The Impact of ESG disclosure and ESG Financial Materiality Disclosure on Financial Performance: Evidence from the Indonesian Energy Sector (2022–2024)
ESG開示およびESG財務マテリアリティ開示が財務パフォーマンスに与える影響：インドネシアエネルギーセクターからのエビデンス（2022-2024年） (AI 翻訳)
Yanti, Shandy Aurellia Renata
🤖 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エネルギー企業19社（2022-2024年、57企業年観測値）を対象に、ESG開示とESG財務マテリアリティ開示が財務パフォーマンスに与える影響をパネルデータ回帰分析で検証した。ESG開示はGRI基準2021、マテリアリティ開示はSASBマテリアリティフレームワークで測定。結果、ESG開示と財務パフォーマンスの負の関係は統計的に有意ではなかったが、財務マテリアリティ開示は有意に負の影響を示し、マテリアルなESG報告のコストが短期的収益性を低下させる可能性を示唆した。
English
This study examines the impact of ESG disclosure and ESG financial materiality disclosure on financial performance of Indonesian energy companies (19 firms, 2022-2024) using panel data regression. ESG disclosure is measured by GRI Standards 2021 and materiality by SASB framework. Results show ESG disclosure has a non-significant negative association, while financial materiality disclosure has a significant negative effect on profitability, suggesting that material ESG reporting costs may reduce short-term returns.
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
本論文は日本企業にも示唆を与える。日本のエネルギーセクターではSSBJ基準への対応が進む中、マテリアリティに基づく開示と財務パフォーマンスのトレードオフを考慮する必要がある。特にインドネシアのような新興国市場での実証結果は、日本企業の海外子会社におけるESG戦略立案に参考となる。
In the global GX context
This study contributes to the global debate on materiality in ESG disclosure. While many frameworks (ISSB, SASB) advocate materiality, this paper provides evidence that material ESG disclosure may negatively affect short-term profitability in the energy sector, challenging the assumption that materiality always benefits financial performance. It highlights the need for cost-benefit analysis in disclosure strategy.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the differential financial impact of generic vs. material ESG disclosure in an emerging market energy context.
🏢実務担当者:Suggests that focusing on financially material ESG issues may incur short-term costs, so companies should balance disclosure with cost management.
🏛政策担当者:Indicates that mandatory materiality-based disclosure (e.g., ISSB) could have unintended negative effects on firms' profitability, warranting transition support.
📄 Abstract（原文）
Purpose – Sustainability reporting has become increasingly important in the energy sector due to growing regulatory requirements and stakeholder expectations. Nevertheless, evidence regarding the financial implications of ESG-related disclosures remains inconclusive. This study examines the impact of ESG disclosure and ESG financial materiality disclosure on the financial performance of energy companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. Design/methodology/approach – This study employed a quantitative research design using panel data regression analysis. The sample comprised 19 energy sector companies selected through purposive sampling, resulting in 57 firm-year observations. ESG disclosure was measured based on the GRI Standards 2021, while ESG financial materiality disclosure was assessed using the SASB Materiality Framework. Data were analyzed using the Fixed Effect Model (FEM). Finding/Results – The results show that ESG disclosure is negatively associated with financial performance, although the relationship is not statistically significant. In contrast, ESG financial materiality disclosure has a negative and significant effect on financial performance, indicating that the costs associated with material ESG reporting may reduce short-term profitability. Originality/Value – The findings suggest that not all ESG-related disclosures generate similar financial outcomes. This study provides evidence that financially material ESG disclosure may have different implications from general ESG disclosure, offering insights for energy companies in designing sustainability reporting strategies.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.61255/jeemba.v4i4.1410first seen 2026-06-23 06:09:49
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