Effects of Real Earnings Management and ESG Disclosure on the Cost of Debt with Political Connections as a Moderating Variable: Evidence from Listed Firms in Indonesia
実質的裁量行動とESG開示が負債コストに与える影響：政治的コネクションの調整効果（インドネシア上場企業の証拠） (AI 翻訳)
Ramiz Firas, A. R. Kuncoro
🤖 gxceed AI 要約
日本語
本論文は、インドネシア非金融上場企業を対象に、実質的裁量行動、ESG開示、政治的コネクションが負債コストに与える影響を分析。実質的裁量行動は負債コストを有意に上昇させるが、ESG開示単独では有意な影響は見られない。政治的コネクションは、実質的裁量行動と負債コストの正の関係、およびESG開示と負債コストの負の関係をそれぞれ強化する。
English
This study examines the effects of real earnings management, ESG disclosure, and political connections on the cost of debt for non-financial firms listed on the Indonesia Stock Exchange (2018-2021). Real earnings management significantly increases the cost of debt, while ESG disclosure alone does not have a significant negative effect. Political connections strengthen both the positive relationship between earnings management and cost of debt and the negative relationship between ESG disclosure and cost of debt.
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
インドネシアの政治経済的文脈に焦点を当てているが、日本企業が新興国進出時のESGと資金調達コストの関係を理解する上で示唆に富む。特に、政治的なつながりがESG評価と負債コストの関係に影響する点は、日本企業のインドネシア現地法人の財務戦略に応用可能。
In the global GX context
This paper provides emerging-market evidence on how political connections moderate the ESG–cost of debt link, relevant for global investors and multinationals operating in politically connected economies. It underscores that ESG disclosure alone may not lower financing costs without considering the institutional context.
👥 読者別の含意
🔬研究者:Provides empirical evidence from an emerging market on the interplay between earnings management, ESG disclosure, political connections, and cost of debt.
🏢実務担当者:Highlights the importance of transparent financial and ESG practices to potentially lower financing costs, but cautions that political ties can alter these effects.
🏛政策担当者:Suggests that political connections can distort the expected benefits of ESG disclosure, implying a need for stronger governance and anti-corruption measures.
📄 Abstract（原文）
As a crucial financial metric, the cost of debt measures the economic burden that a firm bears when using loans to fund its operations. Using a regression model, this study examines how real earnings management, ESG disclosure, political connections, and several control variables affect the cost of debt within the context of non-financial firms listed on the Indonesia Stock Exchange during the observation period from 2018 to 2021. The results reveal that real earnings management has a significant positive connection with the cost of debt, while ESG Disclosure does not have a significant negative relationship with the cost of debt. As a moderating variable, political connections have been shown to strengthen the positive relationship between real earnings management and the cost of debt. Similarly, political connections also strengthen the negative relationship between ESG Disclosure and the cost of debt. This study highlights the importance of using ethical and transparent financial practices and robust ESG disclosure in managing debt costs. The findings provide insight into the potential benefits of aligning financial and sustainability practices, which may result in improved financial performance, enhanced investor confidence, and reduced business financing costs.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://jurnal.polines.ac.id/index.php/keunis/article/download/6562/110192first seen 2026-07-18 07:37:10
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