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インドネシアのテクノプレナーシップにおけるESG開示とROI動態：持続可能な開発に向けて

ESG Disclosures and ROI Dynamics in Indonesian Technopreneurship for Sustainable Development (原題)

Deni Sunaryo, Hersugondo Hersugondo, Mukdad Ibrahim

Aptisi Transactions On Technopreneurship (ATT)📚 査読済 / ジャーナル2026-09-18#ESG経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.34306/att.v8i3.1006
原典: https://doi.org/10.34306/att.v8i3.1006

🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場の非金融30社を対象に、2019〜2024年のESG開示とROIの関係をパネルデータで分析。ESG・環境・社会・ガバナンス各開示はROIに有意な正の影響を与え、時価総額は関係を強め、レバレッジは弱めることを示した。新興国市場におけるESGと財務パフォーマンスの連関を、3 pillarと2 moderatorを統合したモデルで実証した点が貢献。

English

Analyzing 30 non-financial firms on the Indonesia Stock Exchange (2019-2024), this study finds that ESG, Environmental, Social, and Governance disclosures each significantly improve ROI. Market capitalization strengthens the ESG-ROI link while leverage weakens it. It integrates all three ESG pillars with two moderators, offering evidence from an emerging market on how disclosure drives financial performance.

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

日本企業にとっては、新興国サプライチェーンでのESG開示要求の高まりと、SSBJ・有報でのESG情報開示が財務リターンにどう結びつくかを示す比較材料となる。特に時価総額・レバレッジという財務構造がESG効果を左右する点は、投資家対応や統合報告書の設計に示唆を与える。

In the global GX context

This adds emerging-market evidence to the global ESG-disclosure literature, complementing TCFD/ISSB/CSRD research that is largely focused on developed markets. It shows that disclosure's financial payoff is conditional on firm scale and leverage, relevant to transition-finance and ESG-rating debates in the Global South.

👥 読者別の含意

🔬研究者:新興国におけるESG開示とROIの実証的連関、および財務構造の調整効果を確認できる。

🏢実務担当者:ESG開示がROI向上に寄与しうるが、時価総額・負債構成を踏まえた戦略設計が必要と理解できる。

🏛政策担当者:新興国でのESG開示義務化が企業財務に与える影響を政策設計に反映する参考になる。

📄 Abstract（原文）

This study investigates the simultaneous effects of Environmental, Social, and Governance (ESG) disclosure, along with each of its pillars, on the Return on Investment (ROI) of Indonesian public companies from 2019 to 2024. This study aims to analyze how ESG disclosure and its individual components influence ROI, as well as to examine the moderating roles of market capitalization and leverage. Utilizing a quantitative, explanatory research design with panel data, the research analyzes 30 non-financial firms listed on the Indonesia Stock Exchange (IDX), employing Moderated Regression Analysis (MRA) to examine the moderating roles of market capitalization and leverage. The findings reveal a consistent increase in ESG Disclosure scores, from 40.12 in 2019 to 55.32 in 2024, accompanied by a positive trend in ROI, peaking in 2022. The results demonstrate that ESG, Environmental, Governance, and Social Disclosure each have significant positive impacts on ROI. Market capitalization strengthens the ESG-ROI relationship, while leverage weakens it, highlighting the importance of financial structure and firm scale in optimizing ESG benefits. The study contributes theoretically by integrating all three ESG pillars and two moderators in a comprehensive model, filling a research gap in emerging markets. Practically, it offers insights for management to enhance ESG strategy, for regulators to improve policy, and for investors to make informed decisions. Limitations include sample size, sector focus, and reliance on secondary ESG ratings, suggesting future research across sectors, countries, and with broader variables. Overall, ESG disclosure, supported by robust market capitalization and prudent leverage, is key to sustainable financial performance in emerging markets.

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