Corporate Board Structure and ESG Performance in Emerging Markets: The Case of Indonesia
新興市場における企業の取締役会構造とESGパフォーマンス：インドネシアの事例 (AI 翻訳)
Arthaingan H. Mutiha
🤖 gxceed AI 要約
日本語
本研究は、インドネシアの非金融上場企業61社の2019～2021年のパネルデータを用いて、取締役会の特徴（女性比率、規模、CSR委員会の有無）がESGパフォーマンスに与える影響を検証した。CSR委員会の存在はESGスコアに有意な正の効果を持つ一方、取締役会規模は負の効果、女性役員比率は限定的な負の関連を示した。専任のCSR委員会設置と包摂的なガバナンス強化がESG向上に寄与することを示唆している。
English
This study examines the impact of board characteristics (female representation, board size, CSR committee presence) on ESG performance of 61 Indonesian non-financial firms from 2019 to 2021. Results show that CSR committees have a strong positive effect, while board size negatively affects ESG scores. Female board representation shows a marginally negative association, potentially indicating tokenism. The findings emphasize the importance of dedicated sustainability committees and inclusive governance for ESG improvement in emerging markets.
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
日本でもコーポレートガバナンスとESGの関連が注目されている。本論文はインドネシアという新興市場の事例を提供し、CSR委員会の設置がESGパフォーマンス向上に有効であることを示唆する。日本の企業にとっては、アジア新興国子会社のガバナンス設計に参考となるだろう。
In the global GX context
This paper adds emerging-market evidence to the global debate on board composition and ESG outcomes. The positive role of CSR committees supports international governance trends, while the negative effect of board size and ambiguous role of female representation highlight context-specific challenges. It contributes to the broader GX discourse on how governance structures shape corporate sustainability.
👥 読者別の含意
🔬研究者:Provides empirical evidence on board structure-ESG link in an emerging market, useful for comparative governance and sustainability studies.
🏢実務担当者:Indonesian firms should consider establishing dedicated CSR committees; larger boards may need to streamline ESG oversight.
🏛政策担当者:Regulators in Indonesia and other emerging markets could mandate CSR committees or strengthen board diversity to improve ESG performance.
📄 Abstract（原文）
This study aims to examine the influence of corporate governance characteristics, such as female board representation, board size, and the presence of a CSR committee, on the environmental, social, and governance (ESG) performance of publicly listed non-financial companies in Indonesia. Using a quantitative approach, the research employs panel data from 61 companies listed on the Indonesia Stock Exchange (IDX) between 2019 and 2021. ESG scores, governance variables, and financial indicators were obtained from the Thomson Reuters Eikon database. Data were analyzed using random-effects regression with firm size, firm age, and leverage included as control variables. The results reveal that the presence of a CSR committee has a strong positive and significant effect on ESG performance, highlighting its role in institutionalizing sustainability governance. In contrast, board size exhibits a significant negative impact, suggesting that larger boards may face coordination inefficiencies in managing ESG strategies. Female board representation shows a marginally negative association, potentially reflecting tokenism or limited influence of women in governance decisionmaking within the Indonesian context. Among control variables, firm age positively and significantly affects ESG scores, indicating that older firms are generally more responsive to sustainability demands. The findings contribute to existing research on corporate governance and sustainability by providing empirical evidence from an emerging market context. Practically, the study emphasizes the significance of establishing dedicated CSR committees and strengthening inclusive governance frameworks to enhance corporate sustainability performance in Indonesia.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.18502/kss.v11i3.20866first seen 2026-07-18 08:06:34
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