FINANCIAL PERFORMANCE AND ESG SCORES IN MINING-INDUSTRIAL FIRMS DURING COVID-19
COVID-19期間中の鉱業・工業企業における財務業績とESGスコア (AI 翻訳)
Diky Paramitha, E. Riyani, Kan Wen Huey
🤖 gxceed AI 要約
日本語
COVID-19期間中のインドネシアの鉱業・工業企業10社を対象に、収益性（ROA）、ソルベンシー（DER）、流動性（CR）がESGスコアに与える影響を分析した。ランダム効果モデルによる回帰分析の結果、これらの財務指標はESGスコアに有意な影響を与えず、外部圧力や非財務要因の重要性が示唆された。
English
This study examines the relationship between financial performance (ROA, DER, CR) and ESG scores for 10 Indonesian mining and industrial firms during 2020-2021. Using random effect regression, it finds no significant effects, suggesting that ESG commitments during the pandemic were driven by external pressures rather than financial fundamentals.
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
日本の鉱業・工業企業においても、ESGへの取り組みが財務パフォーマンスに直接結びつかない可能性を示唆する。SSBJや有報でのESG開示が進む中、外部圧力や非財務要因の重要性を再認識させる点で参考になる。
In the global GX context
This paper provides evidence from an emerging market that financial performance does not drive ESG scores during crises, reinforcing the role of regulatory and stakeholder pressure. For global discourse, it highlights the need for sector-specific ESG strategies beyond financial metrics.
👥 読者別の含意
🔬研究者:The non-significant results add to the debate on financial drivers of ESG, though limited by small sample size and Indonesia-specific context.
🏛政策担当者:Suggests that regulatory pressure may be more effective than relying on financial incentives to boost ESG performance.
📄 Abstract（原文）
Introduction: Environmental, Social, and Governance (ESG) performance gained prominence during COVID-19, yet whether internal financial fundamentals shape sustainability commitments remains debated. This study examines ESG scores as a function of profitability (ROA), solvency (DER), and liquidity (CR) in crisis conditions. Methods: Using panel data from 10 mining and industrial firms listed on the Indonesia Stock Exchange during 2020–2021, this study applies Random Effect Model regression with dummy and interaction terms to capture sectoral differences. Results:ROA, DER, and CR have no significant simultaneous or partial effect on ESG scores (Adj. R² = 13.48%). Liquidity shows the strongest positive association. Profitability exhibits a weak positive tendency in mining but weak negative in industrial firms, though differences are statistically insignificant. Discussion: ESG commitments during the pandemic were not driven by financial performance, suggesting stronger influence from external pressures and non-financial factors. Sector-specific contexts should inform future ESG strategies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.26533/eksis.v21i1.1641first seen 2026-07-18 07:44:55
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