ESG Disclosure, Cost of Debt, and the Moderating Role of Board Characteristics
ESG開示、負債コスト、および取締役会の特性の調整効果 (AI 翻訳)
Vicky Putra Surifran, Se Tin Se Tin, Lidya Agustina
🤖 gxceed AI 要約
日本語
インドネシアの非金融企業を対象に、ESG開示が負債コストに与える影響と、取締役会の特性（独立取締役比率、取締役会規模、女性比率）の調整効果を分析。2020〜2024年の205サンプルを用いたOLS回帰の結果、ESG開示は負債コストを有意に増加させる一方、独立取締役比率が負の調整効果を持つことが示された。取締役会規模は正の調整効果を持つが、女性比率の効果は有意でなかった。
English
This study examines the effect of ESG disclosure on the cost of debt in Indonesian non-financial firms, with board characteristics as moderators. Using OLS on 205 observations from 2020-2024, it finds that ESG disclosure increases the cost of debt, but the proportion of independent commissioners negatively moderates this relationship. Board size has a positive marginal effect, while female representation shows no significant role.
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焦点を当てた研究であり、日本のGX文脈での直接的な関連性は低い。ただし、ESG開示と資本コストの関係がガバナンス構造に依存する点は、日本企業が海外子会社における開示戦略を検討する際の参考になる可能性がある。
In the global GX context
This paper provides evidence from an emerging market (Indonesia) on how corporate governance moderates the ESG disclosure–cost of debt relationship. For global audiences, it reinforces that the financial impact of ESG disclosure is context-dependent, highlighting the importance of board independence for creditors' risk perception.
👥 読者別の含意
🔬研究者:Researchers can build on this by exploring other governance mechanisms or cross-country comparisons, especially in developing economies.
🏢実務担当者:Corporate sustainability teams in emerging markets should note that enhanced ESG disclosure without strong governance may increase borrowing costs.
📄 Abstract（原文）
Purpose – This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on the cost of debt and to investigate the moderating role of board of commissioners characteristics in non-financial firms in Indonesia. Design/Methodology/Approach – This study employs a quantitative approach using Ordinary Least Squares (OLS) regression and Moderated Regression Analysis (MRA). The data are collected from annual reports, financial statements, and the Refinitiv database of non-financial firms listed on the Indonesia Stock Exchange during the period 2020–2024, resulting in 205 observations. Findings – The results indicate that ESG disclosure has a positive and significant effect on the cost of debt. Furthermore, the proportion of independent commissioners negatively and significantly moderates the relationship, while board size shows a positive and marginally significant moderating effect. In contrast, female representation does not exhibit a significant moderating role. Research limitations/Implications – The findings suggest that the relationship between ESG disclosure and the cost of debt is highly contextual and depends on the effectiveness of corporate governance mechanisms. Practically, the cost of debt is determined by creditors’ risk perceptions, highlighting the importance of credible governance structures in supporting ESG disclosure. Keywords: Board Characteristics, Cost of Debt, Corporate Governance, ESG Disclosure
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.28932/jam.v18i1.14437first seen 2026-05-22 05:00:38 · last seen 2026-06-04 05:36:12
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