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
🤖 gxceed AI 要約
日本語
インドネシアのESGQ-KEHATI指数採用33社・132社年データを用い、コーポレート・ガバナンス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）の調整効果とともに検証した。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、経営者持株比率は効果なし。財務余力は直接的に品質を高め、独立取締役・監査委員会の効果を強めるが、持株比率・回転率との関係は調整しない。調整済R²は0.514から0.533へ上昇し、財務的柔軟性が正式なガバナンス監督を補完することを示す。
English
Using 132 firm-year observations from 33 firms in Indonesia's ESGQ-KEHATI Index (2021–2024), this study tests how corporate governance and asset turnover affect sustainability reporting quality, moderated by financial slack (FCF/revenue). Independent commissioners, audit committee, and asset turnover significantly improve reporting quality; managerial ownership does not. Financial slack has a positive direct effect and strengthens the commissioner and audit-committee effects, but does not moderate ownership or turnover relationships. Adjusted R² rises from 0.514 to 0.533, suggesting 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・有価証券報告書でのサステナビリティ開示が義務化へ向かう中、開示の「質」を規定する社内要因（取締役会構成・監査委員会・財務余力）の実証は、統合報告書のガバナンス設計や投資家対話の論拠として参考になる。新興国市場の知見として、日本企業の海外子会社・サプライチェーン開示の監督体制を考える材料にもなる。
In the global GX context
As ISSB/SSBJ-aligned disclosure becomes mandatory, this paper offers empirical evidence that board independence, audit-committee oversight, and financial slack shape disclosure quality—useful for global debates on what drives reporting quality beyond regulation. It adds an emerging-market (Indonesia) perspective to a literature dominated by EU/US samples, informing CSRD/ISSB implementation discussions on governance enablers of disclosure.
👥 読者別の含意
🔬研究者:財務余力がガバナンスと開示品質の関係をどう調整するかを、新興国パネルデータで示した実証的貢献として参照できる。
🏢実務担当者:取締役会の独立性・監査委員会の実効性と財務的余力が開示品質を左右するため、開示体制の整備と資源配分を連動させる根拠になる。
🏛政策担当者:開示義務化だけでなく、ガバナンス体制と財務的余力の確保を促す制度設計が開示品質向上に寄与しうる点を考慮できる。
📄 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.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.5281/zenodo.23727966first seen 2026-10-30 05:05:42
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