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環境・社会・ガバナンス（ESG）と企業規模が財務業績に与える影響

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) DAN UKURAN PERUSAHAAN SEBAGAI DETERMINAN KINERJA KEUANGAN (原題)

Subadriyah Subadriyah

Jurnal Bina Akuntansiプレプリント2026-01-29#ESG
DOI: 10.52859/jba.v13i1.895
原典: https://doi.org/10.52859/jba.v13i1.895

🤖 gxceed AI 要約

日本語

本研究は、インドネシア証券取引所に上場する製造企業を対象に、ESG開示と企業規模が財務業績に与える影響を分析した。2020-2024年のデータを用いた回帰分析の結果、環境開示は短期的にコストを生じさせ財務業績に負の影響を与えることが示された。一方、社会・ガバナンス開示は有意な影響を与えず、企業規模も非有意であった。ESG実践の戦略的管理の重要性を示唆する。

English

This study investigates the impact of ESG disclosure and company size on financial performance of manufacturing firms listed on the Indonesia Stock Exchange from 2020 to 2024. Using regression analysis, the results show that environmental disclosure negatively affects financial performance, while social and governance disclosures have no significant impact. Company size also shows a negative but insignificant effect. The findings suggest that companies need to strategically manage ESG practices to avoid short-term financial pressure.

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

インドネシアの製造企業を対象とした本結果は、環境開示が短期的な財務業績に負の影響を与える可能性を示しており、日本企業にとってもESG投資と開示のコスト管理の重要性を示唆する。ただし、制度環境が異なるため直接適用には注意が必要。

In the global GX context

This study provides empirical evidence from an emerging market (Indonesia) on the relationship between ESG disclosure and financial performance. It suggests that environmental disclosure can negatively impact short-term financial performance, while social and governance disclosures show no significant effect. This contributes to the global understanding of how ESG reporting affects firm performance in different institutional contexts.

👥 読者別の含意

🔬研究者:This paper offers empirical evidence from Indonesia on the ESG-financial performance link, useful for comparative studies and meta-analyses.

🏢実務担当者:Corporate sustainability teams can use these findings to understand potential short-term financial impacts of environmental disclosure and plan accordingly.

🏛政策担当者:Regulators in emerging markets can consider these findings when designing ESG disclosure frameworks to balance transparency with corporate financial health.

📄 抄録（日本語訳）

本研究旨在考察ESG披露和公司规模对2020-2024年期间在印度尼西亚证券交易所（IDX）上市的制造业公司财务绩效的影响。本研究采用定量方法并进行回归分析。数据来源于年度报告和可持续发展报告，这些报告在观测期内作为研究对象。研究结果表明，环境披露对财务绩效具有负面影响，表明增加环境活动和报告在短期内可能产生成本。与此同时，社会和公司治理披露对财务绩效没有影响，表明此类披露的益处尚未直接反映在公司的财务绩效中。公司规模对财务绩效显示出负面但不显著的影响，表明资产规模若缺乏高效资源管理的支持，并不会自动改善财务绩效。本研究证明，公司需要战略性地管理ESG实践，以避免对财务绩效造成压力，同时也丰富了关于印度尼西亚公司情境下ESG与财务绩效关系的实证研究。

AI 翻訳（deepseek-v4-flash）。 正確を期す場合は下の原文を参照してください。

📄 Abstract（原文）

The study aims to examine the impact of ESG disclosure and company size on the financial performance of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period. This study uses a quantitative approach with regression analysis. Data were obtained from annual reports and sustainability reports, which were the objects of study during a observation period. The study results show that environmental disclosure has a negative impact on financial performance, indicating that increased environmental activities and reporting can incur costs in the short term. Meanwhile, social and corporate governance disclosures show no impact on financial performance, indicating that the benefits of such disclosures have not been directly reflected in the company's financial performance. Company size shows a negative but insignificant impact on financial performance, indicating that the amount of assets does not automatically improve financial performance without being supported by efficient resource management. This study demonstrates that companies need to strategically manage ESG practices to avoid putting pressure on financial performance, and also enriches empirical research on the relationship between ESG and financial performance in the context of companies in Indonesia

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