外国人持株比率・財務パフォーマンス・グリーンイノベーションはESG開示とどう関係するか
How Do Foreign Ownership, Financial Performance, and Green Innovation Relate to ESG Disclosure? (原題)
A. Susbiyani, Ari Sita Nastiti, Astrid Maharani
🤖 gxceed AI 要約
日本語
本論文は、財務パフォーマンスと外国人持株比率がESG開示に与える影響と、グリーンイノベーションの調整効果を検証した。インドネシアのESG Leaders IndexおよびSRIKEHATI Index企業84件（2021〜2024年）を分析した結果、財務的に強い企業ほどESG開示が広範になる一方、外国人持株比率は開示に影響しなかった。グリーンイノベーションは財務パフォーマンスとESG開示の正の関係を強めるが、外国人持株比率との関係は変えなかった。財務能力とイノベーションが所有構造よりもESG透明性を促すことを示す。
English
This study examines whether financial performance and foreign ownership affect ESG disclosure, and tests green innovation's moderating role. Using 84 observations from Indonesian ESG Leaders Index and SRIKEHATI Index firms (2021-2024), it finds financially stronger firms disclose more broadly, while foreign ownership has no effect. Green innovation strengthens the financial performance-disclosure link but not the ownership-disclosure link. Financial capability plus innovation drives ESG transparency more than ownership structure.
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基準の導入や有報でのサステナビリティ開示が進む中、開示を促す企業特性（財務余力・イノベーション）の理解は、開示義務化の実効性を考える上で参考になる。新興国での実証は、日本企業の海外子会社・サプライチェーン管理にも示唆を与える。
In the global GX context
As ISSB standards are adopted globally, this emerging-market evidence shows that financial capacity and green innovation—not foreign ownership—drive ESG disclosure. It adds a non-Western data point to the disclosure-determinants literature, relevant for CSRD/ISSB implementation debates in developing economies.
👥 読者別の含意
🔬研究者:ESG開示の決定要因に関する新興国実証として、エージェンシー理論・ステークホルダー理論・正当性理論の適用可能性を検討する材料になる。
🏢実務担当者:財務余力とグリーンイノベーション投資がESG開示の質を高める可能性を示唆し、開示戦略の資源配分を考える上で参考になる。
🏛政策担当者:外国人株主の存在だけでは開示が進まない可能性を示し、開示促進策を所有構造ではなく企業の財務・イノベーション能力に焦点を当てる必要性を示唆する。
📄 Abstract（原文）
ESG disclosure is increasingly gaining importance as a tool for informing stakeholders and assessing companies’ contributions to sustainable development. The level and quality of such disclosure can be influenced by factors ranging from ownership characteristics and financial performance to a company’s focus on implementing “green” innovations. This research investigates whether financial performance and foreign ownership influence ESG disclosure and evaluates the moderating role of green innovation. A total of 84 observations were analyzed, originating from companies in the ESG Leaders Index and SRIKEHATI Index categories between 2021 and 2024. The proposed relationships were estimated using multiple regression and moderated regression analysis. The findings reveal that financially stronger firms tend to provide broader ESG disclosure, whereas foreign ownership does not influence disclosure practices. Thus, the presence of overseas shareholders alone does not necessarily encourage firms to expand sustainability-related disclosures. Green innovation reinforces the positive association between financial performance and ESG disclosure but does not alter the relationship between foreign ownership and ESG reporting. Practically, the findings suggest that firms can strengthen ESG transparency by leveraging financial resources to support green innovation. At the same time, investors should remember that companies with healthy financial performance and strong green innovation programs tend to be more committed to implementing and disclosing ESG. These results emphasize that financial capability, supported by innovation, plays a more influential role in promoting ESG transparency than ownership structure does, while also providing evidence from an emerging market setting. Theoretically, this study contributes to the ESG disclosure literature by providing empirical evidence relevant to Agency, Stakeholder, and Legitimacy theories in explaining firms’ disclosure practices.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://afj.org.ua/storage/pdf/1273-2026-3-pub.pdffirst seen 2026-10-06 05:25:57
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