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財務余力は重要か？インドネシアにおけるコーポレート・ガバナンス、企業活動、サステナビリティ報告の質

Does Financial Slack Matter? Corporate Governance, Corporate Activities, And Sustainability Reporting Quality in Indonesia (原題)

Ni Luh Putu Dita Silviani, Eka Ardhani Sisdyani

Journal of Economics Finance and Management Studies📚 査読済 / ジャーナル2026-10-29#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.47191/jefms/v9-i10-42
原典: https://doi.org/10.47191/jefms/v9-i10-42

🤖 gxceed AI 要約

日本語

インドネシアESGQ-KEHATI指数の33社・132社年パネルを用い、企業統治機構と資産回転率がサステナビリティ報告の質に与える影響を、財務余力（FCF/売上高）の調整効果に注目して検証した。独立取締役比率・監査委員会・総資産回転率は報告品質を有意に高め、経営者持株は無影響だった。財務余力は直接的に品質を高めるとともに独立取締役・監査委員会の効果を強めるが、持株・回転率との関係は調整しない。資源の余裕が実効的なサステナビリティ監督を支えることを示す。

English

Using a 132 firm-year panel of 33 Indonesian firms in the ESGQ-KEHATI Index (2021-2024), the study tests how governance mechanisms and asset turnover affect sustainability reporting quality, with financial slack as moderator. Independent commissioners, audit committee, and asset turnover significantly improve reporting quality, while managerial ownership does not. Financial slack directly raises quality and strengthens the effects of independent commissioners and audit committee, but not those of ownership or turnover. Financial flexibility complements formal governance oversight.

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・有価証券報告書のサステナビリティ開示が拡大する中、開示品質を左右する統治構造と財務余力の関係は実務的に示唆深い。特に独立取締役・監査委員会の機能強化が開示品質向上に寄与するという知見は、日本企業の取締役会実効性評価や開示統制の議論に接続できる。

In the global GX context

As ISSB/SSBJ-aligned disclosure becomes mandatory across jurisdictions, this paper adds emerging-market evidence that board independence and audit committee strength—not ownership structure—drive reporting quality, and that financial slack amplifies governance effects. It informs the global debate on what internal conditions make disclosure regimes effective, complementing CSRD and SEC climate-rule implementation research.

👥 読者別の含意

🔬研究者:新興国における開示品質の規定要因と財務余力の調整効果を、統治理論と資源依存の交点で実証した点が参考になる。

🏢実務担当者:独立取締役と監査委員会の実効性強化が開示品質向上に直結し、財務余力のある企業ほど統治効果が発揮されやすい点を開示統制設計に活かせる。

🏛政策担当者:開示規制の実効性は企業の統治構造と資源余力に依存するため、監督体制の要件設計や能力構築支援を検討する材料になる。

📄 Abstract（原文）

This study examines the effects of corporate governance mechanisms and asset turnover on sustainability reporting quality, with particular emphasis on the moderating role of financial slack. Drawing on agency, legitimacy, and stakeholder theories, the study employs a quantitative approach using panel data from 33 companies consistently included in Indonesia's ESGQ-KEHATI Index between 2021 and 2024, yielding 132 firm-year observations. Sustainability reporting quality is assessed through content analysis of 33 environmental, social, and governance (ESG) indicators, while financial slack is measured as the ratio of free cash flow to total revenue. The data are analyzed using fixed-effects panel regression and moderated regression analysis. The findings reveal that the proportion of independent commissioners, audit committee, and total asset turnover positively and significantly influence sustainability reporting quality, whereas managerial ownership has no significant effect. Financial slack exhibits a positive direct association with reporting quality and strengthens the effects of independent commissioners and the audit committee, but does not significantly moderate the relationships involving managerial ownership or asset turnover. The adjusted R² increases from 0.514 to 0.533 following the inclusion of financial slack in the regression specification. Firm age is positively associated with reporting quality, while firm size has no significant effect. These findings suggest that financial flexibility complements formal corporate governance oversight in improving sustainability reporting quality. The study contributes to sustainability governance literature by demonstrating that the moderating role of financial slack differs across governance and operational mechanisms, highlighting the importance of resource availability in supporting effective sustainability oversight.

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