Environmental, Social, and Governance Disclosure and Financial Performance: Evidence from Indonesian Mining Companies
環境・社会・ガバナンス（ESG）開示と財務パフォーマンス：インドネシア鉱業企業の証拠 (AI 翻訳)
Kania Marsya Pramitha, Arwan Gunawan
🤖 gxceed AI 要約
日本語
インドネシア鉱業14社（2019–2024年）のパネルデータを用い、ESG開示（GRI基準）がROAに与える影響を分析。環境開示とガバナンス開示はROAに有意な正の効果を示したが、社会開示は有意でなかった。ESG開示全体としても財務パフォーマンスに有意な影響を与え、調整R²は31.52%であった。
English
Using panel data from 14 Indonesian mining companies (2019–2024), this study finds that environmental and governance disclosures (measured by GRI Standards) positively and significantly affect ROA, while social disclosure has no significant effect. Overall ESG disclosure significantly influences financial performance, with an adjusted R² of 31.52%.
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
日本企業がインドネシアの鉱業セクターに進出・投資する際、ESG開示の実態と財務効果を理解する参考となる。ただし日本のSSBJや有報制度には直接関係せず、新興国におけるESG開示の価値評価として位置づけられる。
In the global GX context
This study provides emerging-market evidence on the ESG disclosure–financial performance link, supporting legitimacy and stakeholder theories. It adds to global discussions on materiality of specific ESG pillars, but is limited to the Indonesian mining context.
👥 読者別の含意
🔬研究者:ESG開示の個別要素（E・S・G）と財務パフォーマンスの関係に関する新興国での実証結果を提供
🏢実務担当者:インドネシア鉱業企業は環境・ガバナンス開示を強化することで財務成果向上が期待できる
🏛政策担当者:インドネシア規制当局に対し、環境・ガバナンス開示の重要性を示唆するエビデンス
📄 Abstract（原文）
Environmental, Social, and Governance (ESG) disclosure has become an important instrument for promoting corporate sustainability and improving financial performance. However, previous studies have reported inconsistent findings regarding the relationship between ESG disclosure and financial performance, particularly in Indonesian mining companies. Moreover, empirical evidence examining the individual effects of environmental, social, and governance disclosures while controlling for firm size remains limited. This study aims to analyze the influence of Environmental, Social, and Governance (ESG) disclosure on the financial performance of mining companies listed on the Indonesia Stock Exchange during 2019–2024. A quantitative explanatory approach was employed using balanced panel data from 14 mining companies, resulting in 84 firm-year observations selected through purposive sampling. ESG disclosure was measured using the Global Reporting Initiative (GRI Standards 2021) disclosure index, in which disclosed indicators were scored one and undisclosed indicators were scored zero. Financial performance was proxied by Return on Assets (ROA), while firm size, measured by the natural logarithm of total assets, served as a control variable. Panel data were analyzed using the Random Effect Model (REM) with EViews 13. The results indicate that environmental disclosure has a positive and significant effect on ROA (β = 13.295; p = 0.028), governance disclosure also positively affects ROA (β = 10.648; p = 0.046), whereas social disclosure has no significant effect (β = −6.526; p = 0.234). Simultaneously, ESG disclosure significantly influences financial performance (F = 10.553; p < 0.001), with an adjusted R² of 31.52%. This study contributes to the ESG literature by demonstrating that environmental and governance disclosures play a more substantial role than social disclosure in enhancing financial performance within Indonesia's mining sector, thereby strengthening the applicability of legitimacy and stakeholder theories in emerging markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.iainlangsa.ac.id/index.php/jii/article/download/15634/4944first seen 2026-07-13 06:52:39
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