Integrated Report Disclosure in ESG Index Companies on the Indonesia Stock Exchange: Its Impact on the Cost of Equity Capital
インドネシア証券取引所のESG指数企業における統合報告書開示：その資本コストへの影響 (AI 翻訳)
Selvi Regita Cahyani, Ika Permatasari
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所のESG指数構成企業を対象に、統合報告書の開示が資本コストに与える影響を分析した。重回帰分析の結果、統合報告書の開示は資本コストに正の影響を与えることが示された。これは、統合報告の導入初期に多大な時間とコストがかかるため、より高い資本が必要となることを示唆している。
English
This study examines the effect of Integrated Report disclosure on the cost of equity capital for companies listed on the Indonesia Stock Exchange's ESG index. Using multiple linear regression, it finds a positive relationship, suggesting that integrated reporting initially increases capital costs due to implementation expenses. The findings highlight the trade-off between improved transparency and 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
本論文はインドネシア市場を対象としており、日本市場への直接の示唆は限定的だが、統合報告と資本コストの関係を実証した点で、日本の企業が開示の質を検討する際の参考となる可能性がある。
In the global GX context
This paper provides empirical evidence from an emerging market on the cost implications of integrated reporting, challenging the assumption that better disclosure always lowers the cost of capital. It offers insights for global researchers and practitioners on the interplay between ESG disclosure and financing costs.
👥 読者別の含意
🔬研究者:Offers empirical evidence from an emerging market on the relationship between integrated reporting and cost of equity capital.
🏢実務担当者:Indicates that integrated reporting may initially increase cost of capital, requiring careful communication with investors.
🏛政策担当者:Highlights the need to consider the cost implications of mandatory integrated reporting frameworks.
📄 Abstract（原文）
With the growing emphasis on sustainability and transparency in capital markets, the importance of analyzing the influence of integrated reporting on equity financing costs becomes a crucial topic for research. This study aims to examine the effect of Integrated Report disclosure on equity capital costs, against the backdrop of companies' needs in the era of globalization, which no longer focus solely on financial aspects but also on sustainability aspects. The Integrated Report approach serves as a strategy to communicate these aspects comprehensively, including in the process of creating value for stakeholders, which directly impacts equity capital costs. Using multiple linear regression method, this study explores the relationship between integrated report and cost of equity capital, with a sample of companies incorporated in the Environment, Social, and Governance (ESG) index on the Indonesia Stock Exchange (IDX) for the period 2019-2023. The results showed that the integrated report has a positive effect on the cost of equity capital. This shows that the implementation of an integrated report requires considerable time and cost at the beginning, thus requiring higher capital. Ultimately, this research is expected to assist companies in reviewing the quality of reporting from both financial and non-financial information, so as to increase investor confidence with better transparency.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.55047/marginal.v4i3.1758first seen 2026-05-05 19:08:42
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。