コーポレート・ガバナンス構造のメカニズムとサステナビリティ報告の明瞭性：ステークホルダー対話を触媒として
Governance Structures Mechanisms and Sustainability Reporting Clarity: Stakeholder Dialogue as a Catalyst (原題)
Putu Purnama Dewi, Ni Komang Pebriyanti
🤖 gxceed AI 要約
日本語
インドネシアのエネルギー企業79社・316社年データ（2019–2022年）を用い、機関投資家所有・経営者所有・独立委員・監査委員会・取締役会といったガバナンス機構がサステナビリティ報告開示に与える影響を、ステークホルダー・エンゲージメントの調整効果とともに検証した。機関投資家所有は開示に有意な負の効果を持つ一方、ステークホルダー・エンゲージメントがこの関係を有意に正方向へ調整することが示された。他のガバナンス変数には直接効果も調整効果も確認されず、新興国における開示透明性向上には対話の触媒作用が重要であると結論づけている。
English
Using panel data from 79 Indonesian energy firms (316 firm-year observations, 2019–2022), this study tests how governance mechanisms—institutional and managerial ownership, independent commissioners, audit committees, and board size—affect sustainability report disclosure, with stakeholder engagement as a moderator. Institutional ownership shows a significant negative direct effect, while stakeholder engagement significantly moderates that relationship; other governance variables show no significant effects. Findings underscore stakeholder dialogue as a catalyst for disclosure transparency in emerging economies.
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基準の確定と有価証券報告書でのサステナビリティ開示義務化が進み、取締役会の監督責任と投資家対話の実効性が問われている。本稿は新興国事例ながら、機関投資家所有と開示の関係を対話が調整するという実証結果を提供し、日本企業のIR・エンゲージメント設計を考える際の比較材料となる。
In the global GX context
As ISSB/SSBJ standards push sustainability disclosure into mainstream financial reporting, evidence on how board-level governance and investor dialogue shape disclosure quality remains thin outside advanced economies. This study adds emerging-market empirical evidence showing that stakeholder engagement can offset the weak or negative disclosure effects of institutional ownership, informing global debates on stewardship and disclosure infrastructure.
👥 読者別の含意
🔬研究者:Governance–disclosure linkages and the moderating role of stakeholder engagement in emerging markets offer a replicable empirical design for comparative disclosure research.
🏢実務担当者:Sustainability and IR teams can use the finding that structured stakeholder dialogue strengthens institutional investors' push for transparency when designing engagement programs.
🏛政策担当者:Regulators weighing mandatory sustainability disclosure should note that governance mandates alone may not improve transparency without mechanisms fostering stakeholder dialogue.
📄 Abstract（原文）
Growing societal demands for corporate accountability have increased pressure on companies, particularly in the energy sector, to provide transparent sustainability reporting. This study examines the effects of good corporate governance mechanisms institutional ownership, managerial ownership, independent commissioners, audit committees, and the board of directors on sustainability report disclosure, with stakeholder engagement as a moderating variable. This study employed a quantitative research approach using an explanatory design with panel data from 79 Indonesian energy companies (316 firm-year observations) during 2019–2022. The data were analyzed using Moderated Multiple Regression (MMR). The results indicate that institutional ownership has a significant negative effect on sustainability report disclosure (b = −3.2571; p = 0.020), while the other governance variables have no significant direct effects. Stakeholder engagement significantly moderates the relationship between institutional ownership and sustainability report disclosure (b = 0.4027; p = 0.022) but does not significantly moderate the remaining governance mechanisms. These findings highlight the importance of stakeholder engagement in strengthening the role of institutional investors in promoting sustainability reporting transparency in emerging economies.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.32535/ijafap.v9i3.4613first seen 2026-10-22 04:58:13 · last seen 2026-11-06 05:01:36
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