengthen the link between disclosure requirements and actual sustainability outcomes to enhance the economic relevance of SDG reporting.
📄 Abstract（原文）
This study examines the mediating role of SDG disclosure in the relationship between ESG score and financial performance within the mandatory reporting context of non-financial firms listed on the Indonesia Stock Exchange during 2021-2023. Using a purposive sample of 59 companies (177 observations), the analysis employs panel data regression and the Sobel test to evaluate ESG metrics from Refinitiv Eikon alongside disclosure and financial data from corporate reports. Empirical results show that ESG score does not significantly predict SDG disclosure nor directly affect financial performance measured by ROE. Furthermore, SDG disclosure shows no significant association with financial performance and fails to mediate the ESG-ROE relationship. Firm size is the only variable positively related to SDG disclosure, suggesting that reporting practices are more strongly driven by organizational resources and public visibility than by substantive ESG performance. Overall, the findings reveal a decoupling phenomenon, where sustainability reporting in Indonesia tends to reflect symbolic compliance rather than value-creating integration. The study concludes that a credibility gap exists in the capital market, as SDG disclosure has not yet functioned as an effective mechanism for converting ESG performance into financial gains. This study provides evidence on the limitations of SDG disclosure as a value transmission mechanism in emerging market, offering insights for regulators and market participants seeking to enhance the economic relevance and credibility of SDG reporting.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.61132/ijems.v3i1.1157first seen 2026-05-14 22:04:08
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