The role of ESG risk and sustainability assurance in shaping firms’ financing constraints
ESGリスクとサステナビリティ保証が企業の資金制約に与える影響 (AI 翻訳)
Erwin Saraswati, Nurul Kamilina Febriyanti Samal, Roshni Ann George, Achmad Iqbal
🤖 gxceed AI 要約
日本語
本研究は、インドネシア上場企業を対象に、ESGリスクとサステナビリティ保証が資金制約に与える影響を分析。ESGリスクは限定的に関連するが、予想とは異なる方向であり、サステナビリティ保証は有意な影響を与えなかった。企業規模は資金制約を緩和することを確認。
English
This study examines the relationship between ESG risk, sustainability assurance, and financing constraints for Indonesian firms from 2019-2023. Results show a marginal and counterintuitive association between ESG risk and the KZ index, while sustainability assurance does not significantly affect financing constraints. Firm size is negatively associated with constraints.
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
本稿はインドネシアにおけるESGリスクと資金調達の関係を実証。日本企業のインドネシア進出や、日本のESG投資家が新興国での資金制約を理解する際に参考になる。SSBJ開示基準の設計にも示唆がある可能性。
In the global GX context
This paper provides empirical evidence from an emerging market (Indonesia) on the link between ESG risk and financing constraints, showing that sustainability assurance does not yet serve as a strong signal. It adds to global discussions on the effectiveness of ESG assurance in less mature markets.
👥 読者別の含意
🔬研究者:Provides evidence from Indonesia on the ESG-financing link, highlighting the nuanced role of assurance in emerging markets.
🏢実務担当者:Indonesian firms and investors should note that ESG risk may not linearly affect financing constraints, and assurance alone may not reduce constraints.
🏛政策担当者:Regulators in emerging markets should consider that binary assurance may not be sufficient; more detailed ESG reporting may be needed.
📄 Abstract（原文）
Purpose This study examines the association between ESG risk, sustainability assurance, and firms’ financing constraints in an emerging market. Design/methodology/approach This study applies panel regression analysis to 75 firm-year observations of liquid and highly visible non-financial firms listed on the Indonesia Stock Exchange between 2019 and 2023. Financing constraints are proxied by the Kaplan–Zingales (KZ) Index, where higher KZ index values indicate greater financing constraints. Findings The results show a nuanced ESG risk–financing constraint relationship. ESG risk is marginally associated with the KZ index in the baseline model; however, the direction differs from the predicted relationship and is sensitive to the robustness specifications. Sustainability assurance is not significantly associated with financing constraints, suggesting that binary assurance does not function as a strong financing signal in this sample. Firm size is negatively and significantly associated with financing constraints, whereas leverage is not significantly associated. Originality/value This study contributes to the sustainable finance literature by examining ESG risk as a substantive risk signal and sustainability assurance as a credibility-enhancing mechanism in Indonesia, where ESG regulation, assurance practices, investor awareness, and governance systems are still evolving.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1108/msar-11-2025-0468first seen 2026-07-16 05:30:57
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