DOES AGGREGATE ESG TELL THE WHOLE STORY? EVIDENCE FROM DISAGGREGATED ESG DISCLOSURE AND STOCK RETURNS IN INDONESIAN LISTED FIRMS
総合ESGは全体像を語るか？インドネシア上場企業の分解ESG開示と株式リターンの証拠 (AI 翻訳)
Kelly Limandar, Ria Karina, Sheila Septiany, Bang Nguyen Ngoc Khanh
🤖 gxceed AI 要約
日本語
本研究は、インドネシア上場63社の2019-2023年のデータを用い、GRI基準に基づく内容分析でESG開示を測定し、環境・社会・ガバナンス各次元の開示と株式リターンの関連を分析。社会開示は一貫して正の関連を示すが、環境開示は負、ガバナンス開示は有意でなく、総合ESGスコアは有意でない。分解分析の重要性を示す。
English
This study examines the relationship between ESG disclosure and stock returns for 63 Indonesian listed firms (2019-2023), using GRI-based content analysis. Social disclosure shows a consistent positive association, environmental disclosure is negatively associated, and governance disclosure is insignificant. The aggregate ESG score is not significant, highlighting the value of disaggregated analysis.
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開示が始まり、総合スコアだけでなく個別要素の情報価値が注目される。本研究成果は、日本の投資家や企業がESG開示を分解して評価する際の示唆を与える。
In the global GX context
Globally, this adds to the debate on ESG rating aggregation, showing that disaggregated disclosure offers more informative signals. It supports the ISSB's focus on specific sustainability topics rather than composite scores.
👥 読者別の含意
🔬研究者:ESG開示研究に分解分析の重要性を示す実証的証拠を提供。
🏢実務担当者:開示戦略において、社会・環境・ガバナンスの各要素を個別に強化する重要性を示唆。
🏛政策担当者:開示規制の設計において、総合スコアだけでなく要素別の開示要件を検討する根拠となる。
📄 Abstract（原文）
This study examines the relationship between Environmental, Social, and Governance (ESG) disclosure and stock returns among 63 Indonesian listed firms during 2019–2023. Unlike many previous studies that rely on ESG ratings, ESG disclosure is measured using GRI-based disclosure indices developed through content analysis. The study investigates whether environmental, social, and governance disclosures, both individually and as a composite ESG measure, are associated with stock returns. The analysis employs pooled Ordinary Least Squares (OLS) with industry and year fixed effects as the primary model, while firm fixed-effects regression is used as a robustness check. Cluster-robust standard errors are applied at the firm level to account for heteroskedasticity and within-firm dependence. The final sample consists of 315 firm-year observations obtained from annual and sustainability reports. The results show that the relationship between ESG disclosure and stock returns differs across ESG dimensions. Social disclosure exhibits the most consistent positive association with stock returns across model specifications, although the evidence is modest in the primary model. Environmental disclosure is negatively associated with stock returns, but the relationship is specification-sensitive, while governance disclosure is not significantly associated with stock returns. The aggregate ESG disclosure score is not significant in the primary model and shows only weak evidence in the robustness analysis, suggesting that combining ESG dimensions may mask differences across individual disclosure components. These findings suggest that investors evaluate environmental, social, and governance disclosures differently rather than relying solely on an aggregate ESG measure. By examining disaggregated ESG disclosures in an emerging market, this study provides evidence that component-level analysis offers more informative insights than an overall ESG disclosure score.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.25105/ijca.v8i1.27299first seen 2026-08-04 05:00:47
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。