Board Diversity As Moderator of ESG, Earnings Management, And Risk
取締役会の多様性がESG、利益管理、リスクに与える調整効果 (AI 翻訳)
Cecilia Elsya Trescova, Amrie Firmansyah
🤖 gxceed AI 要約
日本語
インドネシア非金融企業194社のデータを用いて、ESG実践と利益管理が企業リスクに与える影響、および取締役会のジェンダー多様性の調整効果を分析。結果、ESGと利益管理はリスクに有意な影響を与えず、多様性も調整効果を持たなかった。ESG開示が象徴的であり、多様性が十分に機能していないことを示唆。
English
Using data from 194 non-financial firms in Indonesia, this study examines the relationship between ESG practices, earnings management, and firm risk, with board gender diversity as a moderator. Findings show no significant direct or moderating effects, suggesting that ESG disclosures remain symbolic and board diversity has yet to provide effective 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
インドネシア市場におけるESG開示の実態を示す研究。日本企業の新興国拠点でのESG実践や、SSBJ対応において形式的開示に留まらない戦略的統合の重要性を再認識させる。
In the global GX context
This study provides evidence from an emerging market that ESG disclosures may not yet be integrated into risk management, and that board diversity alone does not moderate this. It contributes to global discussions on the effectiveness of ESG governance and the need for substantive rather than symbolic implementation.
👥 読者別の含意
🔬研究者:Offers empirical evidence from an emerging market on the symbolic nature of ESG disclosures and the non-significant moderating role of board diversity.
🏢実務担当者:Suggests that simply adopting ESG disclosure without strategic integration may not reduce perceived risk; board diversity must be substantive to have impact.
🏛政策担当者:Highlights the need for stronger ESG enforcement and mechanisms to ensure disclosures are integrated into corporate strategy, especially in emerging markets.
📄 Abstract（原文）
This study examines the relationship between Environmental, Social, and Governance (ESG) practices and earnings management, considering firm risk and board gender diversity as moderating variables. The phenomenon arises because ESG adoption in Indonesia has skyrocketed, yet its integration into risk management remains questionable. Earnings management is also widely practiced, but its impact on market perceptions of risk remains unclear. Board diversity is often promoted as a governance mechanism, but remains limited in emerging markets. The research utilizes secondary data from 194 non-financial firms listed on the Indonesia Stock Exchange as of 2023. Hypotheses are tested using multiple regression with robust standard errors. The results indicate that ESG and earnings management do not have a significant impact on firm risk, and board gender diversity does not moderate these relationships. These findings indicate that ESG disclosures remain symbolic, earnings management is not perceived as a risk signal, and board diversity has yet to provide adequate oversight. The study suggests the need for more rigorous ESG enforcement, better integration into corporate strategy, and increased female representation on boards.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.36766/0p017f84first seen 2026-07-18 08:05:02
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