Governance Pressure or Financial Performance? Debt Policy as a Moderator of ESG Disclosure in Indonesian Manufacturing Firms
ガバナンス圧力か財務業績か？インドネシア製造業におけるESG開示の調整変数としての負債政策 (AI 翻訳)
MF Christiningrum, Aloysius Harry Mukti, Evy Roslita, Tiwi Herninta, Albert Budiyanto
🤖 gxceed AI 要約
日本語
インドネシア製造業108社を対象に、収益性・機関所有・企業規模がESG開示に与える影響と負債政策の調整効果を検証。収益性は負の影響、機関所有と企業規模は正の影響を示すが、負債政策の調整効果は有意でない。OJK規制下での開示向上には、項目別基準の厳格化と独立検証が有効と示唆。
English
This study examines determinants of ESG disclosure in 108 Indonesian manufacturing firms, finding profitability negatively affects disclosure while institutional ownership and firm size positively influence it, with debt policy showing no moderating effect. It suggests tighter item-level standards and independent verification under OJK regulations to enhance sustainability 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
インドネシアのOJK規制下でのESG開示の実態を分析し、新興国における開示の質向上に示唆を与える。日本企業の東南アジア展開やサプライチェーン管理において、現地子会社の開示実務を理解する参考となる。
In the global GX context
Provides empirical evidence from an emerging market on ESG disclosure determinants, relevant to global discussions on disclosure quality and regulatory effectiveness. Highlights the role of institutional investors and firm visibility, offering insights for ISSB-aligned standards in developing economies.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG disclosure determinants in an emerging market, useful for comparative studies on governance and disclosure.
🏢実務担当者:Highlights the importance of institutional ownership and firm size in driving ESG disclosure, suggesting engagement strategies for investors and managers.
🏛政策担当者:Supports stricter item-level reporting standards and independent verification under OJK's sustainable finance framework.
📄 Abstract（原文）
Background: ESG disclosure has become a central instrument of corporate accountability, yet reporting practice in emerging markets remains uneven despite the mandate of OJK Regulation No. 51/POJK.03/2017, leaving firm level determinants of disclosure unresolved. Objective: This study examines the determinants of ESG disclosure by analyzing the roles of profitability, institutional ownership, and firm size, and evaluating whether debt policy moderates these relationships. Methods: Using secondary data from manufacturing firms listed on the Indonesia Stock Exchange over the period 2021–2023, this study employs purposive sampling and analyses 108 firm year observations. ESG disclosure is measured by the Sustainability Report Disclosure Index (SRDI) based on the 91 item GRI G4 checklist, and the hypotheses are tested using multiple regression and moderated regression analysis. Results: Profitability has a significant negative effect on ESG disclosure, institutional ownership a positive effect significant at the 5% level, and firm size a positive effect significant only at the 10% level. Debt policy does not significantly moderate any of the three relationships. Ownership based monitoring and firm visibility therefore explain disclosure better than financial performance or capital structure, although governance is proxied here by institutional ownership alone. Conclusion: This study contributes to the ESG literature by providing evidence from an emerging market context and offers insights for regulators, investors, and corporate managers in enhancing sustainability practices. The findings support tighter item level reporting standards under the OJK sustainable finance framework, independent verification of sustainability reports, and stronger institutional investor engagement.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.59261/inkubis.v8i2.407first seen 2026-08-13 05:10:45
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