グリーン知的財産開示、現金保有、外国人持株比率が財務パフォーマンスに与える影響：インドネシアにおける優良企業統治（GCG）の調整効果
Green Intellectual Disclosure, Cash Holding, and Foreign Ownership on Financial Performance: The Moderating Role of Good Corporate Governance in Indonesia (原題)
(著者不明)
🤖 gxceed AI 要約
日本語
インドネシア金融セクターの上場70社（2022–2024年）を対象に、グリーン知的財産開示・現金保有・外国人持株比率が財務パフォーマンスに与える影響をパネル回帰で検証。グリーン開示と現金保有は負で非有意、外国人持株比率は正で有意、GCGは外国人持株比率の効果のみを強める。サステナビリティ開示が依然としてコンプライアンス志向で、財務価値創出に結びついていないことを示唆する。
English
Using panel regression on 70 Indonesian financial firms (2022–2024), this study tests how green intellectual disclosure, cash holding, and foreign ownership affect financial performance, with corporate governance as a moderator. Green disclosure and cash holding show negative but insignificant effects; foreign ownership is positive and significant, and governance strengthens only that link. Sustainability disclosure remains compliance-oriented and has not yet translated into measurable financial value.
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
日本ではSSBJ基準の確定と有報でのサステナビリティ開示義務化が進む中、開示の「形式化」リスクは日本企業にも共通する論点。インドネシアのPOJK規制下での実証結果は、開示の質・保証・監査基準をいかに実効的に設計するかという日本の制度設計議論に示唆を与える。
In the global GX context
As ISSB-aligned disclosure becomes mandatory across jurisdictions (SSBJ in Japan, CSRD in the EU, SEC climate rules in the US), this paper offers rare emerging-market evidence that sustainability disclosure can remain symbolic without assurance and audit quality. It reinforces the global policy debate on whether disclosure mandates actually create financial value or merely administrative burden.
👥 読者別の含意
🔬研究者:新興国金融セクターにおけるESG開示と財務パフォーマンスの非有意な関係を、GCGの調整効果を含めて実証した貴重なデータ点を提供する。
🏢実務担当者:サステナビリティ開示が形式的なコンプライアンスに留まると財務価値に結びつかない可能性を示し、開示の質と保証の重要性を再認識させる。
🏛政策担当者:開示規制の実効性を高めるには、保証・監査基準の強化が不可欠であることを示唆し、規制設計の参考になる。
📄 Abstract（原文）
Purpose – This study investigates the impact of Green Intellectual Disclosure, Cash Holding, and Foreign Ownership on Financial Performance, with Good Corporate Governance (GCG) as a moderating variable in Indonesia’s post-pandemic financial sector. The study responds to the limited empirical evidence on whether sustainability disclosure and governance mechanisms have translated into financial value creation following the implementation of Sustainable Finance regulations. Design/methodology/approach – A quantitative research design was employed using secondary data from financial sector companies listed on the Indonesia Stock Exchange during 2022–2024. Through purposive sampling, 70 firms were selected. Panel data regression analysis with a Fixed Effect Model (FEM) was applied to capture firm-specific heterogeneity. The estimation was conducted using EViews9 software, which remains fully compatible with panel datasets and does not affect estimation accuracy. Findings – The results reveal that Green Intellectual Disclosure and Cash Holding have negative but insignificant effects on Financial Performance. Conversely, Foreign Ownership demonstrates a positive and statistically significant influence. Moderation testing shows that GCG strengthens the relationship between Foreign Ownership and Financial Performance but fails to moderate the effects of Green Intellectual Disclosure and Cash Holding. Research limitations/implications – The findings indicate that sustainability disclosure practices within Indonesia’s financial sector remain largely compliance-oriented and have not yet generated measurable financial benefits. This suggests that ESG transparency may still function symbolically rather than strategically in enhancing firm value. The study provides policy insights for regulators, particularly the Financial Services Authority (OJK), to strengthen the quality, assurance, and audit standards of sustainability reporting under POJK No. 51/2017 to ensure that green disclosure delivers market relevance rather than administrative burden. JEL: M41, G21, G32
🔗 Provenance — このレコードを発見したソース
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