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When Sustainability Disclosure Backfires: ESG, Profitability, and Stock Prices in Indonesian State-Owned Banks

サステナビリティ開示が裏目に出るとき：インドネシア国有銀行におけるESG、収益性、株価 (AI 翻訳)

Raya Panjaitan, Gretty R. Lingga, Tri Melda Mei Liana, Edgar Octoyuda, Andri Dayarana K. Silalahi

Ilomata International Journal of Management📚 査読済 / ジャーナル2026-04-27#ESG対象セクター: banking
DOI: 10.61194/ijjm.v7i2.2166
原典: https://doi.org/10.61194/ijjm.v7i2.2166

🤖 gxceed AI 要約

日本語

本研究は、インドネシアの国有銀行5行を対象に、ESG開示と収益性が株価に与える影響を2022〜2024年の四半期パネルデータで分析した。ランダム効果回帰の結果、ESG開示スコアは株価と有意に負の関係を示し、ROAは正だが非有意だった。開示の強化が必ずしも評価向上につながらないことを示唆し、ESG価値の明確な伝達と保証付き報告の必要性を強調する。

English

This study analyzes the impact of ESG disclosure and profitability on stock prices of five Indonesian state-owned banks using quarterly panel data from 2022 to 2024. Random-effects regression reveals that ESG disclosure scores are significantly negatively associated with stock prices, while ROA is positive but not significant. The findings suggest that stronger disclosure does not automatically lead to higher valuation, underscoring the need for clearer ESG value communication and assured reporting.

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開示が始まり、ESG情報と企業価値の関連が注目される中、開示が必ずしも株価にプラスに働かない可能性を示す本結果は、日本企業の開示戦略や投資家対応に示唆を与える。国有銀行という特殊な文脈だが、開示の質と保証の重要性を再認識させる。

In the global GX context

Globally, as ISSB and CSRD frameworks push for more sustainability disclosure, this paper provides empirical evidence from an emerging market that disclosure alone may not be priced positively by investors. It highlights the importance of credible, assured reporting and effective communication of ESG value, relevant for global disclosure scholarship and practice.

👥 読者別の含意

🔬研究者:Provides empirical evidence on ESG disclosure and stock prices in an emerging market banking context, contributing to the debate on investor pricing of sustainability information.

🏢実務担当者:Highlights that ESG disclosure alone may not boost stock prices, emphasizing the need for clear communication and assured reporting to convey value.

🏛政策担当者:Suggests that mandatory disclosure frameworks should consider the quality and assurance of ESG information to avoid negative market reactions.

📄 Abstract（原文）

This paper examines whether Environmental, Social, and Governance (ESG) disclosure and profitability influence stock prices of Indonesian state-owned banks. ESG reporting has expanded rapidly, yet investor pricing of sustainability information in emerging markets may differ during post-pandemic recovery. Prior studies report mixed evidence and often test ESG or profitability separately, rely on non-bank samples, or overlook the dual-mandate setting of state-owned banks. Beyond an incremental combination of variables, this study advances theory by framing ESG disclosure in state-owned banking as a signal that can reflect both sustainability commitment and perceived policy or cost obligations, while profitability represents a competing fundamental signal; the analysis clarifies how investors weight these signals within the same institutional context. Methodologically, the integrated specification uses quarterly panel variation to estimate sustainability and fundamental effects jointly, improving comparability and reducing omitted-variable concerns relative to single-factor models. Using quarterly panel data for 2022 to 2024, the study covers five state-owned banks, yielding 60 bank-quarter observations; the unit of analysis is the bank and estimation applies random-effects panel regression. ESG is measured using an ESG disclosure score, profitability is proxied by return on assets, and stock price is measured using quarterly closing prices. Results show that ESG disclosure is negatively and significantly associated with stock prices, whereas return on assets is positive but not statistically significant. The findings suggest that stronger disclosure does not automatically translate into higher valuation, underscoring the need for clearer ESG value communication and more comparable, assured reporting.

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