Financial Performance and Greenwashing in Sustainability: Evidence on the Moderating Role of Institutional Ownership
サステナビリティにおける財務業績とグリーンウォッシュ：機関所有権の調整効果の証拠 (AI 翻訳)
Kartika Noviana Purwiyono, Wiwik Supratiwi
🤖 gxceed AI 要約
日本語
インドネシアの製造業109社のパネルデータを用いて、財務業績（ROA）がグリーンウォッシュ（ESG開示と実績の乖離）に与える影響を分析。財務業績の向上はグリーンウォッシュを抑制するが、機関所有権が高いとこの効果が弱まり、象徴的な開示に傾く傾向を示す。
English
Using panel data from 109 Indonesian manufacturing firms (2017–2023), this study finds that stronger financial performance (ROA) reduces greenwashing (the gap between ESG disclosure and performance). However, high institutional ownership weakens this relationship, indicating a tendency toward symbolic disclosure. The findings highlight the role of ownership structure in ESG integrity.
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
本論文はインドネシアの事例だが、日本企業が進出する新興国でのESG実態把握や、機関投資家の関与が開示の質に与える影響を示唆する点で参考になる。日本ではSSBJ基準の導入が進む中、グリーンウォッシュ防止のためのモニタリング強化に示唆を与える。
In the global GX context
This paper contributes to the global debate on greenwashing by examining institutional ownership as a moderating factor. It is particularly relevant for emerging markets where ESG enforcement is weak, offering insights for investors and regulators seeking to improve disclosure credibility.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the determinants of greenwashing, using a novel measure and moderating variable.
🏢実務担当者:Highlights that high institutional ownership may not always improve ESG integrity; firms should monitor ownership structure effects on disclosure quality.
🏛政策担当者:Suggests that stronger regulatory enforcement may be needed to counteract symbolic disclosure when institutional investors prioritize short-term returns.
📄 Abstract（原文）
Greenwashing has become a growing concern in corporate sustainability reporting, particularly in emerging markets such as Indonesia where ESG enforcement remains limited. This study examines the effect of financial performance on greenwashing, with institutional ownership as a moderating variable. Financial performance is measured using Return on Assets (ROA), while greenwashing is defined as the gap between ESG disclosure and ESG performance following Yu et al. (2020). Using panel data from 109 Indonesian manufacturing firms during 2017–2023, the results show that stronger financial performance reduces greenwashing, while institutional ownership weakens this relationship, indicating a tendency toward symbolic disclosure.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.29406/jmm.v22i1.8757first seen 2026-05-14 22:08:43
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