The influence of Environmental, Social, Governance (ESG) and leverage on the cost of capital (empirical study on mining companies listed on the Indonesia Stock Exchange for the 2022-2024 period)
環境・社会・ガバナンス（ESG）とレバレッジが資本コストに与える影響（2022～2024年インドネシア証券取引所上場鉱業企業の実証研究） (AI 翻訳)
Nia Yulianty, Rendi Kusuma Natita
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の鉱業14社を対象に、ESGスコアとレバレッジが加重平均資本コスト（WACC）に与える影響を2022～2024年のパネルデータで分析。ESGは有意な影響を示さず、レバレッジは負の関係が確認された。新興国資源セクターではESGシグナルよりも負債管理が資本コスト低減に重要であることを示唆。
English
This study examines the impact of ESG performance and leverage on the cost of capital for 14 Indonesian mining firms from 2022-2024. ESG shows no significant effect, while leverage has a negative and statistically significant relationship with WACC. Results suggest that in emerging market resource sectors, debt management dominates sustainability signaling in influencing financing costs.
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
インドネシア鉱業セクターでの分析だが、日本の資源関連企業や新興国進出企業にとって、ESG開示の資本コストへの影響が限定的である点は参考になる。ただし、SSBJや有報でのESG情報開示が進む日本市場とは状況が異なり、直接適用には注意が必要。
In the global GX context
This paper provides empirical evidence from an emerging market context, showing that ESG performance may not directly reduce capital costs in capital-intensive sectors like mining. It adds to the global debate on the materiality of ESG disclosure, particularly relevant for investors and corporates evaluating the financial impact of sustainability in developing economies.
👥 読者別の含意
🔬研究者:Offers a counterpoint to studies finding positive ESG-cost of capital links, highlighting sector and market specificity.
🏢実務担当者:Suggests that in emerging market mining, leverage management may be more impactful than ESG for cost of capital.
📄 Abstract（原文）
The primary objective of this investigation centers on evaluating the impact exerted by Environmental, Social, and Governance (ESG) factors together with leverage upon capital costs among mining corporations listed on the Indonesia Stock Exchange spanning the 2022–2024 interval. A quantitative methodology was employed, drawing upon secondary datasets sourced from audited annual reports, dedicated sustainability disclosures, and publicly available financial documentation. Through purposive sampling criteria, a cohort of 14 mining entities was delineated, yielding 42 firm-year observations for empirical scrutiny. ESG efficacy was quantified via a composite index aligned with Global Reporting Initiative (GRI) Disclosure Standards 2021, leverage was operationalized through the Debt-to-Equity Ratio (DER), and capital costs were proxied by the Weighted Average Cost of Capital (WACC). Rigorous preprocessing incorporated classical assumption validations, culminating in multiple linear regression analysis facilitated by IBM SPSS Statistics version 25. Empirical outcomes revealed that ESG disclosures manifest no discernible influence on capital costs, standing in stark juxtaposition to leverage, which demonstrated a negative and statistically robust association therewith. Collectively, ESG alongside leverage were found to significantly shape financing expenses, underscoring a synergistic explanatory mechanism. These results illuminate the preeminence of strategic debt management over sustainability signaling in modulating capital costs within Indonesia's mining landscape during the study window a nuance attributable to sectoral capital intensity and nascent ESG differentiation. By furnishing substantive evidence on the interplay of financial engineering and non-financial governance metrics, this inquiry enriches theoretical discourse on cost determinants within emerging market contexts, offering actionable insights for corporate treasurers navigating volatility-prone resource sectors.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.55942/jebl.v6i1.1592first seen 2026-05-14 22:29:53
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