ESG Disclosure Analysis on Profitability with Market Capitalization as a Moderating Variable
ESG開示が収益性に与える影響：時価総額を調整変数として (AI 翻訳)
Hadi Setyo Nugroho
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所上場のエネルギー企業を対象に、ESG開示がROEに与える影響を分析。GRI基準のチェックリストでESG開示を測定し、時価総額を調整変数、レバレッジを統制変数として回帰分析を行った。結果、環境・社会・ガバナンスの全開示がROEに正の影響を与えるが、時価総額の調整効果は確認されなかった。
English
This study analyzes the impact of ESG disclosure on ROE for energy companies listed on the Indonesia Stock Exchange (2021-2024). Using a GRI-based checklist and multiple regression, it finds that all ESG dimensions positively affect ROE, but market capitalization does not moderate this relationship.
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開示が進む中、ESG開示と企業価値の関連を示す実証研究は参考になる。ただし、インドネシア市場特有の文脈であり、日本企業への直接適用には注意が必要。
In the global GX context
This study contributes to the global evidence on ESG disclosure and financial performance, particularly in emerging markets. It aligns with ISSB/CSRD trends by highlighting the value relevance of sustainability reporting.
👥 読者別の含意
🔬研究者:ESG開示と企業業績の関係に関する新興市場の実証データとして有用。
🏢実務担当者:ESG開示の戦略的価値を示すが、企業規模の調整効果がない点は留意。
🏛政策担当者:新興市場におけるESG開示規制の効果を検討する際の参考。
📄 Abstract（原文）
The study examines the effect of Environmental, Social, and Governance (ESG) disclosure on profitability measured by Return on Equity (ROE), with market capitalization as a moderating variable and leverage (DER) as a control variable. The research focuses on energy sector companies listed on the Indonesia Stock Exchange (IDX) during 2021–2024, using 164 firm-year observations. ESG disclosure is measured using a Global Reporting Initiative (GRI)-based checklist, while profitability, firm size, and leverage are measured using standard financial ratios. The results of multiple linear regression show that all three ESG dimensions Environmental Disclosure, Social Disclosure, and Governance Disclosure have a positive and significant effect on ROE, indicating that transparent sustainability reporting contributes to higher profitability. However, the moderation test reveals that market capitalization does not strengthen the relationship between ESG disclosure and profitability, suggesting that firm size does not influence the ability of companies to convert ESG practices into financial gains. These findings highlight the strategic importance of ESG disclosure for firm performance in the Indonesian energy sector while emphasizing that firm size does not alter this relationship.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.32424/1.jame.2026.28.2.18612first seen 2026-08-08 05:06:18
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