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Pengaruh Kepemilikian Manajerial, Environmental Social Governance Disclosure, Dan Struktur Modal Terhadap Kinerja Keuangan

経営者所有、ESG開示、資本構成が財務業績に与える影響 (AI 翻訳)

Lee Sel Bee, Erliana Banjarnahor

Jurnal Kajian Ilmiah📚 査読済 / ジャーナル2026-01-30#ESG
DOI: 10.31599/9e7z7j59
原典: https://doi.org/10.31599/9e7z7j59

🤖 gxceed AI 要約

日本語

この研究は、インドネシア証券取引所のSRI KEHATIインデックスに上場する20社の2019年～2023年のデータを用いて、経営者所有、ESG開示、資本構成が財務業績に与える影響を分析した。結果、ESG開示は財務業績に有意な正の影響を及ぼす一方、資本構成は負の関連を示し、経営者所有は有意でなかった。ESGガバナンスの強化と負債最適化が持続可能な財務健全性に重要であると示唆している。

English

This study examines the impact of managerial ownership, ESG disclosure, and capital structure on financial performance using 100 firm-year observations from 20 Indonesian firms in the SRI KEHATI Index (2019-2023). Results show ESG disclosure positively affects financial performance, capital structure negatively affects it, and managerial ownership has no significant effect. Findings emphasize the importance of ESG governance and optimal debt levels for sustainable financial health.

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SRI KEHATI指数採用企業を対象とした分析だが、ESG開示が財務業績に正の影響を与える点は日本企業にとっても示唆に富む。SSBJ等の開示基準策定において、ESG情報の積極的な開示が企業価値向上に寄与し得ることを示すエビデンスとなる。

In the global GX context

This paper contributes to the growing body of evidence on ESG-financial performance links in emerging markets. While Indonesia-specific, the positive effect of ESG disclosure on financial performance reinforces the global trend toward mandatory ESG reporting, as seen in ISSB and CSRD.

👥 読者別の含意

🔬研究者:Provides empirical evidence from an emerging market on the ESG-financial performance relationship, useful for comparative studies.

🏢実務担当者:Highlights the positive impact of ESG disclosure on financial performance, encouraging increased transparency in sustainability reporting.

🏛政策担当者:Supports the case for strengthening ESG disclosure requirements to enhance financial performance of listed firms.

📄 Abstract（原文）

One of the most effective ways to assess how well a business creates value for its shareholders is by examining its financial performance. Such performance is expected to be largely driven by strategic instruments, including capital structure management, managerial ownership, and transparency in environmental, social, and governance (ESG) practices. This research seeks to analyze the influence of three key factors on corporate financial performance. Adopting a quantitative research design, the study relies on secondary data derived from the annual and sustainability reports of firms listed on the Indonesia Stock Exchange. The sample covers 20 companies that were consistently classified within the SRI KEHATI Index over the 2019–2023 period, resulting in 100 firm-year observations. The empirical findings reveal that managerial ownership does not exert a statistically significant impact on financial performance. Conversely, ESG disclosure is found to have a significant positive relationship with financial performance, whereas capital structure exhibits a significant negative association. These findings suggest that strengthening ESG governance and optimizing debt utilization levels are essential steps toward promoting sustainable corporate financial health

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