ESG Score and Cost of Debt: Evidence from Indonesia
ESGスコアと負債コスト：インドネシアの証拠 (AI 翻訳)
Valentine Siagian, J. T. Sinaga, Nensy Dwi Putri Sinaga
🤖 gxceed AI 要約
日本語
本研究は、インドネシア企業635社年のデータを用いてESGスコアと負債コストの関係を分析。全体のESGスコアは負債コスト低下と関連するが、個別要素ではガバナンスのみ有意な負の相関を示した。環境・社会スコアは単独では有意でなく、債権者がガバナンスを重視することを示唆する。
English
This study analyzes the relationship between ESG scores and cost of debt using 635 firm-year observations from Indonesian firms (2013-2022). While overall ESG scores are associated with lower debt costs, only the governance component shows a statistically significant negative correlation. Environmental and social scores do not have a standalone effect, suggesting creditors prioritize governance in credit risk assessment.
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
日本でもESG開示が進む中、本論文はガバナンスが財務メリットに直結する点を強調。SSBJ基準や投資家対応において、ガバナンス開示の重要性を示す示唆となる。
In the global GX context
This paper adds emerging-market evidence to the global ESG-cost of capital literature, reinforcing that governance is the key driver of financial benefits. It supports the integration of governance metrics into disclosure frameworks like ISSB and highlights the role of creditors in rewarding ESG practices.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the differential impact of ESG components on debt costs in an emerging market, contributing to sustainable finance literature.
🏢実務担当者:Highlights that governance-focused ESG initiatives can directly lower borrowing costs, guiding corporate sustainability strategy.
🏛政策担当者:Suggests that disclosure standards should emphasize governance factors, as creditors value them in credit risk assessment.
📄 Abstract（原文）
Research aims: This study explores the influence of Environmental, Social, and Governance (ESG) practices on corporate debt costs. The primary objective is to determine whether comprehensive ESG adherence can function as a mechanism to reduce financial liabilities by lowering borrowing costs.Design/Methodology/Approach: The research employs a quantitative methodology, using a dataset of ESG scores from 635 firm-year observations in Indonesian data covering 2013-2022, and analyzes it using OLS regression. The analytical approach involves comparing corporate debt costs with overall ESG scores and with the disaggregated ESG scores independently.Research findings: ESG scores are associated with lower debt costs. However, when the components are analyzed separately, only the Governance score shows a statistically significant negative correlation with debt costs. Environmental and Social scores do not demonstrate a meaningful standalone effect. It suggests that creditors place greater emphasis on governance-related factors in assessing credit risk.Theoretical contribution/Originality: This study makes a significant contribution to the literature on sustainable finance by providing empirical evidence of the differential impact of ESG components on corporate financing costs. It advances understanding of how ESG factors, particularly governance, shape firms’ financial outcomes.Practitioner/Policy implication: The results highlight the strategic importance of governance-focused ESG initiatives for firms seeking to lower financing costs. Policymakers and corporate strategists should recognize the value creditors place on governance practices and incorporate this insight into ESG frameworks and disclosure standards.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.18196/jai.v27i1.27111first seen 2026-05-15 19:04:16 · last seen 2026-05-31 04:54:10
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