企業グリーンウォッシュ：インドネシア発行体のESGナラティブ、環境パフォーマンス、債務コストの乖離
Corporate Greenwashing: The Discrepancy Between ESG Narratives, Environmental Performance, and Debt Costs of Indonesian Issuers (原題)
Sugianto Sugianto, Diganta Hatiboruah, Nurfitri Ramadana, Rizwan Raunaq Rao
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場の環境敏感型非金融企業を対象に、2019〜2024年の環境ナラティブとPROPER評価に基づく実績の乖離を分析。開示強度・楽観的トーン・具体性・曖昧さ等のテキスト指標と実績を比較し、モニタリング拡大にもかかわらずBlue以上の比率が84.84%から69.02%へ低下したことを示す。両者を区別する「Greenwashing GAP Index」を構築し、借入コストへの含意を検討する枠組みを提示する。
English
This study examines greenwashing as a disclosure–performance gap among environmentally sensitive non-financial firms listed on the Indonesia Stock Exchange, 2019–2024. Using textual analysis of environmental narratives and PROPER-based performance ratings, it finds that despite expanded monitoring, the share rated Blue or better fell from 84.84% to 69.02%. It develops a Greenwashing GAP Index distinguishing substantiated communication from disproportionately favorable narratives and links it to borrowing 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
日本ではSSBJ基準・有報でのサステナ開示義務化が進み、ナラティブと実績の乖離を測る手法は国内発行体の開示品質評価や投資家のグリーンウォッシュ警戒に応用可能。新興国発行体の実証は日本企業のサプライチェーン・投融資先評価にも示唆を与える。
In the global GX context
Amid ISSB/CSRD-driven scrutiny of greenwashing, this paper offers a replicable text-based GAP Index that complements TCFD/ISSB disclosure-quality assessment. It adds emerging-market evidence to global disclosure scholarship, where most greenwashing metrics are built on developed-market data.
👥 読者別の含意
🔬研究者:Provides a replicable narrative-vs-performance greenwashing index and longitudinal evidence from an emerging market.
🏢実務担当者:Offers a checklist of narrative features (tone, specificity, vagueness, target completeness) to self-audit disclosure against actual performance.
🏛政策担当者:Highlights that expanding environmental monitoring alone does not guarantee substantive performance improvement, relevant to disclosure enforcement design.
📄 Abstract（原文）
This study investigates corporate greenwashing as a disclosure–performance gap between environmental narratives and externally observable environmental outcomes among environmentally sensitive non-financial firms listed on the Indonesia Stock Exchange during 2019–2024. The research integrates corporate textual analysis, PROPER-based environmental performance assessment, sustainability assurance, audit quality, and debt-financing considerations within a longitudinal framework. Environmental narratives are evaluated through disclosure intensity, positive tone, aspirational language, quantitative specificity, vagueness, readability, and target completeness, while environmental performance is benchmarked primarily using PROPER ratings. The results show that PROPER-rated entities increased from 2,012 to 4,290 during the observation period, whereas the proportion rated Blue or better declined from 84.84% to 69.02%. The combined Red and Black share increased from 15.16% to 30.98%, while the weighted environmental-performance score decreased from 2.960 to 2.779. These findings demonstrate substantial divergence between the expansion of environmental monitoring and substantive environmental performance. The study contributes by developing a Greenwashing GAP Index that distinguishes extensive environmental communication supported by strong performance from disproportionately favorable narratives and provides a framework for examining their implications for subsequent corporate borrowing costs.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://scriptaintelektual.com/scripta-economica/article/download/1411/1163first seen 2026-10-17 05:30:06 · last seen 2026-11-05 06:13:12
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