Does CSR disclosure mitigate financial distress? Evidence from Indonesian manufacturers and the COVID-19 shock

日本語

本稿は、インドネシア製造企業を対象に、CSR開示が財務的苦痛（financial distress）の緩和に与える影響を、COVID-19パンデミックのショックを利用して分析。CSR開示が情報非対称性を低減し、危機時の資金調達を円滑化することで企業存続に寄与する可能性を示す。

English

This paper examines whether CSR disclosure mitigates financial distress among Indonesian manufacturing firms, leveraging the COVID-19 shock as an exogenous event. Results suggest that CSR disclosure reduces information asymmetry, facilitating access to financing during crises and enhancing firm survival.

日本のGX文脈において

日本においても、CSR/ESG開示の経済的効果は重要な論点であり、本稿の分析フレームワークは日本企業の開示行動研究に参考となる。ただし、インドネシア特有の制度・市場環境に留意が必要。

In the global GX context

Globally, the study contributes to the literature on the real effects of CSR/ESG disclosure, particularly in emerging markets. It provides evidence that disclosure can serve as a financial buffer during crises, relevant for standard-setters like ISSB considering the role of sustainability reporting in financial stability.