デジタル変革はESG開示の代替となるか？インドネシア銀行業からの証拠
Does digital transformation substitute for ESG disclosure? Evidence from Indonesian banking (原題)
Arum Prastiwi, Ferica Christinawati Putri, Yetri Martika Sari
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場商業銀行のパネルデータを用い、ESG開示の企業価値プレミアムがデジタル開示強度の上昇に伴い減衰することを固定効果推定で示す。正当性理論に基づき、サステナビリティ開示とデジタル開示は補完ではなく競合する正当化チャネルだと論じる。動的パネル推定ではモデレーション効果は有意でなく、観測期間の短さから内生性プローブとして提示される。
English
Using a panel of Indonesian listed commercial banks, this study finds the ESG disclosure valuation premium is positive but declines as digital disclosure intensity rises, becoming indistinguishable from zero among the most digitally advanced banks. Drawing on legitimacy theory, it argues sustainability and digital disclosure are competing rather than complementary legitimation channels. Dynamic panel estimation finds no significant moderation, reported as an endogeneity probe given the short window.
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
新興国・インドネシアの銀行セクターにおけるESG開示と企業価値の関係を扱い、開示チャネル間の代替性という論点を提示する。日本のSSBJ・有報開示を進める企業にとって、デジタルIRとサステナビリティ開示の資源配分を考える示唆を含む。
In the global GX context
This paper challenges the assumed complementarity of digital and sustainability disclosure, offering emerging-market banking evidence relevant to ISSB/CSRD implementation debates. It suggests disclosure channels may compete for legitimacy, a boundary condition for disclosure-infrastructure research globally.
👥 読者別の含意
🔬研究者:開示チャネル間の代替性という新たな境界条件を、正当性理論と新興国銀行データで検証した実証例。
🏢実務担当者:デジタルIRとサステナビリティ開示の投資対効果が独立でない可能性を示し、開示戦略の資源配分見直しの示唆となる。
🏛政策担当者:開示義務の拡大が企業の他の透明性シグナルを弱めうる点を、規制設計上の留意事項として示す。
📄 Abstract（原文）
Sustainability disclosure is widely assumed to raise firm value, and digital transformation to strengthen that relationship. This study questions the second assumption. Drawing on legitimacy theory, we argue that sustainability and digital disclosure are competing rather than complementary legitimation channels: where a bank already signals transparency through extensive digital disclosure, incremental sustainability reporting carries less marginal legitimacy. We test this on a panel of commercial banks listed on the Indonesia Stock Exchange during a period of accelerated post-pandemic digitalisation and mandatory sustainability reporting. Fixed-effects estimation, reported alongside pooled and random-effects specifications, indicates that the ESG valuation premium is positive but conditional, declining as digital disclosure intensity rises. It is evident among banks with limited digital disclosure and indistinguishable from zero among the most digitally advanced. Technological disruption shows no detectable association with firm value. Dynamic panel estimation returns no significant evidence on the moderation and is reported as an endogeneity probe rather than confirmation, since the observation window is too short to identify dynamic effects reliably. Because both constructs are measured through disclosure, the substitution documented here may operate between reporting channels rather than underlying capabilities, a boundary we state rather than resolve.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/23311975.2026.2741392first seen 2026-10-12 04:46:38
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。